I had a public provident fund (PPF) account earlier than I grew to become a non-resident Indian (NRI). The 15-year time period of the account is ending in a 12 months’s time.
I could not be capable of come to India within the subsequent two years and so it is going to be troublesome for me to shut the account.
Since new guidelines now prohibit extension of the PPF account for NRIs, would my account be frozen? Also, will the quantity that has gathered within the PPF account be eligible for incomes any curiosity?
— Jayesh Shah
Since you might be an NRI, it’s possible you’ll not be capable of prolong the time period of your PPF account. In such a case, your PPF account shall mature and PPF account could also be transferred to your present checking account or an NRO account. You could make an software to the financial institution to this impact. The account shall not earn any curiosity after the date of its maturity. Interest on PPF account is exempt from tax in India.
I used to be born in India in 1983 and bought some agricultural land within the nation in 2003. Later in 2005, I moved to the UK for increased schooling and finally acquired British citizenship and thus I’m now an abroad citizen of India (OCI).
What are the principles pertaining to possession of agricultural land for OCI cardholders? Can I nonetheless personal the land that I bought in 2003 ?
— Name withheld on request
An NRI or OCI isn’t allowed to buy agricultural land in India. However, this doesn’t apply to NRIs or OCI holders who both acquired such agricultural land in India earlier than attaining the standing of NRI or OCI, or have inherited such agricultural land by following due course of.
However, an NRI isn’t allowed to promote agricultural land to a different NRI.
Archit Gupta is founder and chief government officer, Clear.in.
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