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  Canada Immigration Forum > General > Our Native Country! > AdharCARD - OCI- MutualFund in INDIA
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AdharCARD - OCI- MutualFund in INDIA




Hello CDs

Here is my situation, I tried to find information online but getting more confused , If anyone in similar situation please share your experience

1-in 2007 I was still Indian citizen , then I bought Mutual funds in India which managed by CAMS/Karvy

2- few years back I got Canadian citizenship & OCI and I still kept my investment in those mutual funds

3- since I was not aware so I did not informed then CAMS/CAMRY that I am now OCI/Canadian Citizen

4- recently I got email from CAMS/Karvy asking me to send them adhar card--I replied by email &mentioned that I do not have adhar card as I am now OCI/CANADIAN CITIZEN, but they keep sending me automated messages

5- I am planning to visit India in few weeks - what I supposed to do :confused:

- As per new law I cant withdraw(cash) my mutual funds without linking my adhar card which I never had

-if I will tell them I am Canadian citizen with OCI --then what will happen--do I have to pay extra taxes--ot they will cancel my MF and send money in my account :confused:

any of such experience in past , any suggestion will be greatly appreciated


 
Last edited by: ChandraGupt on 25-12-17 10:01:01
ChandraGupt

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Member since: Dec 14
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Post ID: 236424 25-12-17 00:15:59
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MITRON
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Member since: Sep 17




Posts: 78
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Quote:
Originally posted by ChandraGupt

Hello CDs

Here is my situation, I tried to find information online but getting more confused , If anyone in similar situation please share your experience

1-in 2007 I was still Indian citizen , then I bought Mutual funds in India which managed by CAMS/CAMRY

2- few years back I got Canadian citizenship & OCI and I still kept my investment in those mutual funds

3- since I was not aware so I did not informed then CAMS/CAMRY that I am now OCI/Canadian Citizen

4- recently I got email from CAMS/CAMRY asking me to send them adhar card--I replied by email &mentioned that I do not have adhar card as I am now OCI/CANADIAN CITIZEN, but they keep sending me automated messages

5- I am planning to visit India in few weeks - what I supposed to do :confused:

- As per new law I cant withdraw(cash) my mutual funds without linking my adhar card which I never had

-if I will tell them I am Canadian citizen with OCI --then what will happen--do I have to pay extra taxes--ot they will cancel my MF and send money in my account :confused:

any of such experience in past , any suggestion will be greatly appreciated



Apply for Aadhaar card, when you visit India in a few weeks. In 2 months you will get the physical card in mail.

Also an electronic- Aadhaar card will be generated online in 5-6 weeks. You can send a copy of that to Mutual Funds or just the Aadhaar card number & link it online yourself.

That's going to be the easiest & most convenient way to do it.

Any other way will be too complicated - even if its the right way to do it.

Linking bank cards, bank accounts, mutual funds, mobile phones etc to Aadhaar card is still a grey area. Banks & Mobile operators will keep on sending you automated emails & you can keep on ignoring them till it becomes a LAW . So you still have lots of time. But best to give them what they are asking for in the long run , due to the hassle.

I don't know a single one whose bank account has been suspended or mobile phone disconnected for not providing their Aadhaar. As legally they can't do anything till it becomes a LAW, but nothing prevents them for asking for it.

Supreme court is saying DON'T do that, due to the privacy laws & confidentiality. But Modi wants it done to curb corruption & benami investments, properties etc.


 
Post ID: 236425 25-12-17 03:05:42
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MITRON
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Member since: Sep 17




Posts: 78
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Don't tell them you are a foreign citizen when you apply for Aadhaar. Look like a local & act like a local in India.

All you need is a local photo ID like PAN card, Election card, Drivers license, Ration card - don't show any Canadian ID - like CAD passport, CAD DL or even OCI booklet.

And any document with local address like - utility bill , telephone bill, rental agreement, home ownership paper with address on it, bank passbook or bank statement with local Indian address on it, credit card statement with local address on it. You can even create an Affidavit saying you are residing at so & so address and get it stamped from a lawyer as proof of address.

1. Photo ID - Local Indian
2. Proof of Address - Local Indian

and your Aadhaar card is ready. You will be in & out of an Aadhaar centre in 1 hour with Iris scan done, Finger prints taken, photo taken. Print & download the form online and fill it & take it with you.

Illegal Bangladeshis, Nepalis, Sri Lankans, Pakistanis have obtained Aadhaar cards in India & are now living as Indian citizens and availing free facilities in India.

No reason why OCI's & PIO's who were born & brought up in India, shouldn't obtain Aadhaar by legal or illegal means.

If Aadhaar is what they want for various red tape & bureaucracy in India like bank,mobile, pension, property, income tax, provident fund, railway reservation, then so be it, that's what we will give them either by hook or crook.


 
Last edited by: MITRON on 25-12-17 03:24:09
Post ID: 236426 25-12-17 03:19:53
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ChandraGupt
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Member since: Dec 14




Posts: 59
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Thanks for reply & suggestion but this will be practically impossible .

Most of us in CANADA get max 3 weeks vacation, yes we can apply for adhar card but no chance you can get it within 3 weeks unless they send a copy online ?
In my case I dont have relatives living at my homr address
So nobody can mail it to me

Another thing-when CAMS sent me email I replied them
That Im Canadian citizen , if they noted it in file then giving them adhar card will not help


 
Last edited by: ChandraGupt on 25-12-17 10:07:57
Post ID: 236431 25-12-17 10:06:43
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MITRON
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Member since: Sep 17




Posts: 78
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Quote:
Originally posted by ChandraGupt

Thanks for reply & suggestion but this will be practically impossible .

Most of us in CANADA get max 3 weeks vacation, yes we can apply for adhar card but no chance you can get it within 3 weeks unless they send a copy online ?
In my case I dont have relatives living at my homr address
So nobody can mail it to me

Another thing-when CAMS sent me email I replied them
That Im Canadian citizen , if they noted it in file then giving them adhar card will not help



No. They will take 2 months, just like OCI takes 2 months. You can't hurry the process.

No need to mail the card to you. Someone can just scan it & send it to you, after picking up the mail from your address.

Or you can even give a relatives address if you want, if no one is in your house to pick up the mail.

I know 2 people, both of them have a PAN card, but NO other Indian photo ID or Indian proof of address. Both of them are Canadian citizens & OCI and have nothing in India as they sold their house, closed bank accounts etc.

They stay at relatives place, whenever they go to India.

One of them created a fake rental agreement for Rs. 500 saying he is renting & living at his relatives place. A leave & license agreement. He used that as proof of address and his PAN card as photo ID, to apply for Aadhaar card & got it at his relatives address in about 2 months.

The other guy just created an Affidavit - not even a rental agreement, that he is living & staying with his relatives - he got it stamped/notarised from some well known guy in his area and they accepted it as proof of address. He also got the Aadhaar card.

Doesn't matter if you are a Canadian citizen. They have no idea when you became a Canadian citizen. So you can always say you already had an Aadhaar card when you were in India and then later on you became a Canadian citizen.

The fact that even after sending them an email, they keep on asking for your Aadhaar card means that they have not recorded your email of Canadian citizenship any where and its not in their file that you are a Canadian citizen.


 
Post ID: 236432 25-12-17 11:42:03
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ChandraGupt
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Member since: Dec 14




Posts: 59
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Thanks for detailed reply

In case if like to do everything honestly what I will Lose ?

If I tell them now Im Canadian citizen , will the charge me 30.5% on income from the day I will tell them or they will charge from the day I bought MF, do I need a lawyer or CA to get my mutual fund cashed ?


 
Post ID: 236433 25-12-17 13:57:21
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tamilkuravan
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Member since: Jun 05




Posts: 5733
Location: God's own country

Ignore
I an a canadian citizen OCI settled in india.

Ignore the messages. Even indian citizens get it.

Current rule is that your aadhaar card must be linked to your trading account by march 31 of 2018.

I am not sure if your trading account will be blocked after march 31.

if you want, sell all your mutual funds by jan 30th . markets are in a peak now and will peak higher till feb 1 which is budget day.

if you want you can apply for aadhaar card but you must have proof of residential address in india like electricity bill, gas card, property documents etc.. in outskirts of chennai it is 1 hour work to apply for aadhaar. in populated areas they may give you appointment times.

murali

-----------------------------------------------------------------
I am a Gents and not a Ladies.

 
Post ID: 236439 25-12-17 22:08:08
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ChandraGupt
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Member since: Dec 14




Posts: 59
Location:


Quote:
Originally posted by tamilkuravan

I an a canadian citizen OCI settled in india.

Ignore the messages. Even indian citizens get it.

Current rule is that your aadhaar card must be linked to your trading account by march 31 of 2018.

I am not sure if your trading account will be blocked after march 31.

if you want, sell all your mutual funds by jan 30th . markets are in a peak now and will peak higher till feb 1 which is budget day.

if you want you can apply for aadhaar card but you must have proof of residential address in india like electricity bill, gas card, property documents etc.. in outskirts of chennai it is 1 hour work to apply for aadhaar. in populated areas they may give you appointment times.

murali




Thanks TK

Can you please confirm if date extended by March 2018? & MF mgmt company will not ask to show them Adhar card ?

- If thats true then I can sell my mutual funds by end of February or early March as Im travelling to Delhi in last week of February .

- If I will ask them ( CAMS/Karvy)to cash my funds , will they ask me to show Adhar card 1st then allow to withdraw funds ?

- as I mentioned in previous post , I have all resident proof & home in India but no one available to send or scan my adhar card once it arrive at my home address.r
I will visit India for max 3 weeks & adhar card arrive in few months , not sure if we can access adhar card online or if Im qualified to get adhar card


Thanks




 
Last edited by: ChandraGupt on 27-12-17 15:12:41
Post ID: 236440 25-12-17 23:31:49
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MITRON
Desi
Member since: Sep 17




Posts: 78
Location:


Quote:
Originally posted by ChandraGupt

Thanks for detailed reply

In case if like to do everything honestly what I will Lose ?

If I tell them now Im Canadian citizen , will the charge me 30.5% on income from the day I will tell them or they will charge from the day I bought MF, do I need a lawyer or CA to get my mutual fund cashed ?



Doing everything honestly will be your worst nightmare, especially sitting in Canada. If you act as a resident you won't need a CA or lawyer to cash your MF. You might just need your regular broker account & bank account to sell MF's & transfer money. But if you act as a Canadian citizen things will get very complicated & they might even freeze your account.

In India due to the clerical Babus and red tape & bureaucracy and old archaic laws you have to PHYSICALLY visit a place 10 times before anything is done. Only so much can and will be done over the Internet , email & phone calls. It will be your worst nightmare doing that, when you are physically in Canada and only visit India 2-3 weeks a year.

So better to get an Aadhaar card once and for all. And every time such stuff comes up, you give it to them.

When the market peaks, just sell the Mutual Funds then put the money in a Fixed Deposit and/or Savings Account to avoid such hassles in future. Especially since what most of the stuff you are doing is illegal.

A Resident Savings bank account or Fixed Deposit you can get away with, by staying under the Radar as a foreign citizen, although that's illegal too..as it has to be NRO or NRE account.

But Stocks & Mutual Funds its a lot harder to own & get away with as a Foregin citizen. The tax laws, ownership laws, Capital gains etc are too complicated for that, when you are a foreign citizen. Best to avoid that.


 
Post ID: 236441 26-12-17 02:00:25
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MITRON
Desi
Member since: Sep 17




Posts: 78
Location:


Quote:
Originally posted by ChandraGupt

Quote:
Originally posted by tamilkuravan

I an a canadian citizen OCI settled in india.

Ignore the messages. Even indian citizens get it.

Current rule is that your aadhaar card must be linked to your trading account by march 31 of 2018.

I am not sure if your trading account will be blocked after march 31.

if you want, sell all your mutual funds by jan 30th . markets are in a peak now and will peak higher till feb 1 which is budget day.

if you want you can apply for aadhaar card but you must have proof of residential address in india like electricity bill, gas card, property documents etc.. in outskirts of chennai it is 1 hour work to apply for aadhaar. in populated areas they may give you appointment times.

murali




Thanks TK

Can you please confirm if date extended by March 2018? & MF mgmt company will not ask to show them Adhar card ?

- If thats true then I can sell my mutual funds by end of February or early March as Im travelling to Delhi in last week of February .

- If I will ask them ( CAMS/Karvy)to cash my funds , will they ask me to show Adhar card 1st then allow to withdraw funds ?

- as I mentioned in previous post , I have all resident proof & home in India but no one available(my mother passed away last year) to send or scan my adhar card once it arrive at my home address.r
I will visit India for max 3 weeks & adhar card arrive in few months , not sure if we can access adhar card online or if Im qualified to get adhar card


Thanks



Yes the deadline has been extended till March 31, 2018. For Mobile linkage apparently its February 6, 2018.

Even both these deadlines will be extended as not everyone is complying and Supreme court is opposed to that too.

I have NRO & NRE bank accounts and I am getting messages for Aadhaar linkage ! Aadhaar has absolutely nothing to do with NRO and NRE accounts, only with Resident bank accounts.

So its just automated nonsense sent by banks as a mass email to everyone, whether you are an Indian citizen or Foreign citizen or whatever !


 
Post ID: 236442 26-12-17 02:06:49
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Contributors:
ChandraGupt(7)  elmer fudd(1)  Full House(1)  MITRON(6)  rajcanada(1)  tamilkuravan(2)  
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