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Axis Freeze NRO Foreigner Bank Accounts

Axis Freeze NRO Foreigner Bank Accounts

Old Jul 6th 2013, 11:30 pm
  #76  
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Default Re: Axis Freeze NRO Foreigner Bank Accounts

Originally Posted by Veritas1 View Post
Hi - I hope this link to the RBI is of some help - these are the latest FAQs on this topic I could find. Certainly these regulations have been in force for many years.

http://www.rbi.org.in/scripts/FAQview.aspx?id=30

Veri
Exactly what I have been saying on here..................for many years.

But until now..............I was wrong.
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Old Jul 7th 2013, 5:37 am
  #77  
 
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Default Re: Axis Freeze NRO Foreigner Bank Accounts

Originally Posted by johnny five View Post
Exactly what I have been saying on here..................for many years.

But until now..............I was wrong.
But now you have been proven RIGHT
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Old Jul 7th 2013, 1:06 pm
  #78  
 
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Default Re: Axis Freeze NRO Foreigner Bank Accounts

I find it disturbing that the banks do not advise their clients of the rules at the point of opening an account................
.................the cynical side of me would say this is deliberate !

The cynical side of me would also suggest that the timing on the part of Axis Bank...with the short notice and looming cut off date......may also be deliberate...

And if either are, then that would constitute large scale fraud.....if the law were to be applied in its literal sense of course!

Dread - x
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Old Jul 7th 2013, 6:12 pm
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Default Re: Axis Freeze NRO Foreigner Bank Accounts

Originally Posted by dreadsoc View Post
I find it disturbing that the banks do not advise their clients of the rules at the point of opening an account................
.................the cynical side of me would say this is deliberate !

The cynical side of me would also suggest that the timing on the part of Axis Bank...with the short notice and looming cut off date......may also be deliberate...

And if either are, then that would constitute large scale fraud.....if the law were to be applied in its literal sense of course!

Dread - x
OH! dear dread, apply the law in literal sense - you ought to try and tell my Solicitor that.
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Old Jul 9th 2013, 5:32 pm
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Default Re: Axis Freeze NRO Foreigner Bank Accounts

I have been looking at the best UK savings rates for my millions
and noticed ICICI ( UK) and BOB (UK) at present have some of the best fixed rate savings on the market

According to their website BOB savings are covered by the UK financial services compensation scheme (FSCS) up to £85K, not too sure about ICICI though couldn't see it on theirs and apparently their private UK operation went bust a few years ago
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Old Jul 11th 2013, 2:42 pm
  #81  
 
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Default Re: Axis Freeze NRO Foreigner Bank Accounts

Originally Posted by noni View Post
OH! dear dread, apply the law in literal sense - you ought to try and tell my Solicitor that.
Just received an email from Axis saying they are now on Twitter. Perhaps we should tweet them.
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Old Jul 15th 2013, 12:16 pm
  #82  
 
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Default Re: Axis Freeze NRO Foreigner Bank Accounts

Just received a registered letter to-day from Axis Branch more or less like the one in post 18.

Don't like the bit
If you are unable to submit the same by 31 2013 we will be forced to close the account.
What happens to the money then !!!
Sent letter to RBI 5th July, from UK. and Msj5 kindly resent and registered the letter from Goa. Of course, have not heard a thing from RBI and time is running out.
Not holding my breath that we will hear anything by the due date.
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Old Jul 15th 2013, 12:29 pm
  #83  
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Default Re: Axis Freeze NRO Foreigner Bank Accounts

Originally Posted by noni View Post
Just received a registered letter to-day from Axis Branch more or less like the one in post 18.

Don't like the bit
If you are unable to submit the same by 31 2013 we will be forced to close the account.
What happens to the money then !!!
Sent letter to RBI 5th July, from UK. and Msj5 kindly resent and registered the letter from Goa. Of course, have not heard a thing from RBI and time is running out.
Not holding my breath that we will hear anything by the due date.
I understand that RBI have assured the BHCI that no money will be confiscated - the accounts will be closed but the funds will be transferred to a suspense account . When you return to Goa you will have to complete the 'necessary paperwork' and pay any charges the bank may levy to gain access to your funds. Funds that have been in an Indian bank account for a period of longer than six months will require RBI permission to repatriate.

I really don't know what the RBI are doing with this - most people knew that the money was non-repatriable after 6 months, they just wanted to use the money when they were in India (and apparently the RBI have no problem with people opening a new account every year!)

AndyD 8-)
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Old Jul 15th 2013, 12:34 pm
  #84  
 
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Default Re: Axis Freeze NRO Foreigner Bank Accounts

Originally Posted by a_f_d View Post
I understand that RBI have assured the BHCI that no money will be confiscated - the accounts will be closed but the funds will be transferred to a suspense account . When you return to Goa you will have to complete the 'necessary paperwork' and pay any charges the bank may levy to gain access to your funds. Funds that have been in an Indian bank account for a period of longer than six months will require RBI permission to repatriate.

I really don't know what the RBI are doing with this - most people knew that the money was non-repatriable after 6 months, they just wanted to use the money when they were in India (and apparently the RBI have no problem with people opening a new account every year!)

AndyD 8-)
"pay any charges the bank may levy to gain access to your funds." another money spinner for them ! Will just have to sit it out, can't do anything about it possibly until 2014 season, or never. One thing is for certain they are not going to make it easy for people in my position
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Old Jul 15th 2013, 9:20 pm
  #85  
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Default Re: Axis Freeze NRO Foreigner Bank Accounts

Just received a copy of this letter today - in the UK - sent by courier! Hubby is an OCI and I`m a PIO.....so, according to the rules of the RBI (http://www.rbi.org.in/scripts/FAQView.aspx?Id=52), our account is perfectly legit! Hubby has been on the phone since he got home from work this evening, just hoping we can sort this out without having to get on a plane and visit!!!
NOT good for our stress levels!
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Old Jul 15th 2013, 9:58 pm
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Default Re: Axis Freeze NRO Foreigner Bank Accounts

Originally Posted by Mum2randa View Post
Just received a copy of this letter today - in the UK - sent by courier! Hubby is an OCI and I`m a PIO.....so, according to the rules of the RBI (http://www.rbi.org.in/scripts/FAQView.aspx?Id=52), our account is perfectly legit! Hubby has been on the phone since he got home from work this evening, just hoping we can sort this out without having to get on a plane and visit!!!
NOT good for our stress levels!
Tell me about it, after all the personal stuff I have been through the last 15 months this is the last thing I need. Don't know if I will be able to return next season. Why they just can't have our UK bank details and return the money to our bank accounts, without forms, forms, visits, forms, and messing around I don't know Would we treat people like this
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Old Jul 17th 2013, 10:17 am
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Default Re: Axis Freeze NRO Foreigner Bank Accounts

Looking at the actual RBI rules this is totally bewildering:

link:
Foreign Exchange Management (Deposit) Regulations, 2000
Notification No.FEMA 5 /2000-RB dated 3rd May 2000

......

5. Acceptance of deposits by an authorised dealer/ authorised bank from persons resident outside India :-
(1)
An authorised dealer in India may accept deposit
.......
iii) under the Non-Resident (Ordinary) Account Scheme, (NRO account), specified in Schedule 3, from any person resident outside India;
iv) under the Non-Resident (Non-Repatriable) Rupee Account scheme, (NRNR account), specified in Schedule 4, from any person resident outside India;

--------------------------------------------------
SCHEDULE 3
[ See Regulation 5(1)(iii) ]
NON-RESIDENT ORDINARY RUPEE( NRO) ACCOUNT SCHEME

1. Eligibility
(a) Any person resident outside India may open NRO account with an authorised dealer or an authorised bank for the purpose of putting through bona fide transactions in rupees not involving any violation of the provisions of the Act, rules and regulations made thereunder.
.....
2. Types of Accounts
NRO accounts may be opened/maintained in the form of current, savings, recurring or fixed deposit accounts. The requirements laid down in the directives issued by Reserve Bank in regard to resident accounts shall apply to NRO accounts.
AndyD 8-)
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Old Jul 17th 2013, 6:59 pm
  #88  
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Cool Re: Axis Freeze NRO Foreigner Bank Accounts

Originally Posted by a_f_d View Post
Looking at the actual RBI rules this is totally bewildering:

link:


AndyD 8-)
Totally bewildering in that none of the RBI bumf quoted above appears to mention visas - a bit like FEMA. . . . . . . . . .

As yet, I've heard nothing & I'm still getting my daily SMS from Axis Bank as to the balance of one of our accounts & I also received a new "compliant" cheque book in the last few days - all very bizarre. I did want to send some money whilst the exchange rate is hovering about the Rs90 to the £ mark but I won't be risking it at the moment, that's for sure.

H.
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Old Jul 18th 2013, 7:55 pm
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Thumbs down Re: Axis Freeze NRO Foreigner Bank Accounts

I received the same letter today by courier. Now to try & repatriate the small amount of money involved. It's not the cash, it's the principle that its my cash.

H.
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Old Jul 18th 2013, 9:58 pm
  #90  
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Default Re: Axis Freeze NRO Foreigner Bank Accounts

Originally Posted by hemingway View Post
I received the same letter today by courier. Now to try & repatriate the small amount of money involved. It's not the cash, it's the principle that its my cash.

H.
After two years of trying I finally managed to sell my app in April for a half decent price.
To some people that would of been an easy task, to me and my family it was a pain in the arse.
We managed to bring back to England the legal requirement of money allowed and left the rest in the bank mentioned.
I've also had a letter from the bank saying my acc is frozen.
My wife thinks there is no way they can keep the money from us.
I'm not holding my breath after selling the apartment and dealing with some of the bizarre situations the goan legal system and banks put us through.
I think if I do get it back there's going to be a big chunk of it missing.

I do love goa and have loved it for the last fifteen years, but I think this is the last year we will be coming for a while its getting to expensive to get there.
And if they take my money off me we will not be able to go anyway.

Thailand here we come
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