Hello @BB789
As per the Income tax act, if a resident and ordinarily resident (ROR) customer’s Global account stayed open at any time during the calendar year, it should be reported in Table A2 of Schedule FA, even with a nil balance.
Reason: Table A2 covers custodial accounts held at any time during the calendar year. It asks for the opening date, peak balance and closing balance, and nil is a valid entry.
Also, Section 43 of the Black Money Act, 2015 carries penalty of ₹10 lakh. There is an exemption where total foreign assets (excluding immovable property) do not exceed ₹20 lakh, so a nil account alone is unlikely to attract it. The duty to report still remains.
Thanks