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Change in residential status from nri to ri
Residential status of one of my Non-Resident Indian (NRI) Client has changed to Resident Indian as he has decided to return permanently to India.
On the day of returning to India he was having various foreign assets like Investments in Shares and securities of overseas entities, Balance in Foreign Bank accounts, Loan to Overseas Corporate entities & Individual.
Query:
Is he liable to inform to RBI or any other authorities about his foreign assets (acquired by him when he was NRI).
Replies (2)
No such requirement. He has to change residential status in all his bank accounts and investments in India to "resident". In case of mutual funds, he needs to do a fresh KYC with change of status.
Also please ensure that person does not receive maturity proceeds of overseas investments directly in India (should route it through a foreign bank account) and he does not become a "ROR" in this year else all his worldwide income will be taxed in India and relevant foreign income and asset disclosures will be needed in tax return.
Thanks!
Thank you very much Sir.
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