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POSTED BY ON June 19, 2012 10:05 am COMMENTS (5)
I am an NRI from Middle-East who has come to India after losing the job. Although I have a valid visa to return back within a period of 6 months to seek another employment but I may not do so due to poor health condition.
Therefore, please let me know if there is any time limit to re-designate my NRE/NRO bank accounts, status change from NRI to RI and also other changes which are required in respect of investments in mutual funds, etc.?
Many thanks
Michael
P.S. Earlier too I had made this similar post about a week back but it was not displayed. Anyway, I hope this time I will get a satisfactory response.
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Hello BanyanFA,
Thanks for your response and suggestion.
Regards,
Michael
Dear Michael, as you said due to poor health condition, you are not interested to return back, my take ‘ll be to first convert bank accounts to RI accounts. After that contact registrars of your MFs & ask them to change of status from NRI to RI.
Thanks
Ashal
Thanks Ashal. I hope you know me. Currently I am reading the Jago Investor book as suggested by you. I am liking the book for the language used is very simple to understand and I think it should be educative for most of us. Hats off to Manish.
Regards,
Michael
Dear Michael, please keep us updated.
Thanks
Ashal
Michael,
Ideally you should get your NRE / NRO bank accounts changed from NRE / NRO to Saving accounts within 6 months from the date you return back to India. Same goes with your MFs. However, if you think that you may end up going out of country (considering you have a valid VISA), I may suggest you to wait till your VISA expires.