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Should I extend my NRI account as an RNOR in India, even though I don't plan to travel abroad again?

T S Khurana |391 Answers |Ask -Follow

Tax Expert - Answered on Mar 05, 2025

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Asked by Anonymous - Feb 03, 2025Hindi

Money

Hi Sir, From 2022 to Jul'2024 , i was working abroad in one of the African location. I recently moved back to India in August 2024 . During my stint outside, I have opened an NRI account which was shared with my employer so that they can transfer my additional savings in the same . My bankers are telling me that i need to convert my NRI account to resident account as i have no intention to travel abroad again. This should be done with 180 days ie within February . I am yet to receive my final settlement , expected by Jun'25 . I am positive about it . My query to you is : 1. What is the process of requesting to bank or RBI for extention of this account ( being treated as NRI ) for another six months ? 2. Is there any other compliances I need to be wary of wrt FEMA and IT , given if the money is transfer to my regular resident bank account ( since I will be RNOR now ), i apprehend it will be treated as taxable income despite it relating to my work done during my tenue outside .

Ans: We can't express our opinion on the basis of incomplete info provided.
Please confirm, which NRI Account you have opened with Indian Bank ?
Is it NRE Account, NRO Account, FCNR Account or RFC Account. Conditions/ Restrictions are different in all these accounts.
However, best is to consult your bank to find out solution to your problem.
Most welcome for any further clarifications. Thanks.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Ans: Hello, need some more details for the same
Do let me know your views on this on my LinkedIn profile, attaching my profile :
https://www.linkedin.com/in/ca-vivek-lala-21a2038b?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=android_app

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