Thread by @manansmehta5

Planning to move outside India?

Here's 4 things we tell all our clients who plan to move outside India

A thread 🧵

1. Can Recent Immigrant continue to hold Indian Assets?

All kind of assets in India such as properties, bank deposits, stocks and securities, life insurance policies, loans, company deposits, debentures, bonds etc. acquired, held or owned by an individual...

while he/she was in India can be continued to be so held and dealt in any manner even after the individual leaves India for permanent settlement.

2. What shall be the impact on Indian Assets:

​💰Resident Savings Bank Account:

Designate the Resident Savings Bank Account to Non-resident Ordinary (NRO) Bank Account

💰Resident Current Account:

Designate the Current Account to NRO Bank Account

💰Resident Fixed Deposit (FD):

Designate the Resident FD to NRO FD. Further it is to be noted that, depending on Bank’s policy and procedures, FD may be directly designated to NRO FD or may be pre-matured and then open new NRO FD.

💰 Shares, Debentures, Bonds, Units of Mutual Funds, etc.:

A Recent Immigrant is required to inform all the companies, funds etc. as to change of his/her residential status from Resident to non- resident.

Note:

- NRO Bank Accounts can be opened in the form of Savings, Current, Recurring, Fixed Deposit Accounts.

- Recent Immigrant have an option to open and maintain NRE a/c and FCNR a/c only after becoming a NRI.

3. Business in India:

RBI has given general permission to NRIs to invest on non-repatriation basis by way of capital contribution in any proprietary or partnership concern engaged in any industrial, commercial or trading activity in India subject to FEMA provisions.

4. Other Transactions:

Any receipt or payment of funds from / to Residents should be in accordance with the provisions of FEMA, i.e.

- Providing guarantee to any person
- Taking loans from any person
- Acquisition or transfer of shares and securities
- Granting loans