NRI Q&A, Returning NRI NRE & FCNR Accounts, February 1, 2018

In this video, we answer the query of a returning NRI on NRE and FCNR(B) accounts.
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Edited highlights
0:26 In this video, we answer the question of Sankz K who was formerly an NRI and continues to work for a British company

0:34 The question is about NRE and FCNR account

3:46 Being an NRI, Sankz K could hold an NRI account

4:07 The key here is what is the residency status

4:11 The question is whether the Sankz K is resident or non resident Indian

4:30 To be a Non Resident Indian, you need to have lived overseas for at least 182 days or more in the financial year

4:50 The other definition of NRI is if you have lived overseas 365 days or more in the preceeding four financial years

5:03 It is the current year and the preceding financial years

5:27 You are an NRI if you fulfill any of these criteria

5:38 NRE and NRO account are allowed to be kept by a person who is qualified to be termed as an NRI

5:55 Otherwise, you need to convert the account into a resident Indian account

6:04 The taxation changes the moment your status changes to a resident

6:31 If you have been an NRI, there is another important definition of that of returning non resident Indian

6:41 The status is called RNOR in short

6:51 They are also given certain benefits. So while FCNR(B) deposits held in foreign currency can be held only by an NRI

7:05 Resident Foreign Currency (RFC) deposit can be held in foreign currency by some one who holds the RNOR status

7:45 For RNOR, there are specific requirements that need to be fulfilled. You should have been an NRI for at least 9 years out of the preceding 10 financial years

7:58 Or, in the preceeding 7 financial years you shouldn't have lived in India for more than 729 days

8:05 Or, you should have lived overseas for 730 days or more

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