created by Rajesh Dhruva

CONTRAVENTIONS FEMA & TAX

NRI'S CORNER – CONTRAVENTIONS

NRIs often contravene FEMA / Income Tax / Wealth Tax regulation by :
  1. Investing/expending money through relatives/agents  in India, which are strictly required to be made through banks only;
  2. making investments in proprietary concern , partnership firm by way   of deposit  without compiling with the rules of the RBI. 
  3. Continuing FCNR/NRE or other NRI  accounts  after returning to India vis-à-vis  also  maintaining  local resident accounts.
  4. Not informing  change of residential status on migrating/becoming NRI to  Banks, LIC, Companies etc.