NRI

Many returning NRIs are not completely aware of the rules in India with regards to change in residential status, banking, taxation, forex and investments. Here is a financial checklist you as a returning NRI should bear in mind to ensure a smooth transition in finances. Re-designate existing bank accounts: On return to India for permanent settlement, you need to inform the Indian banks about your status change. As per FEMA regulations, you need to compulsorily convert your existing NRO/NRE accounts to resident savings account. The Foreign Currency Non-Resident (FCNR) and Non-Rupee bank deposits can however be held till maturity. You […]

Are you planning to migrate abroad in the near future? It is time you start preparations early on. No, we are not talking about completing paperwork for migration, packing, etc. While people usually focus on the regulatory and travel issues, they forget to organise their financial affairs. What happens to your life and health insurance policies in India? How would you operate your bank accounts if required? Would share trading and other investment rules change if you become NRI? These and many such questions need to be addressed and acted upon before you become NRI. Here is a financial checklist […]