Friday, July 19, 2013

How to send money out of India?

Transferring money from India to abroad is no longer a hassle. In spite of government regulations, the banks have made it very easy to remit the money to any place on the globe. There are many methods of remitting money outside of India. Let us have a look at some of them.

Firstly comes in the most traditional and secure way of sending money to your pals. You can write a check and send it out of the country. It is mandatory that the amount mentioned in the check must of the currency of the destination place. It cannot be in rupees.

You will need to provide sufficient proof to the bank for sending the money to abroad. That proof might even have to be in the form of a legal document or letter. You will also need to furnish your passport in order to get the job done. It is only required as a verification procedure.

The process is simple. You can get a letter from the source bank saying that you have a valid account in the bank. The letter should contain the amount to be remitted and the account number. Visit an agency or branch that remits money. Do the necessary conversions to quote the amount in the foreign currency. Fill in the forms and wait for your turn to send the money. You will need a PAN card number from India. You can obtain yours here:

PayPal is another very simple and secure option to remit money out of India. The only need for this method of transfer is that the source and destination members should have valid PayPal accounts. PayPal can transfer funds almost instantly and it can take place at any place on the globe.

A demand draft also works but it is a long procedure. Nowadays people are on the lookout for avoiding a visit to the banks. But one can always choose this option if they are not very familiar with online banking systems and technology. In India, especially wherein the traditional still visit banks to debit money out of their own accounts, I hate to wonder if they have no clue about a thing known by the name of ATM.

Wire transfer is the fastest and the most preferable mode of transfer. It is highly safe in the sense that before you remit the money the linking between both the accounts takes place. The security is the highest form and in case of wrong inputs or false logins the accounts won’t be linked which means that the transfer will never take place.

You can visit private banks like ICICI or even nationalized government banks like SBI. The advantage with ICICI is that it has a wide network and it also allows non ICICI customers to remit money.

All the methods of transfer are available on their website. For the ones who are willing to furnish lesser private information, SBI may be their preferred choice. Banks will always look to grab you for remitting money as charges are involved in them. So you keep an eye on them!

Friday, July 5, 2013

How to buy property in India?

If you hold an Indian passport but stay abroad for most part of the year for the purpose of business or employment, then you are regarded as NRI. One of the lucrative investment opportunities for NRI is the Indian real estate market. According to law, NRI cannot buy agricultural land in India. However, they can own houses, flats or land for residential or business construction. They can also buy or sell such properties.

Why should NRIs invest in Indian real estate?
There are several good reasons why NRI should buy property and houses in India. 
These are:

* If you own your own house or flat in India, you eliminate the cost of hotel rooms when you return – a cost that is becoming increasingly prohibitive.

* The falling value of rupee makes real estate a high return investment.

* Special tax benefits are available for NRIs who buy property in India.

* Legal hurdles have been removed and the process has been simplified.

* Confederation of Real Estate Developers in India (CREDAI) is floating great offers especially for NRI.
You can buy any immovable property in India except agricultural lands, plantations and farm houses. You can also sell them or transfer them as gifts. Inherited properties including agricultural lands too can be transferred as gifts.
Important things to know about NRI buying real estate in India
Here are some important things that you should know about NRIs buying real estate in India:

* You can get home loans to finance your buying of real estate. A maximum of 80% of the cost can be obtained as loan while the rest have to be paid directly by you.

* This residual amount can be paid directly from NRE or NRO account. Repayment of the loan is also to be done through the same channel.

* You have to bear the cost of stamp duty and registration duty but have to pay no other tax. 

* All the interest towards the home loan is deductible from the taxable income of the NRI without any upper limit.

* If you sell the property, you will have to pay capital gains tax like a resident.

* If you give your property in lease, then the income from the lease is taxable. If your country of residence does not have double tax avoidance agreement with India, you may have to pay tax on it in that country also.

* When you buy real estate in India, you need to watch out for several pitfalls. These are as follows:

     * Check if the seller has a clear property title, especially if the property is inherited.

     * Ask for a no due certificate from the seller. This certificate shows that there are no outstanding due to the municipality, electricity etc.

     * If the original flat or house had been constructed with a bank loan, a bank release letter must accompany the sale to show that the loan has been paid in full.

     * Check that the house has all the relevant permits and licenses from the civic authority.

     * It is necessary to make sure that the property is not under litigation.
You can buy the built property from real estate developers who also take care of maintenance. Often, expos are organized advertising such real estate deals. However, the information given in these expos may not always be reliable. It is best to get some relative to clarify the situation in India or to visit the country and see with your own eyes before you invest in real estate in India.
To get started on Real Estate, it is required for all NRIs to apply for a PAN card number in India. You can apply at The process is simple. Get started soon.

What is the process to apply for a OCI card?

If you, your parents or your grandparents were citizens of India and later you (or they) renounced this citizenship and acquired a foreign citizenship, then you have the option to apply for OCI or Overseas Citizen of India. This OCI will allow you to stay and work in India while you retain your foreign citizenship. For example, you may have worked in a foreign country all your life, but you want to retire and settle in your original homeland without changing your citizenship. In such cases, you will need to apply for OCI.

The steps:
OCI application is a two step process. It is quite easy, but you should verify that you have all the documents needed and the photographs with correct technical specifications. Applications are often rejected due to problems with documentation or photographs.
The two step process for application of OCI is as follows:

* The first part of the process can be completed online. Regulations keep changing; so study the rules carefully.

* Go to . You may need to download security certificate to access the website.

* The next step is to select between “individual” and “family”. Family in this sense includes father and / or mother and minor children. Adult children, siblings or other members of the family will have to apply as individuals.

* The Form A will be displayed depending on your choice. Fill it up and check it for errors. Then, click on the submit button. If any field is entered wrong, you will get an error message. Correct the information, check and resubmit.

* If submission is successful, a copy of the Form A will be displayed. It will also show your registration number. You will have to print out a copy of this form.

* This completes the first part of OCI application. You will now be able to proceed to the second step and download Form B. you will have to print it out.

* Fill up the required information in Form B by hand. You can also type the information. Additional sheets may be used if needed.

* Once you have completed filling the form, you collect all the necessary supporting documents and photographs. You will get a list of documents needed at the end of the Form B.

* Once all the documents are in order, you will have to mail them in. send them to the Indian consulate in your place of residence. Be sure to mention the name of this consulate under “place of submission” in the form. You should send your application through Speed post or registered post. It is best not to send them by courier as this is discouraged.

Documents required: A number of supporting documents have to be submitted with your OCI application. A list is given at the end of Form B. double check this list because if you forget to send a document, it will lead to needless delay.

The required documents are as follows:

* Copy of your present passport.

* Surrender certificate if you had ever renounced the citizenship of India.

* Documentary proof that your parents or grandparents were citizens of India. These would include their passports or copy of domicile certificate, evidence of your relationship in the form of birth certificate where parents’ names are clearly mentioned. If your claim is based on your grandparents, then in addition to the above you will need to submit birth certificate of your parent which clearly shows their relationship to the said grandparent.

* School certificate and land ownership records are also accepted. However, you should consult Form B before sending in your application.
If you are looking to apply for a PAN card and not an OCI card, contact: for assistance with your application. 
It is very quick and easy. They assist all NRIs, PIOs, and OCIs with their PAN process.

Monday, June 24, 2013

How can a NRI apply for Aadhar Card (UID)?

An Aadhar Card is available to everyone including NRIs now. It can serve as an Identity Proof document for those who have it. If you are an NRI and you wish to apply for an Aadhar card, here are the steps you will have to take…

  1. The first thing that you will need is an ID proof document. Your passport copy or any valid government ID from any country will work. If you are not yet a citizen of that country, you must provide proof of why you are residing outside of India. For example: an employer certificate.
  2. The second thing that will be asked of you would be the necessary forms to apply for an Aadhar Card. You can find the correct form by typing “Aadhar Form” into the search engine on your computer. You will need to submit this form.
  3. The forth thing that will be asked of you would be your fingerprint and a scanning of your eyes. You will need to let them scan your fingerprints and eyes so that they can have it on file. This is the best way to have a true ID proof.
  4. After you have completed all the above, you will be asked to have your photo taken. It is generally a passport size/style photo that will be taken so everyone will know how to identify you. They will also keep this photo on file.

Once you have completed all of the above steps, all you have to do is wait to receive the card in the mail. It generally takes anywhere from 1 to 3 months to receive. If you are an NRI in need of assistance to apply for a PAN card of India while sitting abroad, contact:

Thursday, April 4, 2013

How to open NRE/NRO account in India?

When you are an Indian living outside of India, sometimes, managing funds can become a bit complicated. You have to figure out if you are paying taxes in your country, if you are paying taxes in India, where you would like to hold your money, and how you will get it into your pocket. In India, there are two different types of bank account options for NRIs. The two accounts offered are called an NRE account and an NRO account. There are some small differences between the two accounts, but not much difference. Once you learn all you need to know about the accounts, then you can decide on which account would be best for you and what you would like to do with your money.

If you are looking to open a bank account in India soon, you need to do two things first. The first thing is research. Almost every bank in India offers NRO and NRE accounts to NRI clients. You must first look into all of the banks and see who cuts you the best deal. You need to test their customer service before you open an account because you are living abroad and you need the best service available when concerning your money in case anything goes wrong.

The second thing you need to look into, if you do not already have one, is a PAN card. In India, you need to have a PAN card before you can open a bank account. When you go to fill up any bank forms, they will ask you for this number. A PAN card is nothing more that an individual ID number given to you by the IT department in order to track who has paid their taxes. It is pretty easy to get from abroad now too. When you open google, you can simply type “NRI pan card”. The results will give you many reliable sites that will assist you in applying from your home country. If you do not find any that you like, I would recommend using or These sites are run by, which is a very trusted NRI hub. They can also help you with any other assistance you may need as a Non-Resident Indian.

Once you have done these two things, you will be ready to open up a bank account in India. You should not have any problems as they only ask for a few relevant documents. So, now you are ready to start your process.