I was working in Dubai UAE for 13 years, and regularly investing in mutual funds since 2008 directly and through the mutual fund platform of Barjeel Geojit. I have returned to India and I am working in Bangalore since July. I would like to know what is the procedure for changing the status of my investments from "NRI Repatriable" to resident.
- Manoj Kumar K
If you had an an online trading account as an NRI, you have to inform the broker about the change in your status. The trading account with NRI status should be closed and a new trading account with resident status should be opened. A KYC form with new details has to be sent to the KYC registration agency for updating the change of status, address and bank details. Mutual funds also need to be informed about the change. One also must update the change of address in the PAN records. A resident foreign currency (RFC) account can be be opened by a returning Indian to transfer balances from NRE/FCNR (B) accounts. This account can hold foreign currency and continue to receive funds in foreign currency from investments abroad.
This article was originally published on October 15, 2015.
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