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What are the procedures to be followed in respect of investment in securities in case NRI becomes person resident in India?

April 26, 2017Case followed India Investment NRI person procedures resident respect securities

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What are the procedures to be followed in respect of investment in securities in case NRI becomes person resident in India?

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• On becoming a resident, a new depository account with appropriate status Resident in this case is to be opened and all the balances held in account with Non-Resident status should be transferred to Resident status.

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On becoming a resident, a new depository account with appropriate status – ‘Resident’ in this case – is to be opened and all the balances held in account with ‘Non-Resident’ status should be transferred to ‘Resident’ status.

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Posted

• On becoming a resident, a new depository account with appropriate status – ‘Resident’ in this case – is to be opened and all the balances held in account with ‘Non-Resident’ status should be transferred to ‘Resident’ status.