The non - conversion of account into NRE account is violation of FEMA guideline and attract penalty for violation of same on adjudication.

2. There is no tax as you have already paid tax when you were in Singapore.

3. This will attract penalty as it is your saving account in India tax won't be there as it is not violation on Income tax department but fema/ rbi guidelines.

There is no specific penalty provided for not converting an ordinary savings account into a non-resident ordinary account. However, Section 13 of the Foreign Exchange Management Act, 1999 provides that if any person contravenes any provision of this Act, or contravenes any rule, regulation, notification, direction or order issued in exercise of the powers under this Act, or contravenes any condition subject to which an authorisation is issued by the RBI, he shall, upon adjudication, be liable to a penalty up to thrice the sum involved in such contravention where such amount is quantifiable, or up to Rs 2 lakh where the amount is not quantifiable. Where such contravention is a continuing one, further penalty that may extend to Rs 5,000 for every day after the first day during which the contravention continues. It is, therefore, desirable that an account should be converted into an NRO account without delay.

Sir please that if the account is not converted into NRE account it is in violation of FEMA guidelines. Penalty may be imposed for violation of FEMA guidelines but no taxes will be imposed since you may have already Paid tax as it is salaried account. But you are liable to pay penalty on adjudication as per Section 13 of FEMA.

1.No,

2.You may transfer funds from NRE to NRO and saving but there are restrictions from NRO and savings to NRE.

3. No the is your overseas income as non resident.

The new account facilitates free repatriation of funds without any restriction. That is the advantage and can be maintained in Foreign Currency.

As per FEMA regulation, when a status changes to NRI the resident savings account have to be converted to a NRO account

2) .All income which is receivable in India such as rentals from property, investments, has to be deposited in this account and any payment towards insurance premiums or EMIs on loans which you availed while in India also has to be mandated from NRO account.

3) For this you need to inform your bank on status change within a reasonable time period

4)Section 13 of the Foreign Exchange Management Act, 1999 provides that if any person contravenes any provision of this Act, or contravenes any rule, regulation, notification, direction or order issued in exercise of the powers under this Act, or contravenes any condition subject to which an authorisation is issued by the RBI, he shall, upon adjudication, be liable to a penalty up to thrice the sum involved in such contravention where such amount is quantifiable, or up to Rs 2 lakh where the amount is not quantifiable. Where such contravention is a continuing one, further penalty that may extend to Rs 5,000 for every day after the first day during which the contravention continues.

1) you may be let off with warning .

2) maximum penalty would be Rs 15 lakhs

Sir unless they send you notice you need not worry. Only after they start adjudication if they find you have contravened provision then only penalty may be imposed. Since they have not initiated action from past one year chances are less to initiate actions for such small amount.

Dear Sir,

My answers are as follows:

1. Is there any punishment or penalty for not changing my HDFC bank account to NRE when I was Singapore ?

Ans: If it comes to notice of Income Tax Department they may issue a notice and such notice may be challenged before High Court.

2. Is there any tax for the money transfer between my SBI bank to my HDFC bank ? Because my HDFC bank status were not NRE when I was in Singapore. At the same time SBI account status were NRE when I was in Singapore.

Ans: It is not known, please clarify with bankers or Chartered Accountants.

3. Is there any tax for transferring money from Singapore to my HDFC savings account (the account status were not NRE for HDFC when I was in Singapore) ?

Ans: It is not known, please clarify with bankers or Chartered Accountants.

Sorry, I could not update you on all your queries due to lack of knowledge in respect of your queries.

If there is an adjudication done in that case there can be penalty on you though the penalty when adjudicated you shall be given option to contest same.

So in accordance with law your amount can be quantified so a penalty amount can be upto 15 lakh.

now that is not certain penalty as in this case representation can be made based on bonefide technically mistake and small penalty may be asked or you may be lucky enough to receive no Show cause notice at all.

My doubts are:

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1. Is there any punishment or penalty for not changing my HDFC bank account to NRE when I was Singapore ?

It is not mandatory to change the account to NRE, the HDFC bank is right in their opinion about this.

2. Is there any tax for the money transfer between my SBI bank to my HDFC bank ? Because my HDFC bank status were not NRE when I was in Singapore. At the same time SBI account status were NRE when I was in Singapore.

No tax is applicable.

3. Is there any tax for transferring money from Singapore to my HDFC savings account (the account status were not NRE for HDFC when I was in Singapore)

No.

Could you tell me

1. how much will be my penlty amount?

There is no penalty whatsoever.

2. I came back to India on Jan/2017. So, will they consider it seriously and give me the penalty? (My doubt is whether I defnitely get the penalty or there have chance to leave it as nevermind)

Your worries are unnecessary. However if you are still worried better consult an auditor or CA in this regard in person and get clarified.