These are the New Developments that NRI Need to Notice
Dec 07, 2017 Home Trading Steps
Indian Government has been doing a lot of things to reward the contributions made by NRIs towards the growth of country’s economy. There are several other initiatives also in the pipeline that might impact the way NRIs do business in India which includes property transactions as well.
So here are few factors that going to have some effect on NRIs, if they are planning to invest in India.
Linking bank account with Aadhaar: For Indian citizens, it is must to link Aadhaar number with bank accounts, but this is not meant for NRIs and PIOs. The Unique Identification Authority of India (UIDAI) has clearly mentioned that NRIs and PIOs do not need to link their respective bank account with their Aadhaar as per Aadhaar act. On November 15, UIDAI stated that “The laws regarding submitting/linking of Aadhaar for availing of the services/benefits apply to the residents as per the Aadhaar Act 2016. Most of the NRIs/PIOs/OCIs may not be eligible for Aadhaar enrolment as per Aadhaar Act."
External voting system for NRIs: This has been pending for long. There are about 114 countries that have an external voting system which gives the right to non-resident citizens to vote for their country. Out 114 countries, 20 are Asian nations. NRIs deserve the right to externally vote for their country considering their contributions towards the nation. Soon NRIs might be able to enjoy this right.
NRI Property Safeguard Act: In the coming months, there might be a new law to protect the interest of NRIs from property related frauds. As per the media reports, Punjab state government has planned to bring NRI Property Safeguards Act within three months with a motive to solve problems for NRIs in a quick and transparent way. The law will ensure time bound solutions for NRIs related to property disputes. On this Principal Secretary in the Punjab NRI Affairs Department, S R Ladhar said, “District authorities will be given three months for addressing property- issues of NRIs. If they don't resolve it in the stipulated time, a state-level appellate body will hear the appeal and resolve the matter within three months. If the dispute persists, the matter can be taken to the high court."
Hence, NRI’s need to keep a track on the developments and initiatives taken by the government and then accordingly they should decide to invest. Also while investing they should keep in mind the guidelines stated in Foreign Exchange Management Act (FEMA) to avoid further confusion.
So here are few factors that going to have some effect on NRIs, if they are planning to invest in India.
Linking bank account with Aadhaar: For Indian citizens, it is must to link Aadhaar number with bank accounts, but this is not meant for NRIs and PIOs. The Unique Identification Authority of India (UIDAI) has clearly mentioned that NRIs and PIOs do not need to link their respective bank account with their Aadhaar as per Aadhaar act. On November 15, UIDAI stated that “The laws regarding submitting/linking of Aadhaar for availing of the services/benefits apply to the residents as per the Aadhaar Act 2016. Most of the NRIs/PIOs/OCIs may not be eligible for Aadhaar enrolment as per Aadhaar Act."
External voting system for NRIs: This has been pending for long. There are about 114 countries that have an external voting system which gives the right to non-resident citizens to vote for their country. Out 114 countries, 20 are Asian nations. NRIs deserve the right to externally vote for their country considering their contributions towards the nation. Soon NRIs might be able to enjoy this right.
NRI Property Safeguard Act: In the coming months, there might be a new law to protect the interest of NRIs from property related frauds. As per the media reports, Punjab state government has planned to bring NRI Property Safeguards Act within three months with a motive to solve problems for NRIs in a quick and transparent way. The law will ensure time bound solutions for NRIs related to property disputes. On this Principal Secretary in the Punjab NRI Affairs Department, S R Ladhar said, “District authorities will be given three months for addressing property- issues of NRIs. If they don't resolve it in the stipulated time, a state-level appellate body will hear the appeal and resolve the matter within three months. If the dispute persists, the matter can be taken to the high court."
Hence, NRI’s need to keep a track on the developments and initiatives taken by the government and then accordingly they should decide to invest. Also while investing they should keep in mind the guidelines stated in Foreign Exchange Management Act (FEMA) to avoid further confusion.
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