Axis Freeze NRO Foreigner Bank Accounts
#76
Banned
Joined: Oct 2008
Posts: 2,478
Re: Axis Freeze NRO Foreigner Bank Accounts
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
http://www.rbi.org.in/scripts/FAQview.aspx?id=30
Veri
But until now..............I was wrong.
#78
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
.................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
#79
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
.................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
#80
BE Enthusiast
Joined: Mar 2008
Posts: 670
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
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
#82
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.
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.
#83
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.
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 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-)₹
#84
Re: Axis Freeze NRO Foreigner Bank Accounts
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-)₹
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-)₹
#85
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!
NOT good for our stress levels!
#86
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!
NOT good for our stress levels!
#87
Re: Axis Freeze NRO Foreigner Bank Accounts
Looking at the actual RBI rules this is totally bewildering:
link:
AndyD 8-)₹
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.
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.
#88
Re: Axis Freeze NRO Foreigner Bank Accounts
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.
#89
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.
H.
#90
Just Joined
Joined: Dec 2011
Posts: 20
Re: Axis Freeze NRO Foreigner Bank Accounts
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