Marine engineer-ppf account

Querist : Anonymous (Querist) 15 November 2011 This query is : Resolved
sir,i had opened PPF Account.
that time i didnt knew that NRI can not open PPF Account.
I am marine engineer by profession and my source of income is from abroad.
I do stay in india for 6 months and do not generate income.
when i work on ship abroad i generate income from abroad and park salary in NRE account.
please guide,shall i continue with PPF Account??
I dont have any plan to settle out of india.

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Sailesh Kumar Shah (Expert) 15 November 2011
It is your choice to continue or not? there is no law, which say to compulsory having PPF account.

Rajeev Kumar (Expert) 15 November 2011
Yes i am of the opinion with mr.Shah

Sailesh Kumar Shah (Expert) 16 November 2011
please ignore earlier post.

Non Resident Indians are not eligible to open an account under the Public Provident Fund Scheme:-
Provided that if a resident who subsequently becomes Non Resident Indian
during the currency of the maturity period prescribed under Public Provident
Fund Scheme, may continue to subscribe to the Fund till its maturity on a Non
Repatriation Basis.

This restrictions come vide Circular GSR 585(E) dt. 25.7.2003.

In which year you had opened account and what was resident status at that time?

Shonee Kapoor (Expert) 16 November 2011
I believe that you are an Resident Indian whose income is from out of country.

Do you pay Income Tax in India then you can open PPF account. However, if you are an NRI. You can not close the PPF account, meet the banker and discuss the way out.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

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