Nri Banking - Demat Account

Dear Sir,

Thank you for a wonderful web site with so much information. I like to open a Demat account in India. What is a requirements for a NRI. I have applied for a PAN card. Any recommendation as to place / bank / broker I should consider.

Thanks again.

Shah

A:To open a 'Demat Account' the requirement is a 'Pan Number' and you state you have already applied for one.

As far as recommendations are concerned, as an OCI holder myself and a NRI since 1970 I have dealt with a few banks in India and switched banks due to poor customer service.

For the last seven years or so, I have done my banking with Axis bank in Pune and have no hesitation whatsoever in saying that Axis Bank in Pune, (Wanawadi branch) has provided excellent customer service to me. They even helped get my Pan Card when I needed one. Best of all they respond immediately by email to any inquires. They have an excellent online setup and some of my India related bills are paid by them from my account.

Nri - Inheriting Property in India

Q:Hello there,

I have a simple question for which i cannot find an answer yet.... I have recently become a Canadian citizen......what if I don't get OCI or dual Indian citizenship...can I still inherit the property from my father who is still living in India and is only Indian Citizen?

Or I must obtain OCI if i want to inherit property from my ancestors ?

Regards
Raman Sohal.
Toronto, Canada.

A: You need not worry about getting OCI specifically for the purpose of inheriting property. Anyone, regardless of their citizenship status or place of residence can inherit property.

Power of Attorney from UK

Q: Hello, My husband and I have recently got British citizenship. Our British passports have also just arrived a few days back. We now have to surrender our Indian passport and apply for OCI.

My urgent query is that my brother is currently proceeding to sell our residential house in India. But he has been told by Registrar that I (that's me) to have to sign a stamped paper giving the Power of Attorney to him to go-ahead with house sale. And that Indian embassy here will testify that I live in UK and therefore cannot be present in person in India in the court.

Could you please tell me as to how it is done? What is the correct procedure for sending Power of Attorney to someone in India. What I am supposed to do? I am in middle of situation ie I have British passport but I am yet to surrender Indian passport.

So should I approach British or Indian embassy? Kindly help soon.

Regards, Archana

A: To send a 'Power of Attorney' to India from UK, you are required to get the power of attorney document attested by the Indian Consulate in UK. Just call the nearest Indian Consulate office for guidance on how to proceed.

This is usually a simple procedure which normally requires that you take the documents listed below to the Indian Consulate. Pay the appropriate fee, which I believe is about £8.00 and sign in front of the Consular Officer. 

• The original document (your power of attorney) along with a photocopy.

• Your current valid passport (British in your case)

• A photograph of the person giving the power of attorney

You mentioned in your email that "I have British passport but I am yet to surrender Indian passport" I would suggest you surrender your Indian passport as soon as possible without delay. Failure to do so in a timely manner can lead to penalties.

Under Indian law, Persons of Indian origin who have acquired Foreign citizenship are required to surrender their Indian Passports to the nearest Indian Mission/Post immediately after acquisition of foreign citizenship. There is form that is normally filled in when you surrender your Indian passport after acquiring foreign citizenship. You can view this form HERE

Please Note:

When sending power of attorney from abroad, it is always advisable to put some thought when giving 'power of attorney' to someone. Geting it prepared by a lawyer may be the right way to go. 

1. Never sign a blanket power of attorney that says something like, "Mr. X can act on my behalf." Always state clearly what the power of attorney is exactly given for.

2. Always include an expiration date when the power of attorney expires.

3. Never sign a blank or Stamp paper and send it to India.

4. Specify clearly what you expect. For example if you want a your property rented, specify what the minimum rent is to be and what has to be done with the rent money. For example deposit in account number such . . . . .

Currency Regulations for India

Q: Hi Mr. Chand, I recently found your site and found it very useful. I did have some specific questions.

1] I am US citizen. I am going to India with my family of three(total 4). How much from rupees to dollar can each one of us get at the airport or at a dealer in cash? What is the limit to bring dollar to US for Us citizen? If I need to convert more than the limit, do you know what is a way to do that?

2] Is there any limit or restriction in bring personal gold jewelry from India and into USA?

Nalin

A: Any person can bring into India from a place outside India foreign exchange without any limit. However, declaration of foreign exchange/currency is required to be made by filling out a currency declaration form in the following cases:

(a) Where the value of foreign currency notes exceeds US$ 5000/- or equivalent

(b) Where the aggregate value of foreign exchange (in the form of currency notes, bank notes, traveler cheques etc.) exceeds US$ 10,000/- or its equivalent

Most banks, Thomas Cook and American Express outlets are authorized to convert foreign currency to Rupees and issue a valid receipt. Any amount of Rupees you do not use can be reconverted to the original foreign currency. There is facility to exchange currency at the airport on arrival but the exchange rate is slightly lower. Rate of exchange for US dollars to Indian rupees varies day to day, you can use the exchange calculator provided on this website HERE to get an idea.

For customs information on USA check the US Customs website HERE

Readers comments & feedback. Post your comment or answer a question . . .

Ashish Singh
2011/1/29 3:26 pm
Can a OCI holder living and working in India open a regular bank account or is he only allowed to open NRE/NRO/FCNR bank accounts?

---

Sudhir Shah
2011/1/31 12:54 pm
As OCI holder from UK I have been living in Chandigarh for over a year now and have opened regular bank account without any problem.

---

S Pai
2011-04-05 23:05:00
I am a us citizen. If my ancestral property in india is sold, and I am paid by a check in rupees, how can i legally convert it to dollars?