For many Non-Resident Indians settled abroad, questions around money rarely stay simple. A savings account back home, a property inherited from parents, or a mutual fund investment made years ago can all come with rules that change faster than most people realise. Ashutosh Financial Services conducts financial awareness sessions regularly because it believes that good financial decisions start with good financial understanding, and that clarity on regulations and tax rules matters just as much as the investment decision itself.
On 1st March 2025, the firm hosted the Financial Awareness Webinar for Australian NRIs, an online session designed specifically for the Indian diaspora living in Australia. The webinar was led by Daxesh Kothari and CA Rajit Kothari, and it focused on a subject that touches almost every NRI household at some point: how the rules around banking, taxation, succession, and investment in India have been evolving, and what that means in practice for someone managing assets from overseas.
The session opened with the banking side of things, an area that trips up many NRIs simply because the terminology feels unfamiliar. Once a resident Indian moves abroad, the existing savings account cannot legally continue as a resident account under the Foreign Exchange Management Act, or FEMA. It has to be converted into one of a few specific account types. An NRO account holds income earned in India, such as rent or dividends, and its funds are not automatically transferable abroad. An NRE account, by contrast, holds foreign earnings remitted to India, is repatriable, and its interest income is exempt from Indian tax. FCNR accounts allow deposits in foreign currency itself. The session also walked through how funds can move from an NRO to an NRE account, which is capped at US 1 million dollars per person per year once applicable taxes have been settled, with a provision for the Reserve Bank of India to permit higher amounts in certain inheritance cases.
Compliance documentation was another major thread. The webinar explained when a PAN card becomes mandatory, covering everything from opening a bank account to purchasing property, and clarified who is required to file an income tax return in India, including several income-independent triggers such as high-value deposits or significant electricity or foreign travel expenditure. It also addressed a common point of confusion for NRIs and OCI cardholders: unlike PAN, Aadhaar is not something they are eligible to hold, and this exemption was explained alongside the PAN-Aadhaar linking requirement for those who do have both.
A significant part of the discussion centred on how income earned in India is taxed once someone is a tax resident of Australia. The Double Taxation Avoidance Agreement between the two countries allows a person to be taxed under whichever framework is more favourable, and taxes already paid in India can generally be claimed as credit against Australian tax liability on the same income. The session also covered succession, a topic many families postpone until it becomes urgent. Indian assets are transmitted according to Indian succession law regardless of where the NRI resides, and a will made outside India, once properly signed and notarised, remains valid for Indian assets. Nomination, the session clarified, only designates a custodian of the asset, not its legal owner.
Beyond compliance, the presentation looked at where opportunity lies. India’s projected economic growth for 2025 was placed alongside other major economies, and several structural drivers behind that growth were discussed, from a young workforce to expanding digital infrastructure. The conversation then moved to the practical question of participation: mutual funds through SIPs, portfolio management services for larger allocations, alternative investment funds for unlisted opportunities, and retirement planning routes including the Self Managed Superannuation Fund structure available to NRIs in Australia. Gift City’s International Financial Services Centre was introduced as another avenue, allowing investment into Indian markets through AIF structures without the usual Indian tax filing or PAN requirements. The session also touched on a more grounded observation, that real estate, while familiar, often proves less liquid and more effortful to manage from abroad than financial assets.
Sessions like this one reflect a simple belief that runs through Ashutosh Financial Services’ outreach: financial decisions made across borders deserve the same rigour and understanding as decisions made at home. As tax rules, banking regulations, and investment avenues continue to shift, the firm remains committed to organising sessions that help NRIs stay informed and make choices with confidence.
