What will happen if I don't convert my Resident bank account to an NRO account?
You will get penalised as per Foreign Exchange Management Act (FEMA) rules. The penalty for non-conversion to an NRO bank account is:
- Up to 3 times the amount involved
- Rs. 2 lakhs when the amount is not quantifiable.
- In addition, a daily penalty of Rs. 5,000 will also be charged from the first day of intervention till the day the penalty is paid.
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