Can a Non -Resident Indian continue to hold accounts & investments abroad after return to India permanently?

Is it necessary under the current Indian laws,that an NRI has to close all accounts maintained abroad on return to India permanently? Also if investments are made abroad ,eg., ADRS',can they be held indefinitely? Post return to India ,will the interest income accrued in the accounts abroad ,as well as capital gains on the investments (ADRS') ,be liable for taxes in India ?

Thanks.

hey hey who told you you should close all accounts abroad when you return india...the govt is happy when ur are making money abroad as it get taxes on your such income....dont you see indian companies buying foreign companies.....all you need is to convert your status in the bank to NRO where all ur income will become taxable....if you hold FDs in a bank in india as NRE...dont convert your status...cause those bastards will tax all your income...as per law only interest on NRO is chargeable to tax...and that too from the year you become reisdent as per IT act...

and yes all that income that you earn on foriegn accounts/assets are liable to tax....section 91 caters to this where double taxation can be avoided....if amounts are not significant dont bother bout taxes...you need not disclose your foreign assets in the first place..i hope they dont sumup in crores....approach a Chartered accountant...not any dumb practitioner...he should be able to guide you in tax planning and investments where tax is not attracted....you will also be liable to wealth tax after a period of seven years of stay in India...cheers welcome to the jungle of taxes...

India has a treaty with many countries on double taxation benefit. You can continue to have investments and can pay tax at the source country. You can continue to have accounts also abroad but the interest is taxable.

You dont have to close your accounts abroad.
These days you can also invest and day trade US stock markets staying in India.

I myself trade US stocks/shares staying in India.

Girish