Quick Checklist For NRI Visitng India
- 08 Dec, 2023
byAcquaint Capital- Investments
As we approach the holiday season, I'm sure many of you are planning to visit India. For some, it may be your first time back in a year, two years, or even five years - so I'm sure you're very excited to see your family, friends, and loved ones in India again!
Let me share a quick checklist of things you should do during your upcoming visit:
1. Convert your phone number to a prepaid plan:
Most of you likely have international roaming activated or are still paying bills to keep your Indian number active. But now you can just use WhatsApp or other apps to call people for free in India - you only need an Indian number for receiving OTPs for banking or Aadhaar based transactions. So convert your number to a prepaid plan.
2.Renew your passport:
Renew your passport If it is due for renewal. You can renew your passport 6 months before it expires. Even you apply through the normal process, you can get your new passport in just 7-10 days.
3. Open NRE/NRO accounts:
As an NRI who stays abroad over 180 days, you need these accounts. NRE is for income earned abroad, NRO is for Indian income like rent or interest. This avoids double taxation. If you are holding saving account in India then you can convert your existing saving account to NRO account, There is no need to open a new NRO account.
4. Collect no-dues certificates for closed loans:
If you had any loans that are now fully paid off, get no-dues certificates from the bank. For home/mortgage loans, collect original property documents too.
5. Update your Aadhaar card:
Make sure your active phone number, email ID, and current residential address are updated in your Aadhaar card. If not, visit a addhaar center to update them. This is essential for applying for anything in India. Also check how many SIM cards are issued under your name and deactivate ones not belonging to you.
6. Check your CIBIL Report:
This will reveal any outstanding loans or credit card dues in your name, as well as loan inquiries. So you can identify any misuse of your documents for loans while abroad.
7. Personally visit your Indian properties:
For any residential/commercial property you own, visit in-person to verify condition and working fixtures. For land, demarc with fencing and ownership board.
8. Update KYC status with investments:
Change from Resident to NRI status in your investments. Review with experts to realign with financial goals, making any needed changes.
9. Rent out/sell idle cars:
Idle cars cost more in maintenance than running cars. Give to Zoomcar on subscription, investing that income through SIP. Or sell the car, investing proceeds in mutual funds to buy a new car when you return.
This should help you efficiently handle key tasks during your India visit. Let me know if you need any clarification!