For many Non-Resident Indians, staying on top of India’s financial rules from thousands of kilometres away is genuinely difficult. Regulations change, tax treaties get reinterpreted, and a decision that made sense five years ago may no longer be the right one. Ashutosh Financial Services runs its financial awareness sessions with this exact gap in mind, working on the belief that good financial outcomes start with a clear understanding of the rules that shape them.
On 23rd August 2025, the firm hosted a webinar titled “Changing Landscape of Taxation, Regulations and Investments in India,” designed specifically for the Singapore-based NRI community. The session was led by Daxesh Kothari and CA Rajit Kothari, and it covered the full arc of what an NRI in Singapore typically needs to think about: banking, taxation, succession, and investment opportunities in India.
The discussion opened with banking regulations, a subject that trips up many NRIs simply because the rules are not intuitive. Once someone becomes a Non-Resident Indian under FEMA (the Foreign Exchange Management Act), they can no longer hold a regular resident savings account and must convert it to an NRO account instead. The session explained the three main account types NRIs typically use: the NRO account, which holds non-repatriable rupee funds and is where most India-sourced income lands; the NRE account, which holds repatriable rupee funds remitted from abroad and is exempt from Indian income tax; and the FCNR account, which holds deposits in foreign currency and also enjoys tax-exempt interest. The presentation also touched on the process for moving money from an NRO account to an NRE account or overseas, which is capped at USD 1 million per person per year under current rules, provided applicable taxes have been paid and the funds aren’t from borrowed sources.
A significant part of the session dealt with documentation: when a PAN card is required in India, from opening a bank account to buying property or investing in mutual funds, and how Aadhaar and OCI card rules apply differently to NRIs depending on how long they’ve lived in India and whether they hold an Indian passport. The tax filing thresholds were also laid out clearly, including circumstances where a return must be filed regardless of income level, such as large deposits or high electricity expenditure during the year.
Taxation of Indian income for Singapore residents received considerable attention, since this is where the India-Singapore Double Taxation Avoidance Agreement, or DTAA, comes into play. A Singapore tax resident can choose to be taxed either under ordinary Indian tax law or under the DTAA, whichever works out better for them. The session walked through the paperwork this requires, including a Certificate of Residence from Singapore and Form 10F filed with the Indian tax department, and explained how these documents can reduce the tax withheld at source on dividends, interest, and capital gains from shares, mutual funds, and other assets.
Succession planning was another core theme. The presentation clarified a point that often gets misunderstood: naming a nominee on an account or investment does not make that person the legal owner. Ownership passes according to a valid will, or, in its absence, under the applicable laws of succession. It also confirmed that NRIs can prepare a valid will for their Indian assets while living abroad, provided it is signed before a Notary Public along with witness affidavits.
The second half of the session turned to opportunity, framing India’s current growth trajectory, projected among the fastest of major economies for 2025, alongside its young workforce and expanding digital infrastructure, as context for why continued participation in Indian markets makes sense for NRIs. Various investment routes were discussed, including equity mutual funds built around an investor’s risk profile, Portfolio Management Services for larger portfolios, Alternative Investment Funds for exposure to unlisted companies, and a platform for investing directly in US equities from Singapore. GIFT City funds were presented as a route worth understanding too, since investments made through this International Financial Services Centre in Gujarat can avoid several of the compliance steps that typically apply to NRI investing in India. The session closed with a candid look at real estate, noting that liquidity constraints and the effort involved in managing property remotely often make financial assets a more practical choice for NRIs than physical property.
Sessions like this reflect a simple idea: NRIs are better served when they understand the reasoning behind India’s rules, not just the rules themselves. Ashutosh Financial Services will continue holding these conversations for its NRI community, helping people navigate a regulatory and investment landscape that keeps evolving.
