Posted on: 25-12-17 23:31:49
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 that’s true then I can sell my mutual funds by end of February or early March as I’m 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 I’m qualified to get adhar card
Thanks
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 I’m 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.
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 that’s true then I can sell my mutual funds by end of February or early March as I’m 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 I’m 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 !
Less than 10-15% mutual funds accounts have reportedly been linked to Aadhaar so far.
Quote:
Originally posted by MITRON
So better to get an Aadhaar card once and for all. And every time such stuff comes up, you give it to them.
.
Thanks M
this idea looks simple & easyone but how its possible in my case
If I will apply for adhar card then it will arrive after linking deadline(31st march-2018) as i planned trip to india in last week of Feb-2018,...by that time they may freeze my portfolio as I will still not have adhar card
wondering if I can withdraw money/sell MF in February without them showing any adhar card ? or they will ask me to show them adhar card in February ?
Quote:
Originally posted by MITRON
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.
.
in that case if i cash my M(in end of Feb-2018) without showing them any adhar card?--will they(Mutual fund company) still charge 30.5% tax ?
& if i put this money in Fixed deposit under NRO/NRE -do i have to pay 30.5% on the interest income i will make thru deposit ?
sorry i am ordinary investor not familiar with these new law's .
I wish i can do everything honestly--but stuck because not knowing that i supposed to inform mutual fund company--thought govt of india already know everything as they gave us OCI.
I appreciate hard work of Modi Government for bringing transparency in Indian economic system but seems like ordinary investors like me will suffer more
You should be able to cash your mutual fund. They will probably ask for proof of identity and address. So it you have something like PAN card and electricity bill from the place you own in India, that should work.
If you want to continue holding the funds as NRI (OCI), it may or may not be possible. You will have to check with the mutual fund. Some companies do not accept funds from NRIs in US/Canada.
NRE account in general can accept only foreign currency though account is held in INR. You will be able to park your proceeds in NRO account. Interest earned there will be taxable at 30.9% but you may be able to get a full or partial refund of that. It depends on how much earnings you have in India and which Indian tax bracket you fall in. You will have to file taxes in India to get the refund.
You can apply for digital signature while in India. There are many providers like Sify Safescrypt, e-Mudhra, etc. It could come in handy when filing tax returns in India.
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