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Introduction: Non-Resident Indians (NRIs) face unique challenges when it comes to managing their financial, legal, and administrative responsibilities in India. Ensuring compliance with Indian laws and maintaining up-to-date records is crucial for avoiding potential issues. During their visits to India, NRIs must address several key tasks such as updating bank accounts, managing PAN and Aadhar cards, maintaining an Indian mobile number, and resolving property and tax-related concerns. This article outlines the essential tasks NRIs should prioritize during their time in India.

NRI must work on following basic issues/tasks during their visit in India, if not done yet.

1. Bank Account :

  • NRI should visit their respective banks and update KYC there. He should update bank with latest VISA, Passport, Name of the current country in which he is residing etc.
  • NRI should closed all unwanted bank accounts in India.
  • As per FEMA Act, if any NRI is holding “resident saving accounts”, it is a violation of FEMA law. Therefore, NRI should convert “resident saving accounts” into “NRO account”. It is not easy even not possible for a NRI to close “resident saving accounts” when he is in abroad.
  • NRI should reinstruct the liabilities like EMI, other commitments in relation to loans, collection of rent from NRO account. If there is any insufficient balance in NRO a/c, he should instruct bank to transfer funds from his NRE a/c to NRO a/c.
  • There is facility in some banks to convert “resident saving accounts” into “NRO account” with same account number. If there is change in any data like type of account, account number etc., NRI should inform all concerned person about such changes.
  • NRI should keep their account with banks having good IT infrastructure/ IT network. Banks like Axis, ICICI, HDFC, Kotak, SBI etc.

2. DMAT Account :

  • If any NRI is holding “resident DMAT accounts”, it is a violation of law. Therefore, NRI should convert “resident DMAT account” into “NRO DMAT account”.
  • If NRI is holding any DMAT a/c with his broker or holding any brokerage a/c, it should also be converted to “NRO DMAT account”.
  • For the above action, first NRI should convert his “resident saving accounts” into “NRO account” and inform about the same to broker.

Essential tasks which NRIs should prioritize during their Visit in India

3. PAN Card :

  • NRI must have a PAN. Without PAN, he can stuck in problem and can not do transactions. Yes, he can give declaration in respect of “No PAN” but can be crippled without a PAN.
  • NRI can easily apply for a PAN/ E-PAN. E-PAN will be received by NRI on his registered mail id.
  • If NRI is having multiple PAN, he should cancel extra PAN. It is a crime to have more than one PAN in India.
  • NRI should make sure that all the information on passport, PAN, visa, bank account should be same , information like viz. name, date of birth etc.

4. Aadhar Card :

  • It is not compulsory for a NRI to have a aadhar card. But, if any NRI is having his aadhar card, it need to be assure that all information on aadhar card is correct as per latest data.
  • If there is any mismatch in his name on aadhar card, one can change the same only once in life time.
  • Contact details, address, e mail etc. can be changed multiple times.
  • Contact number must be an Indian mobile number. International mobile number is not allowed for aadhar card.

5. Indian Mobile Number :

  • Even it could be an option, but it would be advisable to have an Indian mobile number.
  • NRI should enable SMS facility on an Indian mobile number for OTPs and all.

6. Visit to his Chartered Accountant :

  • NRI should visit to his tax consultant to check on the following:

> whether he need to file his ITR;

> any TDS has been done against his PAN;

> having consultancy on DTAA agreements for tax benefits;

> updation of status as “NRI” on PAN over income tax portal;

> whether he need to disclose any overseas assets etc.

  • NRI should be transparent with his professional/consultant about all data and information shared by him.

7. Property related issues and Loan a/c :

  • NRI should check all property related obligations like all tax dues have been paid or not.
  • He should attend all property maintenance related issues. He should check on whether all associations’ dues have been paid, otherwise associations will take actions like cutting water supply, power supply etc.
  • NRI need to ensure about updation on all property related documents as per updated laws, if required because many recent changes have been made in laws.
  • NRI should have a check on his previous clearance of loan, if any. If any loan was on
    collateral, he should collect his original property back if the loan has been cleared.
  • He should request to bank for Nil balance statement/letter or loan closure letter if loan has been cleared.

Conclusion: Managing essential tasks during their visits to India is crucial for NRIs to ensure compliance with Indian laws and smooth financial operations. By updating bank accounts, managing PAN and Aadhar details, maintaining an Indian mobile number, and addressing property and tax issues, NRIs can avoid potential complications. Staying proactive and organized with these responsibilities will help NRIs maintain a seamless connection with their financial and legal obligations in India.

Disclaimer: These points have been collected and briefed by myself on the basis of knowledgeable videos available on social media.


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June 2024