Domestic Bank Account Conversion to NRO And NRE Accounts by NRIs

Here, we answer queries on domestic bank account conversion to NRO and NRE accounts by NRIs besides PAN card application & forex rates. We explain why conversion of domestic savings accounts to NRI bank accounts is mandatory under FEMA.
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Playlist NRI Q&A 2020: NRE, NRO, FCNR, RFC, FEMA, TDS, Income Tax, NRI Definition:    • NRI Q&A 2020: NRE, NRO, FCNR, RFC, FE...  
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Edited Highlights
0:00 Here, we will answer viewer questions on NRE, NRO accounts and tax filing
1:45 Tony S says he is a UK national
1:48 He applied for a PAN card a while ago
1:51 I did it Form 49A since I had an Aadhar card with Indian address
1:57 Just realised that I need to apply with For 49AA
2:00 Since I am a British citizen. Do I need to change this and re-apply?
2:10 Tony S further says he has been sending money to his mother
2:17 To her regular bank account through remit2india
2:20 Is it okay? It is for maintenance
2:31 Srikanth asks what if he doesn't convert his savings account to NRO account
2:42 Manish Rawat asks if it is possible for a person
2:44 Who has NRE account along with normal savings account in different banks
2:55 Arun Kumar asks which bank gives the best exchange rate for seafarers
4:33 For Tony S, if it has been over 2-3 weeks
4:39 Then, fill out Form 49AA
4:43 And re-submit your PAN card application
4:54 With an international address, ideally, you should your PAN card in 2-3 weeks
5:28 On the second question. When any remittance is sent
5:44 The name of the remitter i.e. source of the funds
5:51 As well as the purpose of the utilisation of the funds
5:59 They should be clearly mentioned
6:04 There will never be a problem even in the case of a query
6:26 Many of our viewers are having questions around NRE account and NRO account
6:58 On Sirkath's question on converting a regular domestic savings account to an NRO account
7:08 Under FEMA or Foreign Exchange Management Act
7:16 Clearly states that if you are living overseas for more than 182 days
7:21 In the preceding financial year
7:24 You are termed as a Non Resident Indian
7:37 It is your responsibility that domestic savings account is converted into an NRO account
7:44 You can also hold an NRE account which is a Non Resident External Account
7:58 Onus is on the individual
8:00 Any violation of FEMA or Income Tax Act is not advisable
8:38 He holds an NRE account in one bank and domestic savings account in another
9:09 FEMA clearly stipulates the bank account a Non Resident Indian or NRI should be holding
9:21 Please do convert your savings account into an NRO account
9:30 Typically, most banks just change the status from resident to a non resident
9:32 Without even changing the account number
9:41 The conversion process is very easy and simple
10:10 As for the best exchange rate for Seafarers
10:21 One should connect with their banks and seek a better exchange rate
10: 25 Exchange rate which is better than the card rate

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