Hyderabad, Aug. 12 -- Indian citizens living in Gulf countries as non-residents can generally retain their locally earned salaries, business income and savings abroad without having to transfer or use the funds within 180 days.

The rule applies to foreign exchange acquired by people who are resident in India and is governed by the Foreign Exchange Management Act (FEMA). It does not automatically extend to Indians who qualify as non-residents.

Some international banks are reviewing credit card arrangements linked to offshore accounts held by wealthy resident Indians, according to the Economic Times, as reported by Gulf News. The concern relates to how funds remitted overseas by Indian residents are held and used.

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