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1. saurabh   I Like It. |Report Abuse|  Link|November 10, 2022 4:33:19 PMReply
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As per FEMA rules, the penalty for not converting resident account to an NRO account is up to 3 times the amount involved in it or Rs 2 lakh when the sum is not quantifiable. A daily penalty of Rs 5,000 will also be charged from the 1st day of intervention until the penalty is paid.