Bank Accounts
Open NRE and NRO accounts to manage funds remitted from abroad and income earned in India, respectively. Understand the differences between NRE, NRO, and FCNR accounts and their implications for repatriation of funds.
Investments
Review existing investments and align them with your new financial goals and risk profile. Consider investing in mutual funds, stocks, real estate, and fixed deposits in India, while being mindful of regulations and tax implications. Connect with financial advisors who specialize in NRI investments to simplify the process and make informed decisions.
Check and update your health insurance to confirm you have enough coverage for your requirements. Consider life insurance policies that cater to NRI needs and provide tax benefits.
Taxation
Understand the tax implications of income earned abroad and in India. File income tax returns correctly and on time, disclosing foreign assets and investments in Schedule FA to avoid penalties. Consult with tax experts to ensure compliance with regulations and minimize liabilities.
Repatriation of Funds
Be aware of the limits and procedures for repatriating funds from NRE and FCNR accounts. Maintain proper documentation to support the repatriation of funds.
Also Read: What are things to be kept in mind for NRI planning to return to india