Expert Financial Opinions

Tax season brings a familiar question for Indians living abroad: how much of what I earn back home actually stays mine? It was this question, among others, that shaped a recent webinar hosted by Ashutosh Financial Services, held on 13th June 2026 for a global audience of Non-Resident Indians. Sessions like these reflect something the firm has held onto for decades — the belief that sound financial decisions rarely begin with a product recommendation. They begin with understanding. Long before anyone is ready to invest, save, or plan for retirement, they need a clear picture of the rules that govern their money, and that clarity is what this session set out to provide.

Titled “Indian Income Tax Planning for NRIs,” the webinar was led by Daxesh Kothari and CA CFP Rajit Kothari, both closely involved in advising NRI families on cross-border financial matters. The choice of audience was deliberate. NRIs face a peculiar challenge: they are subject to Indian tax rules on income that arises here, while simultaneously answering to the tax authorities of their country of residence. Add to this a tax administration system that has moved almost entirely online, and the case for a dedicated, detailed briefing becomes obvious.

The session opened by walking attendees through how Indian tax administration actually works today. Every filing, assessment, and appeal now happens through faceless, electronic channels, with no scope for direct personal interaction with tax officials. All financial transactions are tracked against an individual’s Permanent Account Number, a shift that has pushed India toward far greater compliance even as tax rates have come down. Attendees were also introduced to the new Income Tax Act, which came into force from 1st April 2026 and largely carries forward the substance of the earlier 1961 law, but with simplified language and renumbered sections — a change worth knowing about simply because old references will no longer match.

A significant portion of the session addressed a question many NRIs never quite resolve: do I actually need to file a return in India? The speakers laid out the thresholds clearly — income exceeding four lakh rupees, high-value transactions such as large deposits or substantial electricity expenditure, and situations involving refunds or losses to be carried forward all trigger a filing obligation, regardless of income level in some cases.

Double taxation was the other major thread running through the session. When income arises in India for someone who is a tax resident elsewhere, both countries can lay claim to taxing it — India under the source rule, the country of residence under the residence rule. The Double Taxation Avoidance Agreement, which India has signed with 97 countries, exists precisely to prevent that overlap from becoming a real burden. NRIs can choose whichever tax treatment is more favourable — ordinary Indian rates or the concessional rates specified under the applicable treaty — and claim credit in their home country for taxes already paid in India. The speakers also touched on the practical route for claiming these benefits, including obtaining a Tax Residency Certificate and filing the relevant form with Indian tax authorities.

Planning strategies formed a natural extension of this. The session explained how families can use tools such as a Hindu Undivided Family structure, division of income and investments among family members, and the annual exemption available on long-term capital gains to reduce the overall tax burden — all within the bounds of the law. A case study on routing investments through resident relatives illustrated how funds can move, generate returns, and eventually be repatriated while remaining compliant with both taxation and foreign exchange regulations. For NRIs planning to return to India, the discussion turned to timing: assets liquidated abroad during the initial years of return often escape Indian tax altogether under residency transition rules, making the sequence of financial decisions as important as the decisions themselves.

The final stretch of the session moved into investment-linked tax planning, covering mutual funds, portfolio management services, real estate, and the GIFT City route in Gujarat — India’s international financial services centre, which offers NRIs a way to invest in Indian markets with simplified compliance and, in many cases, no Indian tax exposure at all.

Sessions of this kind are less about promoting any particular product and more about equipping people to ask better questions of their own finances. For NRIs managing money across borders, that kind of grounding matters, and it’s a reason Ashutosh Financial Services continues to organise these conversations across geographies, one audience at a time.

Ashutosh Financial Services believes that sound financial decisions rarely happen by accident. They are the product of understanding — of knowing how currencies move, how tax rules apply across borders, and how global events eventually show up in a family’s investment statements. That belief is why the firm continues to organise sessions for Indians living abroad, bringing complex financial and regulatory subjects down to something that is genuinely usable in everyday decision-making.

On 23rd May 2026, this took the form of a session in Uganda titled “India in the Changing Global Economic & Geopolitical Dynamics,” aimed at the local Non-Resident Indian community. The speakers, Daxesh Kothari and CA Rajit Kothari, chose a subject that sits at the intersection of two things Ugandan NRIs care about deeply: what is happening to the Indian economy, and what that means for their own money sitting in Indian bank accounts, mutual funds, and other assets. Given how closely NRI wealth is tied to developments back home, an audience like this benefits from a grounded, current view rather than headlines alone.

The session opened by unpacking two developments that had rattled sentiment around the Indian economy in the months before the event — the conflict involving Iran and the rapid rise of artificial intelligence. The Iran war had pushed crude oil prices up sharply, and because India imports the vast majority of its crude, that translated into a weaker rupee, higher input costs for industry, and inflationary pressure across the economy. The session placed this in perspective by comparing India’s oil consumption and GDP size in 2008 against 2025: oil imports had risen about 80 percent, but the economy itself had grown roughly fourfold, showing that dependence on imported oil, while real, has not grown as fast as the economy’s capacity to absorb the shock. A similar reframing was applied to fears around AI displacing India’s IT services sector. Certain sector indices had fallen and foreign investors had pulled money out of AI-exposed Indian equities, but the presentation pointed to India’s Global Capability Centres — offices of multinational companies operating out of India — as a growing, resilient source of employment, alongside the argument that AI adoption is more likely to make Indian businesses more efficient over time than to render them obsolete.

Set against these headwinds, the session highlighted India’s underlying resilience: it is expected to be the fastest-growing economy among the world’s top twenty in 2026, and its stock market ranks fourth globally by market capitalisation. A currency comparison specific to the audience was also shared — the rupee’s depreciation against the Ugandan shilling over the past decade has been far milder than its depreciation against the US dollar, a distinction attributed to interest rate and inflation differentials rather than any underlying weakness in the Indian economy.

A substantial part of the session was devoted to the regulatory framework NRIs need to navigate. The distinctions between NRO, NRE, FCNR, and GIFT City bank accounts were explained — covering which are repatriable, which carry tax-free interest, and how funds can move between them. The audience also learned about the rules for transferring money out of India, including the US $1 million per year limit for remittances from NRO accounts, and the situations, such as inheritance or the sale of property, where this route commonly applies. Succession planning received particular attention: assets are distributed under the terms of a valid Will where one exists, and under Hindu succession law or the NRI’s country of domicile where it doesn’t. A nominee, the session clarified, is only a custodian of assets on paper and not their legal owner, which is why a properly executed Will still matters even when nominations are in place.

On taxation, the session explained how the India-Uganda Double Taxation Avoidance Agreement can reduce or eliminate Indian tax on capital gains, dividends, and interest for Ugandan tax residents, provided a Tax Residency Certificate is obtained and the appropriate forms are filed, and how any tax paid in India can typically be offset against liability in Uganda rather than being paid twice.

The remainder of the session turned to how NRIs might actually put money to work — through Indian mutual funds and portfolio management services, through the GIFT City route, which allows dollar-denominated investment into Indian markets without an Indian bank account or tax filing, and through global portfolios spanning US equities, Chinese equities, and commodities like gold and copper. Retirement planning was addressed through a practical lens too, walking through how a monthly investment figure can be worked out today to support a fixed, inflation-adjusted withdrawal decades later.

Sessions like this reflect a simple conviction: that NRIs make better financial choices when they understand not just the rules, but the reasoning behind them. Ashutosh Financial Services remains committed to continuing these conversations across the communities it serves, helping people make sense of a financial landscape that rarely stays still for long.

Money decisions rarely wait for a convenient moment, and for Indians living abroad, they come with an added layer of complexity: two sets of laws, two currencies, and often two very different ideas about what “planning ahead” should look like. It’s this gap that Ashutosh Financial Services set out to address once again, continuing its long-standing practice of running financial awareness sessions built around the belief that good decisions start with good information, not just good intentions.

On 20th May 2026, the firm hosted “India in the Changing Global Economic & Geopolitical Dynamics” in Kenya, a session designed specifically for the Kenyan NRI community. The choice of audience was deliberate. Kenya is home to a sizeable Indian diaspora with deep financial ties back home, from ageing parents’ accounts to inherited property to long-held mutual fund folios, and many of them are navigating these ties without a clear sense of the rules that govern them. The session was led by Daxesh Kothari and CA CFP Rajit Kothari, who used it to connect the dots between global events, India’s economic standing, and the practical choices NRIs face with their Indian finances.

The session opened by unpacking two headwinds that have recently tested India’s economy: the conflict involving Iran and the rapid rise of artificial intelligence. The Iran war pushed Brent crude up nearly 50% within months, and because India imports around 90% of its crude oil, that translated into a weaker rupee, higher input costs for industry, and inflationary pressure across the economy. The speakers were careful to frame this in context rather than alarm: history shows that spikes in oil prices tend to be temporary, and when viewed over a longer stretch, their average impact on the economy is far smaller than headlines suggest. On the AI front, fears that India’s IT services industry could become redundant have weighed on sentiment, with the Nifty IT index falling sharply and foreign investors pulling out capital. Yet the session pointed to a steadier undercurrent: Global Capability Centres in India already employ over two million people and continue to expand, and AI is just as likely to improve productivity across the broader economy as it is to disrupt any single sector.

Set against these pressures, the data presented painted India as a notably resilient economy, projected to grow faster than every other major economy in 2026, and among the better performing stock markets globally over a 30-year horizon. The rupee’s depreciation against the dollar was explained not as a sign of weak fundamentals but largely as a function of inflation differentials and global capital flows, a distinction that matters when NRIs are deciding whether to hold, invest, or repatriate funds.

A substantial part of the session was devoted to the practical rules NRIs actually need: how NRO, NRE, and FCNR accounts differ, why GIFT City bank accounts offer tax-free interest with fully repatriable funds, and how funds can be moved out of India under the USD 1 million scheme once applicable taxes are settled. Succession came up as an area where assumptions often go wrong. Nominees, the speakers clarified, are custodians and not owners; the actual legal heirs are determined by a valid will or, in its absence, by succession law, which for Hindus follows a specific and sometimes unexpected order of heirs. A will for Indian assets can be validly prepared and notarised outside India, which removes one common obstacle for those settled abroad.

On taxation, the session explained how the India-Kenya Double Taxation Avoidance Agreement allows NRIs to choose whichever tax treatment is more favourable, and walked through the process of obtaining a Tax Residency Certificate to access concessional or nil rates on capital gains and other income.

The investment portion covered a wide canvas: professionally managed mutual fund and PMS portfolios in India, the GIFT City route that allows dollar-denominated investing without an Indian demat or bank account, and global diversification options spanning US equities, Chinese markets, gold and silver, copper, and a broader basket of economies beyond the US, China, and India. Retirement planning was illustrated through goal-based calculations, showing how a monthly SIP today can be structured to fund a target income after retirement, while real estate was discussed candidly as a less practical route for most NRIs, given the liquidity and management challenges it typically brings.

Sessions like this reflect Ashutosh Financial Services’ continued effort to keep the diaspora informed, not just about markets, but about the regulatory and structural realities that shape smart financial decisions across borders.

For Non-Resident Indians, staying financially connected to India often means navigating a maze of rules that shift more frequently than most people realise. It is this gap, between how quickly regulations evolve and how little time NRIs typically have to track them, that prompted Ashutosh Financial Services to organise the NRI Financial Conclave 2025. Held in Rajkot and Ahmedabad on 21st December 2025, the session brought together NRIs and their families for a detailed look at India’s regulatory and investment landscape, delivered by Daxesh Kothari and CA CFP Rajit Kothari. For a firm built on the belief that sound financial decisions start with clear information, sessions like this one are a natural extension of that philosophy rather than a one-off event.

Titled “India 2025 and Beyond: Regulatory Trends and Investment Opportunities,” the conclave was structured around the questions NRIs raise most often: which bank accounts should I hold, how am I taxed, what happens to my Indian assets when I’m gone, and where should I be putting my money to work. Given how spread out the NRI community is, and how differently rules can apply depending on country of residence, a session that walks through these topics systematically has real value for an audience that often relies on fragmented or outdated advice.

The discussion opened with banking regulations, a starting point that trips up many NRIs simply because the rules changed the moment their residency status did. Once someone becomes a non-resident, Indian law no longer permits them to hold a regular resident savings account; it must be converted to a Non-Resident Ordinary (NRO) account or closed. From there, NRIs typically choose between four account types, each suited to a different purpose. NRO accounts hold non-repatriable rupee funds, meaning the money largely stays in India, and any interest earned is taxable. NRE accounts, by contrast, hold foreign remittances that remain freely transferable back overseas, with interest income exempt from tax. FCNR deposits let NRIs hold fixed deposits in foreign currency itself, avoiding rupee conversion risk altogether, while GIFT City bank accounts, a newer addition to the landscape, allow savings to be parked in US Dollars, British Pounds, Euros, or Japanese Yen with tax-free interest and no restrictions on moving funds internationally.

Money is rarely static, so the session also covered how NRIs can move funds between accounts and out of India. Under what is known as the USD 1 million scheme, NRIs can remit up to that amount per year from their NRO account, provided applicable taxes are settled and a chartered accountant certifies the transfer. This route covers a range of scenarios, from selling inherited property to repatriating proceeds from shares or mutual funds.

Taxation formed a significant part of the discussion, and rightly so, since it is where most confusion tends to arise. Any income that accrues or is received in India is taxable there, regardless of where the individual lives. What often surprises NRIs is the Double Taxation Avoidance Agreement (DTAA), which prevents the same income from being taxed twice. Depending on their country of residence, NRIs can either apply standard Indian tax rates or opt for concessional DTAA rates, whichever works out more favourable. For NRIs based in countries like the UK, USA, Australia and Canada, this typically means claiming credit in their home country for taxes already paid in India, while those from Singapore, UAE, and a handful of other nations may access reduced tax rates outright, sometimes reducing capital gains tax on equity mutual funds to zero.

Estate planning received equal attention, since it is an area frequently left until it becomes urgent. Where an NRI dies without a valid will, Indian succession law steps in, and the outcome can differ sharply from what the family expects. For a Hindu male dying intestate, for instance, the estate passes to his mother, widow, and children, but notably excludes his father. Given how easily this catches families off guard, the session emphasised that a properly drafted will, executed with two witnesses before a Notary Public even if signed abroad, remains one of the simplest ways to avoid disputes and delays later.

On the investment side, the conclave walked through the full range of options now available to NRIs, from mutual funds and portfolio management services to unlisted shares and international markets. It also covered a scenario increasingly relevant to NRI families: retirement planning across two currencies. Because retirement funding needs to account for inflation, currency movement, and tax treatment simultaneously, the session illustrated how a goal-based approach, working backward from a target monthly withdrawal to a required monthly investment, gives a much clearer picture than saving without a defined target.

A notable portion of the session was devoted to GIFT City, India’s first International Financial Services Centre, which offers a route into Indian equity markets that sits outside standard FEMA regulations. Because GIFT City funds operate in US Dollars and route investments through India-based structures without requiring a PAN card, tax filing, or even a demat account, they offer a level of simplicity that direct investment in India often lacks, particularly appealing for NRIs who want exposure to Indian markets without the accompanying paperwork.

Sessions like this one reflect a simple, ongoing commitment: that NRIs deserve clarity, not just information, when it comes to managing their financial ties to India. As regulations continue to evolve and new avenues like GIFT City reshape what is possible, Ashutosh Financial Services intends to keep bringing these conversations directly to the community, one conclave at a time.

Financial decisions rarely go wrong because people lack intelligence. They go wrong because people lack context. It is with this belief that Ashutosh Financial Services continues to organise sessions across the world where Non-Resident Indians can step back from day-to-day investing and understand the bigger picture shaping their money. Financial literacy, in this view, is not a one-time exercise but an ongoing conversation, and every session is designed to add one more layer of clarity to that conversation.

On 8th November 2025, this thinking took shape in Singapore through a session titled “India 2025 and Beyond: Regulatory Trends and Investment Opportunities.” The event was aimed specifically at the Singapore-based NRI community, a group that straddles two financial systems and often finds itself asking the same questions: how is India’s economy actually performing, what has changed in regulation, and where does it make sense to invest given the realities of currency, tax, and distance. Daxesh Kothari and CA CFP Rajit Kothari led the discussion, bringing together perspectives on economics, regulation, and portfolio construction in a single sitting.

The session opened with a look at India’s standing among the world’s major economies. India continues to grow faster than every other large economy, aided by tax reforms that have raised the income threshold before tax applies and simplified the Goods and Services Tax structure into fewer slabs, both intended to leave more money in the hands of consumers and businesses. Interest rates have also come down over the past year, easing the cost of borrowing and, in theory, encouraging both personal loans and corporate spending. A young population, with roughly half of India’s 1.4 billion people under 25, was presented as an underlying structural advantage rather than a passing statistic, since a large working-age population sustains consumption and productivity over decades, not years.

The discussion also addressed a more immediate concern for many NRIs: the steep tariffs the United States has placed on certain Indian exports. Sectors such as textiles, gems, and handicrafts have felt the impact, though these represent a relatively small and labour-driven part of the overall economy. Meanwhile, sectors that many NRIs are more likely to have exposure to as investors, including pharmaceuticals, electronics, and information technology services, remain largely unaffected, and negotiations between the two governments continue.

A significant portion of the session focused on the practical regulatory questions NRIs face once they move abroad. This included how bank accounts change status under India’s foreign exchange rules, the difference between accounts that hold repatriable and non-repatriable funds, and the process for moving money out of India, which currently allows transfers of up to one million US dollars a year once applicable taxes are settled. The speakers also walked through when a PAN card or Aadhaar is required, and clarified a point that often causes confusion: holding an Aadhaar is not compulsory for an NRI, but if one is held, it must be linked to the PAN.

Succession planning received particular attention, an area many NRIs postpone until it becomes urgent. The session explained how Indian assets are distributed when someone dies without a will, based on where the person is domiciled, and how a valid will can be prepared and witnessed even while residing overseas. A useful clarification offered was that naming a nominee on an account does not make that person the legal owner of the asset; ownership still follows the will or, in its absence, succession law.

On the investment side, the conversation moved through several established and newer routes available to NRIs, from mutual funds and unlisted shares to direct access to US equities and portfolio themes ranging from artificial intelligence to cybersecurity. Considerable time was also given to GIFT City, India’s international financial centre in Gujarat, which allows NRIs to invest through funds that carry no Indian tax filing obligations and do not require a local bank or demat account, an arrangement designed to remove much of the friction that has historically discouraged overseas participation in Indian markets. Retirement planning was framed as a goal-based exercise, weighing systematic equity investments against guaranteed income products depending on an individual’s timeline and comfort with market movement.

Sessions like this one exist because financial decisions taken with the right information tend to age well, while those taken in a hurry rarely do. Ashutosh Financial Services remains committed to bringing such conversations to NRI communities wherever they are, so that distance from India need not mean distance from understanding it.

For the Kenyan Indian diaspora, following developments in India often means separating headline noise from what actually affects personal finances and family assets back home. That distinction was the focus of “India 2025 and Beyond: Regulatory Trends and Investment Opportunities,” delivered in Kenya on 6th May 2025 to an audience of high-net-worth NRIs, with Daxesh Kothari and Rajit Kothari presenting. Ashutosh Financial Services organises sessions like this because financial decisions made across borders carry extra complexity, and clarity on regulation, taxation, and investment access is what allows the diaspora to engage confidently with opportunities back home.

The session opened by placing India’s economic position in global context. Among the world’s twenty largest economies, India recorded a 6.20 percent growth rate for 2025, the fastest of the group, and has moved up to become the fourth largest economy by GDP size. This backdrop mattered because it framed the discussion that followed on trade friction: the speakers addressed the 50 percent tariff the United States has imposed on Indian goods, among the highest globally alongside Brazil, and explained that while labour-intensive sectors like textiles, gems and jewellery, marine products, and handicrafts are affected, these sectors form a relatively small part of the overall economy. Sectors such as generic pharmaceuticals, electronics, and IT services remain untouched, and India’s negotiating position with the US continues to prioritise national interest.

From there, the session turned to domestic policy changes shaping the investment climate. Recent income tax reforms have raised the exemption threshold so that income below Rs. 4 lakhs is no longer taxable, with the top rate of 30 percent applying only above Rs. 24 lakhs, a change expected to leave close to Rs. 1 lakh crore in the hands of taxpayers to support spending and saving. Alongside this, GST has been simplified from four rate slabs down to two, at 5 and 18 percent, reducing prices on many goods and contributing to what the presentation described as the strongest Navratri consumer sales in recent years. Monetary policy has moved in the same supportive direction, with the Reserve Bank cutting the repo rate by 100 basis points over the year to 5.50 percent while inflation has eased considerably, creating room for cheaper credit and stronger personal loan growth.

The speakers connected these policy shifts to broader structural strengths: a population of nearly 1.4 billion, with 47 percent under the age of 25, giving India one of the largest English-speaking, skilled workforces in the world; political stability alongside a fiscal deficit targeted at 4.4 percent of GDP for 2025-26; and a digitisation story built on some of the cheapest data costs globally and among the highest UPI transaction volumes anywhere. Infrastructure investment, manufacturing gains from companies diversifying supply chains away from China, and record export levels rounded out the picture of an economy investors increasingly view with confidence, reflected in domestic institutional shareholding in Indian equities rising from 13 to 18 percent between 2015 and 2025, alongside monthly SIP inflows into mutual funds exceeding Rs. 29,000 crore.

A substantial part of the session addressed the practical mechanics NRIs need to navigate. Once someone becomes a non-resident, their existing savings account must convert to an NRO account, and separate account types exist for different purposes: NRE accounts hold freely repatriable rupee funds, FCNR deposits hold foreign currency, and funds can move from NRO to NRE up to a limit of one million US dollars per year, subject to tax clearance. The speakers also clarified documentation requirements, including when Aadhaar and PAN are needed, and how the India-Kenya Double Taxation Avoidance Agreement allows income taxed in India to receive credit against Kenyan tax liability, with concessional rates available on dividends and interest. On succession, they explained that Indian assets pass according to Indian succession law regardless of where the NRI resides, and that nomination alone does not determine legal ownership, a will remains necessary for that clarity.

On the investment side, the session covered how NRIs can participate through equity mutual funds and portfolio management services suited to different risk profiles, alongside routes to invest directly in US equities and access India’s markets through GIFT City funds, which offer simplified compliance for non-resident investors. Throughout, the emphasis stayed on matching structure to purpose rather than promoting any single product. Sessions of this kind reflect Ashutosh Financial Services’ continued commitment to helping the Indian diaspora stay informed and make sound, well-understood financial decisions across two systems at once.

On the 20th of September 2025, Ashutosh Financial Services brought together UK-based NRIs for a session on the shifting rules that govern their money back home. It is a belief the firm has held for decades: sound financial decisions rest on sound financial knowledge, and NRIs in particular often find themselves navigating two regulatory worlds at once, with little time or local guidance to make sense of either.

The session, titled “Changing Landscape of Taxation, Regulations and Investments in India,” was conducted as a webinar for UK NRIs and led by Daxesh Kothari and CA CFP Rajit Kothari. Their audience faced a familiar set of questions: how to hold money in India legally as a non-resident, what gets taxed and what doesn’t, how succession works across two legal systems, and where their capital might actually be put to work. These aren’t abstract concerns. Every NRI who has ever tried to open a bank account, file a return, or plan an inheritance across borders knows how quickly the details matter.

The session opened with banking basics that many NRIs overlook until they run into trouble. Under India’s foreign exchange law (FEMA), a person who becomes an NRI cannot continue holding a resident savings account — it must be closed or converted. From there, four account types come into play: the NRO account, which holds non-repatriable rupee funds and taxes interest income; the NRE account, which holds remittances from abroad, allows the balance to be freely sent back overseas, and exempts interest from tax; the FCNR deposit, held in foreign currency with similarly tax-free interest; and the RFC account. The session also addressed a practical bottleneck — moving money from an NRO account to an NRE account or abroad. NRIs can transfer up to USD 1 million a year, provided applicable taxes are settled and a chartered accountant certifies the transfer, with the Reserve Bank of India able to extend that limit in genuine hardship cases involving inherited assets.

Documentation was another thread running through the session. A PAN card is required for nearly anything involving Indian finance — from opening a demat account to buying property — while Aadhaar and OCI registration serve different, sometimes overlapping, purposes; notably, an NRI is not obligated to obtain Aadhaar even if eligible, though PAN holders who do have one must link the two.

On taxation, the presentation laid out a principle that anchors much of NRI planning: any income that accrues, arises, or is received in India is taxable there, regardless of where the person lives. The India–UK Double Taxation Avoidance Agreement then determines what happens next — an NRI can choose whichever tax rate is more favourable, Indian domestic rates or DTAA-concessional rates, and can claim credit in the UK for tax already paid in India, so only the difference is owed there. This mechanism was illustrated with a sample cross-border reporting format, converting Indian income and asset figures into pounds sterling for UK filing purposes.

Succession law received equal attention, since it’s one of the more misunderstood areas for NRIs. Indian assets pass according to Indian succession law regardless of where the owner lived or died — either as directed by a valid will, or, absent one, according to the Hindu Succession Act. A nomination on a bank account or investment doesn’t override this: the nominee is only a custodian of the asset until it passes to the legal heir under the will or intestate succession rules. A will for Indian assets can be prepared and signed abroad, provided it meets basic legal requirements and is witnessed before a notary.

The latter part of the session turned to opportunity. India’s growth was framed against global peers — a projected 6.2% growth rate for 2025, ahead of every other major economy in the comparison — driven by a young, English-speaking workforce, digitisation, and rising domestic capital formation. Practical routes for NRIs to participate were discussed, including SIP-based mutual fund investing, Portfolio Management Services for larger, more concentrated portfolios, and GIFT City funds, which let NRIs invest through India’s International Financial Services Centre without opening a demat or bank account in India, with gains often exempt from Indian tax and no compliance filings required. Guaranteed income and pension plans were presented as one route for retirement planning, alongside equity-linked systematic withdrawal plans. Real estate was treated with more caution than enthusiasm — the session noted the genuine liquidity and management challenges NRIs face with Indian property, suggesting it’s rarely the most efficient vehicle compared to financial assets.

Sessions like this one reflect a simple conviction: NRIs manage two systems, two tax codes and two sets of expectations, and clarity on both sides makes for better decisions. Ashutosh Financial Services continues to run these sessions with the aim of keeping that knowledge current as India’s regulatory and investment landscape keeps shifting.

Every year, thousands of Indians who have made Australia their home reach a point where two questions start competing for attention: what happens to the wealth they hold in India, and how should they prepare for the years after they stop working. Ashutosh Financial Services organises regular sessions across Australian cities precisely because these questions rarely have simple answers, and because most NRIs discover the gaps in their planning only when a crisis forces the issue. The belief driving these sessions is straightforward: good financial decisions start with genuinely understanding your options, not just being told what to do.

On 6th September 2025, the firm hosted a webinar titled “Planning Ahead: Indian Inheritance and Retirement Planning,” aimed specifically at the Australian NRI community. Daxesh Kothari and CA Rajit Kothari led the discussion, unpacking two subjects that tend to get postponed indefinitely — succession of Indian assets and retirement planning from abroad — until they can no longer be avoided.

The session opened with a question that catches many NRIs off guard: when an Australian NRI passes away, do their Indian assets get distributed according to Indian law or Australian law? The answer is that Indian law governs succession for movable and immovable assets located in India, regardless of where the person lived or held citizenship. This single fact changes how NRIs need to think about their estate planning, because Australian wills and Australian legal advice generally don’t extend their reach into Indian succession matters.

From there, the discussion moved into what happens when someone dies with a will versus without one. A valid Indian will requires the person making it to be of sound mind and at least 18 years old, made voluntarily, put in writing, and signed in front of two witnesses. Importantly, the will doesn’t need to be prepared in India — it can be drawn up in Australia, ideally signed before a Notary Public along with witness declarations, and it will still hold up under Indian law.

Where things get more complex is when someone dies without a will, known as intestate succession. Under the Hindu Succession Act, property passes to what are called Class I heirs first — typically the widow, children, and mother — and only moves to a broader group of Class II heirs, such as the father, siblings, or grandparents, if no Class I heirs survive. The rules differ again for a Hindu woman who dies intestate, with her children and husband taking priority, followed by her husband’s heirs, then her own parents. The session also clarified a point many people misunderstand: naming a nominee on a bank account or investment doesn’t make that person the legal owner. A nominee is simply a custodian who holds the asset temporarily until it passes to the rightful heir under the will or succession law.

The second half of the session turned to retirement planning, framing India as an increasingly attractive base for NRIs building a retirement corpus. The reasoning rests on comparative data — India’s projected economic growth and the multi-year returns of its equity markets have outpaced many developed economies, including Australia, over recent years. For NRIs building this corpus, the presentation outlined a mix of approaches: guaranteed income or pension plans that offer fixed payouts over long tenures regardless of market movements, equity mutual funds built through systematic investment plans, portfolio management services for those with larger investable amounts, and direct access to US equities through international platforms. A newer avenue discussed was GIFT City, India’s first International Financial Service Centre, which allows NRIs to invest in Indian mutual funds through offshore-registered funds without needing an Indian bank account, demat account, or PAN — and without Indian tax filing obligations on those gains.

For NRIs holding self-managed superannuation in Australia, the session also walked through the practical steps of directing SMSF funds into Indian investments, including setting up the appropriate trust structure and routing funds through an NRE account, while stressing that Super Fund transactions should stay clearly separated from personal finances for audit purposes. On real estate specifically, the speakers noted it remains a less preferred option for NRIs building a retirement corpus, given the ongoing challenges around liquidity and remote management compared to financial assets.

Sessions like this one reflect a simple conviction: NRIs make better decisions about their Indian assets when they understand the rules governing them, not just the products available to them. As succession laws, tax treatment, and investment routes continue to evolve, Ashutosh Financial Services remains committed to bringing these conversations directly to the communities that need them, wherever in the world they happen to be.

Every year, thousands of Indians who have made Australia their home reach a point where two questions start competing for attention: what happens to the wealth they hold in India, and how should they prepare for the years after they stop working. Ashutosh Financial Services organises regular sessions across Australian cities precisely because these questions rarely have simple answers, and because most NRIs discover the gaps in their planning only when a crisis forces the issue. The belief driving these sessions is straightforward: good financial decisions start with genuinely understanding your options, not just being told what to do.

On 6th September 2025, the firm hosted a webinar titled “Planning Ahead: Indian Inheritance and Retirement Planning,” aimed specifically at the Australian NRI community. Daxesh Kothari and CA Rajit Kothari led the discussion, unpacking two subjects that tend to get postponed indefinitely — succession of Indian assets and retirement planning from abroad — until they can no longer be avoided.

The session opened with a question that catches many NRIs off guard: when an Australian NRI passes away, do their Indian assets get distributed according to Indian law or Australian law? The answer is that Indian law governs succession for movable and immovable assets located in India, regardless of where the person lived or held citizenship. This single fact changes how NRIs need to think about their estate planning, because Australian wills and Australian legal advice generally don’t extend their reach into Indian succession matters.

From there, the discussion moved into what happens when someone dies with a will versus without one. A valid Indian will requires the person making it to be of sound mind and at least 18 years old, made voluntarily, put in writing, and signed in front of two witnesses. Importantly, the will doesn’t need to be prepared in India — it can be drawn up in Australia, ideally signed before a Notary Public along with witness declarations, and it will still hold up under Indian law.

Where things get more complex is when someone dies without a will, known as intestate succession. Under the Hindu Succession Act, property passes to what are called Class I heirs first — typically the widow, children, and mother — and only moves to a broader group of Class II heirs, such as the father, siblings, or grandparents, if no Class I heirs survive. The rules differ again for a Hindu woman who dies intestate, with her children and husband taking priority, followed by her husband’s heirs, then her own parents. The session also clarified a point many people misunderstand: naming a nominee on a bank account or investment doesn’t make that person the legal owner. A nominee is simply a custodian who holds the asset temporarily until it passes to the rightful heir under the will or succession law.

The second half of the session turned to retirement planning, framing India as an increasingly attractive base for NRIs building a retirement corpus. The reasoning rests on comparative data — India’s projected economic growth and the multi-year returns of its equity markets have outpaced many developed economies, including Australia, over recent years. For NRIs building this corpus, the presentation outlined a mix of approaches: guaranteed income or pension plans that offer fixed payouts over long tenures regardless of market movements, equity mutual funds built through systematic investment plans, portfolio management services for those with larger investable amounts, and direct access to US equities through international platforms. A newer avenue discussed was GIFT City, India’s first International Financial Service Centre, which allows NRIs to invest in Indian mutual funds through offshore-registered funds without needing an Indian bank account, demat account, or PAN — and without Indian tax filing obligations on those gains.

For NRIs holding self-managed superannuation in Australia, the session also walked through the practical steps of directing SMSF funds into Indian investments, including setting up the appropriate trust structure and routing funds through an NRE account, while stressing that Super Fund transactions should stay clearly separated from personal finances for audit purposes. On real estate specifically, the speakers noted it remains a less preferred option for NRIs building a retirement corpus, given the ongoing challenges around liquidity and remote management compared to financial assets.

Sessions like this one reflect a simple conviction: NRIs make better decisions about their Indian assets when they understand the rules governing them, not just the products available to them. As succession laws, tax treatment, and investment routes continue to evolve, Ashutosh Financial Services remains committed to bringing these conversations directly to the communities that need them, wherever in the world they happen to be.

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.

Every year, thousands of Indians move abroad for work, education, or family reasons, and with that move comes a set of financial questions that rarely have simple answers. How much of my Indian income is actually taxable? Do I still need to file a return once I’ve settled overseas? What happens if my income is taxed twice, once in India and once in my new country of residence? It is precisely these questions that Ashutosh Financial Services set out to address through its webinar, Indian Income Tax Planning for NRIs, held on 21st June 2025. The session was designed for Non-Resident Indians navigating the Indian tax system from abroad, and was led by Daxesh Kothari and CA CFP Rajit Kothari, who walked participants through the practical realities of tax compliance, planning, and investment for NRIs.

The session opened with a look at how India’s tax administration has evolved. Filings, assessments, and appeals are now conducted entirely online, and scrutiny is handled through a faceless system, meaning taxpayers rarely, if ever, interact directly with tax officials. This shift, combined with the way financial transactions are now linked to a person’s Permanent Account Number, has made the system far more transparent and difficult to work around informally. The speakers also touched on the new Income Tax Act, which came into force from 1st April 2026 and largely retains the substance of the earlier 1961 law while simplifying its language and renumbering its sections.

A recurring theme was clarity around who actually needs to file a tax return in India. Under the new regime, an NRI whose Indian income exceeds Rs. 4 lakh in a financial year is required to file, as is anyone seeking a refund of tax already withheld or wishing to carry forward a loss for future years. Certain transactions, regardless of income level, also trigger a filing requirement, such as large deposits in bank accounts, high business turnover, or significant tax already deducted at source. Understanding these thresholds matters because the tax department increasingly cross-checks reported income against financial data it already holds, and mismatches are a common reason returns get flagged for review.

A substantial part of the session was devoted to the Double Taxation Avoidance Agreement, or DTAA, which exists to prevent NRIs from being taxed on the same income by both India and their country of residence. The mechanics were explained through two governing principles: the residence rule, under which a country taxes its residents on their worldwide income, and the source rule, under which India taxes income generated within its borders regardless of where the recipient lives. Because both rules can apply simultaneously, NRIs are entitled to claim relief or tax credit in their country of residence for taxes already paid in India. India currently holds DTAA arrangements with 97 countries, and the applicable concessional rates on dividend and interest income vary considerably from one country to another, which is why understanding the specific treaty that applies to one’s country of residence is worth the effort.

Beyond compliance, the session covered several approaches to structuring finances more efficiently. These included the use of a Hindu Undivided Family structure, which is treated as a separate taxable entity under Indian law and can help make fuller use of exemption thresholds, though this route was noted as unsuitable for NRIs resident in countries like the USA, UK, or Australia due to local tax rules there. Dividing income and investments among family members, and making use of the annual long-term capital gains exemption available to each individual, were also discussed as ways to reduce overall tax incidence.

Investment-specific guidance ran through mutual funds, portfolio management services, guaranteed income plans, real estate, and GIFT City funds, each with distinct tax treatment. The session illustrated, for instance, how a systematic withdrawal plan from mutual funds can be structured to keep the effective tax rate on gains close to zero in early years by making use of available exemptions. GIFT City, India’s first International Financial Services Centre, was presented as a route that allows NRIs to invest in Indian markets through Alternative Investment Funds without the need for a demat account, PAN, or Indian tax filings, since India’s exchange control regulations do not apply within that zone.

Sessions of this kind reflect an approach many NRIs have found useful: that navigating a country’s tax system is far less daunting once its underlying logic is explained plainly. As tax rules, treaties, and investment routes continue to evolve, staying informed remains one of the more practical steps an NRI can take toward managing their Indian finances with confidence.

For Kenya’s Indian diaspora, questions about home rarely stay simple once money enters the picture. A bank account back in India, a plot inherited from a parent, a pension that might one day need to move across borders — these are the everyday puzzles that prompted Ashutosh Financial Services to bring its financial awareness programme to Nairobi this May. The organisation has long held that sound financial decisions start with genuine understanding, not just good intentions, and its recurring sessions across the diaspora reflect that belief in practice.

On 8th May, 2025, the session “Changing Landscape of Taxation, Regulations and Investments in India” was held in Nairobi for the Kenyan NRI community, led by Daxesh Kothari and CA CFP Rajit Kothari. Given how many Indians in Kenya maintain financial ties to India through property, savings, or family, the topics chosen spoke directly to the compliance questions this audience faces year after year.

The session opened with the mechanics that trip up most NRIs first: banking. Once someone becomes a non-resident, Indian law under FEMA no longer permits them to hold an ordinary resident savings account, so it must be converted or closed. In its place, NRIs typically use one of three account types. An NRO account holds funds earned in India and is taxable, though it does allow joint holding with residents. An NRE account, by contrast, holds foreign earnings remitted from abroad, is fully repatriable, and its interest is tax-exempt. FCNR accounts work similarly but hold deposits in foreign currency rather than rupees. Moving money out of India isn’t unlimited either — NRIs can generally repatriate up to a million US dollars a year from an NRO account, provided applicable taxes are settled first, though current income like rent or dividends can move without that ceiling.

Compliance paperwork came next, and here the session cleared up a common source of confusion. A PAN card is required for nearly anything financial in India — opening accounts, buying property, investing in mutual funds — while an Aadhaar card is optional for NRIs and only mandatory to link with PAN if one already holds it.

On taxation itself, the central idea presented was choice: a Kenya tax resident can be taxed either under ordinary Indian rules or under the India-Kenya Double Tax Avoidance Agreement, whichever works out more favourably. That distinction matters most on withholding tax rates. Interest income, for instance, attracts 30% tax for NRIs generally, but only 10% under the treaty; equity mutual fund gains taxed for NRIs can drop to nil for Kenya residents once the treaty applies. To actually access these lower rates, though, requires a bit of legwork — obtaining a Certificate of Residence from Kenyan authorities and filing Form 10F with India’s tax department before submitting these to the relevant financial institution.

Succession planning received equal attention, since many NRIs mistakenly assume a bank nomination settles the matter of who inherits their Indian assets. It doesn’t. A nominee is only a custodian; actual ownership passes according to succession law, either through a will or, in its absence, under applicable intestate provisions. Reassuringly, a valid will for Indian assets can be prepared entirely outside India, so long as it’s properly signed and witnessed before a notary.

The discussion then turned to what India’s growth story means for someone building wealth abroad. With growth projections outpacing most major economies and a stock market ranking among the world’s largest by capitalisation, the case for participation was framed less around excitement and more around structured options: mutual funds and systematic investment plans for most investors, portfolio management services for larger allocations, and — for those wanting exposure without India-specific tax filings — routes through GIFT City, India’s international financial centre, where gains on certain fund structures carry no Indian tax obligation at all.

Real estate came up too, but with a note of caution rather than encouragement — liquidity, management from a distance, and the fact that younger generations often have little interest in relocating to oversee inherited property all make it a less practical option than financial assets for most NRI families.

Sessions like this one underline something Ashutosh Financial Services returns to often: that navigating another country’s financial system becomes far less daunting once the rules are actually explained, rather than left to assumption or hearsay. As India’s regulatory and economic landscape keeps shifting, that kind of grounded, ongoing education remains as relevant to the diaspora as ever.

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.

For NRIs balancing life across two countries, financial decisions rarely stay simple. A change in tax rules back home, a new banking regulation, or a shift in how succession law applies to inherited property can quietly reshape someone’s financial plans without them even realising it. This is one of the reasons Ashutosh Financial Services continues to run educational sessions for the Indian diaspora — because good financial decisions start with a clear understanding of the rules that actually govern them.

On 1st March 2025, the firm hosted a webinar titled “Changing Landscape of Taxation, Regulations, and Investments in India,” designed specifically for UK-based NRIs. The session was led by Daxesh Kothari and CA CFP Rajit Kothari, both of whom work closely with NRI clients on tax, regulatory, and investment matters. For a UK NRI audience, the timing was relevant: recent years have brought meaningful shifts in how India taxes and regulates non-resident wealth, and many of these changes carry direct consequences for anyone holding Indian bank accounts, investments, or property.

The session opened with a look at NRI banking regulations, an area that trips up many people simply because the rules changed the moment their residency status did. Under India’s foreign exchange law (FEMA), a resident savings account cannot legally remain in that form once someone becomes an NRI — it needs to be converted, typically to an NRO account. The speakers walked through the three main account types NRIs commonly use. An NRO account holds funds that originate in India and aren’t automatically repatriable, and any income earned in it is taxable. An NRE account, by contrast, holds foreign remittances in rupee form, is fully repatriable, and earns tax-exempt interest. An FCNR account keeps deposits in foreign currency itself, avoiding conversion risk altogether. The webinar also covered how NRIs can move funds from an NRO to an NRE account or abroad, within the current annual limit of one million US dollars, provided applicable taxes are settled first.

From there, the discussion moved into documentation — specifically PAN, Aadhaar, and OCI requirements. A PAN card, essentially India’s tax identification number, turns out to be a prerequisite for far more than filing returns: opening a bank account, investing in mutual funds, buying property, or even purchasing a vehicle above certain thresholds all require one. The speakers also clarified a point many NRIs get wrong — under the Aadhaar Act, NRIs and OCI holders aren’t eligible for an Aadhaar card at all, and are therefore exempt from linking requirements that otherwise apply to resident taxpayers.

Taxation formed a central part of the session. The core principle explained was straightforward: any income that arises or is received in India is taxable in India, regardless of where the person lives. But NRIs aren’t left exposed to being taxed twice on the same income. India’s Double Taxation Avoidance Agreement (DTAA) with the UK allows tax already paid in India to be claimed as a credit against UK tax liability, once that income is also disclosed there. The speakers also touched on succession — a topic often overlooked until it becomes urgent. Indian assets pass according to Indian succession law, which varies by community (Hindu Succession Act, Muslim personal law, or the Indian Succession Act for Christians and Parsis), and a nominee on an account is only a custodian of the asset, not its legal owner. A valid will for Indian assets can be prepared and signed outside India, provided it’s properly witnessed and notarised.

The latter part of the session turned to opportunities, framed around India’s economic trajectory. Comparative data shown during the webinar placed India’s projected 2025 growth rate among the highest of major economies, and highlighted the relative strength of Indian equity markets over the preceding three years. Several structural factors were discussed as drivers of this — a young, English-speaking workforce, digitisation of financial infrastructure, and sustained infrastructure investment. Against this backdrop, the speakers reviewed how NRIs can participate: through mutual funds, portfolio management services, guaranteed-return pension plans, and increasingly through GIFT City, India’s international financial services centre, which offers NRIs a way to invest in Indian markets through USD-denominated structures without needing a PAN, demat account, or Indian bank account. Real estate, by comparison, was discussed as a less practical route for most NRIs today, given the liquidity and management challenges it presents from abroad.

Sessions like this reflect a simple belief — that NRIs make better financial decisions when the underlying rules are explained clearly, not left to assumption or hearsay. As India’s regulatory and investment landscape continues to evolve, Ashutosh Financial Services intends to keep bringing this kind of clarity to audiences who need it most.

An NRI Financial Conclave in Rajkot and Ahmedabad: Making Sense of Cross-Border Money Matters

Every year, thousands of Non-Resident Indians navigate a maze of banking rules, tax filings, and investment choices that don’t quite match what they left behind or what they’ve grown used to abroad. Ashutosh Financial Services has long held the view that good financial decisions start with good financial understanding, and its NRI Financial Conclave has become a regular fixture for exactly that reason. The eighth season of this initiative brought together NRIs and their families for detailed, practical conversations on managing money across two countries.

The 2024 edition, held on 12th December across Rajkot and Ahmedabad, was addressed by Daxesh Kothari and CA CFP Rajit Kothari, both speaking to an audience of NRIs looking for clarity on questions that rarely have simple answers: which bank account should I hold, how do I avoid paying tax twice on the same income, and where does India’s growth story leave room for someone investing from abroad. Given how often NRI finances get tangled between two regulatory systems, a session built specifically around this audience’s day-to-day concerns carries real value.

The conclave opened with the mechanics of NRI banking and taxation, a subject that trips up even financially sophisticated people simply because the rules change the moment someone’s residential status changes. The session explained the four main account types available to NRIs — NRO accounts for managing income earned in India, NRE accounts for repatriable foreign earnings, FCNR deposits held in foreign currency, and RFC accounts for those who’ve returned to India. Each carries different tax treatment: interest on NRE and FCNR accounts is exempt from Indian income tax, while NRO account income is taxable. The discussion also covered when a PAN card becomes mandatory for an NRI, from opening a bank account to buying property, and clarified a point that confuses many: NRIs and OCIs are not eligible for an Aadhar card and are therefore exempt from linking one to their PAN.

Taxation formed a substantial part of the session, particularly the interplay between Indian tax law and the Double Taxation Avoidance Agreement, or DTAA, that India has signed with most major countries. In simple terms, income that arises in India is taxable here, but an NRI can choose whichever framework — Indian law or the DTAA with their country of residence — works out more favourably. The trickier part is reconciling different financial years, since India’s runs from April to March while the US, for instance, follows a January to December cycle. The session walked through how NRIs can segregate their Indian income by calendar year for US tax reporting and claim credit for taxes already paid in India, so the same income isn’t taxed twice. It also touched on how India’s tax administration has shifted almost entirely to e-filing and faceless assessments, removing the need for any in-person interaction with tax authorities — a change with real practical benefit for someone filing from overseas.

Succession planning received careful attention too, an area NRIs often underestimate. The session clarified that Indian assets are governed by Indian succession law regardless of where the NRI resides, and that a nominee is not the same as a legal owner — nomination simply names a custodian, while actual ownership passes according to a will or, in its absence, the applicable succession law. Importantly, a valid will for Indian assets can be prepared and signed outside India, provided it meets the essential legal requirements, including witness signatures before a notary.

On the investment side, the conclave made the case for why India’s current economic position deserves attention: among the fastest-growing major economies, with strong performance across its stock market segments and a series of structural tailwinds including a young workforce, expanding digital infrastructure, and a growing manufacturing base. For NRIs looking to participate, the session outlined several routes — mutual funds as the most accessible entry point, Portfolio Management Services for those with larger allocations seeking more tailored strategies, Alternative Investment Funds for exposure to unlisted opportunities, and guaranteed return or pension plans for those prioritising predictability. A notable point raised was that NRIs from several African, Middle Eastern, and South-East Asian countries can, under DTAA provisions and correct documentation, see no Indian tax on mutual fund gains at all.

A closing panel discussion turned to GIFT City, India’s first International Financial Services Centre, and its growing relevance for NRI investors. Structured as a jurisdiction where units operate largely outside standard FEMA restrictions while remaining subject to Indian tax law with specific exemptions, GIFT City offers NRIs a way to invest in Indian markets in US dollars, without needing an Indian broking or demat account, and in many cases without Indian tax compliance obligations at all.

Sessions like this reflect something Ashutosh Financial Services returns to consistently: that NRIs manage some of the most complex financial lives there are, straddling two tax systems, two sets of banking rules, and often two different long-term goals. Continuing to unpack that complexity, one conclave at a time, remains part of how the firm thinks about its role in the wider conversation on financial literacy.

Singapore’s Indian diaspora has always faced a peculiar challenge: staying financially connected to a home country whose rules keep shifting, even while building a life thousands of miles away. It was with this reality in mind that Ashutosh Financial Services organised a financial awareness session in Singapore on 23rd November 2024, part of its ongoing effort to help Non-Resident Indians make sense of a regulatory landscape that rarely stands still. The company has long held that sound financial decisions start with clear information, and this session, titled “Changing Landscape of Taxation, Regulations and Investments in India,” was built around that belief.

The event brought together NRIs based in Singapore and was led by Daxesh Kothari and CA CFP Rajit Kothari, both speaking from years of hands-on experience guiding overseas Indians through cross-border financial matters. Given how often banking rules, tax obligations, and investment options change for NRIs, a session that consolidated the latest developments was particularly timely for an audience juggling two financial systems at once.

The discussion opened with the fundamentals of NRI banking. Under India’s foreign exchange regulations, a person who becomes an NRI cannot continue holding a resident savings account; it must be converted to an NRO account or closed. From there, the speakers walked through the four main account types available to NRIs, each serving a different purpose. The NRO account holds non-repatriable rupee funds and is taxable, while the NRE account holds repatriable rupee funds and enjoys tax exemption. The FCNR account allows deposits in foreign currency with similarly tax-free income, and the RFC account rounds out the options. A useful clarification for many attendees was around moving money from an NRO account to an NRE account or abroad: NRIs can transfer up to USD 1 million per year, provided applicable taxes are paid and a simple certification process is followed, though this limit doesn’t apply to current income like rent or dividends, which can be transferred without restriction.

Identity documentation was another area covered in some depth. A PAN card, the session explained, is required for activities ranging from opening a bank account to purchasing property or investing in mutual funds, while Aadhaar, interestingly, is not something NRIs are eligible to obtain, which also exempts them from any requirement to link it with their PAN.

On taxation specifically, the speakers explained how Singapore tax residents can choose whichever framework works in their favour, either Indian domestic tax law or the India-Singapore Double Taxation Avoidance Agreement, whichever gives a better outcome. This choice affects withholding tax rates significantly across income types like dividends, interest, and capital gains from shares, mutual funds, or property. To actually benefit from the lower DTAA rates, NRIs need to obtain a Certificate of Residence from Singapore’s tax authority and file Form 10F with India’s income tax department, a process the session walked through step by step.

Estate matters received equal attention, since transmission of a deceased NRI’s Indian assets follows Indian succession law, not Singapore’s. Whether that means the Hindu Succession Act, Muslim Shariat Law, or the Indian Succession Act depends on the deceased’s religion and whether a Will was made. A point the speakers emphasised was that nominating someone on an account doesn’t make that person the legal owner; a nominee is merely a custodian until the assets pass to the rightful heir under succession law. Wills can be validly prepared outside India, ideally signed before a notary with two witnesses.

The session then turned to opportunity, framing India’s economic momentum through comparative data: growth projections outpacing most major economies, a stock market ranking among the world’s largest by market capitalisation, and a young, English-speaking workforce. Against this backdrop, the speakers outlined practical routes for NRIs to participate, from mutual funds and portfolio management services to unlisted shares and alternative investment funds, each carrying different minimum investment sizes, liquidity profiles, and recommended time horizons. A dedicated segment also introduced GIFT City, India’s international financial services centre, where NRIs can invest in USD-denominated alternative investment funds without needing an Indian bank or demat account, and where gains on such investments carry no Indian tax implications.

Sessions like this reflect a simple conviction: that NRIs navigating two financial systems deserve access to accurate, current information rather than assumptions or outdated advice. As India’s regulatory and investment environment continues to evolve, Ashutosh Financial Services remains committed to bringing these updates directly to the communities they affect, one conversation at a time.