Banking · FEMA Regulations
Mrs. Leena Das, an Indian citizen who is a Resident in India, is offered a temporary work assignment in Singapore for 11 months starting 1 April 2025. Her salary for this period will be paid in Singapore Dollars (SGD) into a bank account in Singapore. She intends to return to India on 1 March 2026. Which of the following statements correctly identifies Mrs. Das's residential status during her assignment under FEMA, the type of foreign currency account she is permitted to open in Singapore, and the mandatory requirement regarding the account balances upon her return to India?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1Residential Status: Non-Resident Indian (NRI); Permitted Account: NRE Account; Mandatory Requirement: Convert the balance to Rupees within one month.
- 2Residential Status: Resident but not Ordinary Resident (RNOR); Permitted Account: FCNR(B); Mandatory Requirement: Repatriate all balances within three months of return.
- 3Residential Status: Resident Indian; Permitted Account: Foreign Currency Account Abroad (FCA); Mandatory Requirement: Close the account/repatriate or hold foreign currency balance as permitted under FEMA rules upon return to India.✓
- 4Residential Status: Non-Resident Indian (NRI); Permitted Account: Foreign Currency Account Abroad (FCA); Mandatory Requirement: Repatriate all balances within six months of return.
Correct answer
Residential Status: Resident Indian; Permitted Account: Foreign Currency Account Abroad (FCA); Mandatory Requirement: Close the account/repatriate or hold foreign currency balance as permitted under FEMA rules upon return to India.
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Banking?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice FEMA Regulations MCQs →Want more practice questions on FEMA Regulations?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Banking · FEMA Regulations