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Hi All - It seems that I have forgotten to convert one of my Resident Savings Accounts in India (SBI Bank) to a NRO Account. I am planning to go ahead with the same. I was reading the penalties - seems pretty stiff.
If I go ahead with the same, will I be charged a Penalty OR will a Penalty be charged ONLY if I am caught in an audit. Has anybody faced these issues and how did they overcome the same without paying the penalty.