NRIs invest in various financial assets in India and at the same time many NRIs have inherited from their parents or grandparents. Sometimes they find it challenging to manage the /assets efficiently or to liquidate it in a orderly manner because of:
Investments are in different names and different form
Change in Signature
Do not have all government ids or an Indian address
Multiple agencies to deal with for claiming these assets
Have lost their original Certificates or proof of investment
Assets are still in their parents or grandparents name even after their death
Below are some of our services that we offer to help people get their money back.
1. ASSISTANCE IN ISSUANCE OF AADHAR/PAN CARDS
Many NRIs who have been living abroad for several years have either misplaced their PAN card or do not remember if they even have one in the the first place, or in some cases they have not updated their contact details in the records of the Income Tax Department.
It is important to update your address and contact details in the records of the Income Tax Department. In our experience we have observed that there are many NRIs who have a discrepancy between the name in their Passport and the name in their PAN Card.
Since PAN Card is now mandatory for any type of financial transaction, we can help NRIs in either getting a new PAN card issued or getting their details updated.
2. ASSISTANCE IN PAPERWORK FOR REPATRIATION
Reserve Bank of India (RBI) has liberalised the rules for repatriation but still there is a lot of paperwork involved before one can repatriate the funds from a bank account other than NRE account. Banks or Authorised Dealers in India ask for a lot of papers before they remit the funds to NRIs. Some of the documents that might be required are:
Form 15CA/ 15 CB
Source of funds
Proof of payment of tax
In case of inheritance, proof of inheritance and probate of the Will
Our experts help you in preparing all the documents and submitting them in India so that the repatriation becomes a smooth affair for you.
3. COORDINATION WITH BANK/AUTHORISED DEALER
Different banks have different internal guidelines that they follow, apart from the RBI guidelines. Therefore, NRIs will find that the documents required for repatriation are different. We understand the requirements of different banks/ authorized dealers in India and assist our clients in preparing the paperwork for them. We offer comprehensive solution as we not only assist NRIs in getting paperwork completed but we also negotiate on their behalf with banks or authorized dealers for getting better FX rates. Our work is completed only once the money is credit in the NRI’s account in their country of residence or any other jurisdiction where they have a requirement of the funds.
Since our team consists of veteran ex-bankers, we can also help NRIs for their various requirements that they may have from the banks. Regular correspondence with banks, getting a home loan or opening a new NRE/NRO account, being some of the few.
4. TRANSMISSION OF FINANCIAL ASSETS
This in simple terms means that change in the title of documents, pertaining to investments (like shares, mutual funds, PPF, etc.) from the deceased person name, to the name of the legal heirs. Transmission of financial assets can be a time consuming and cumbersome process. For example, if you, a NRI, have mutual funds or shares from different companies in India then you have to write to them individually, sometimes documents required by these companies and the time taken will be different.
Transmission is a very time consuming process and one needs to be persistent in follow up for getting the assets transferred in the name of the beneficiary (ies).
If you are a NRI who needs help with this, then contact us and we will assist you with the transmission of financial assets.
5. RECLAIMING & TRANSFER OF LOST FINANCIAL ASSETS
Many NRIs grapple with this problem since there documents are usually in various different geographical locations and over a period of time, sometimes, they lose track of where the documents are lying. This problem is further compounded, as title of some of these assets belonged to their parents or grandparents and after their death they had no time to get it transmitted in their names in India.
We have seen cases where people have by accident found out about the assets that their parents had:
They got a dividend cheque or a letter from the company
They opened an old suitcase or wardrobe of their parents
Found a photocopy of Share certificates or Mutual funds
Found an old dividend cheque
Old correspondence with the share companies or Mutual fund companies
Excel Sheet in their parents computer
If one does not have original documents pertaining to the ownership of the Mutual Funds or Share Certificates it becomes a very tedious and time consuming process to reclaim them. There is a lot of persistence required in follow up with the respective financial institutions to reclaim these assets. Many NRIs either are unaware of the process or simply lack time or persistence to reclaim them from the financial institutions.
We have a dedicated team to handle such matters. If you are a NRI in such a situation then simply contact Global Indian Solutions and we can help you in reclaiming these assets in India.
6. RECLAIMING OF UNCLAIMED DIVIDENDS
Dividends are regularly declared by profitable companies and these dividends become unclaimed if the person has not encashed the dividend declared by a company or mutual fund. The Unclaimed dividends can be for various reasons, some of which are:
Mismatch of name / change of name
Mismatch of signature
Change of address
Closure of bank account
Account details are incorrect in the records of the companies or mutual fund
One has physical cheques that have not been encashed and have expired
At the same time NRIs who have changed addresses or have lost original certificates, are unable to claim them. As per the government laws, now, if the dividend remains unclaimed for seven consecutive years then the amount is transferred to Investor Education and Protection Fund (IEPF) which is managed by the Ministry of Corporate Affairs.
We have a dedicated team in India to help you in reclaiming the unclaimed dividends or bonus shares.
7. DEMATERIALISATION OF SHARE CERTIFICATES
Dematerialisation is the process of converting physical shares into electronic format. It is important now to convert the physical shares into a demat form as one cannot trade in shares if they are in physical certificate form. Apart from the restriction in trading, there are other advantages of converting the physical shares into demat form:
It is easy to manage them in electronic form
No fear of loss as the records are there with a DP
Contact details and address are automatically updated in the records of all the companies for which a demat account holder has shares
One can also demat the Mutual Funds into a demat account
Process of Dematerlisation: Any person who wants to open a demat account needs to approach a Depository Participant (DP) and submit his KYC documents and fill a form. Once the demat account is opened one can surrender their physical shares, fill a form, and submit them to his DP and the DP processes these documents. The company, then, in their records note the demat account number and demat account holder details and credit the demat account with the electronic shares directly.
One important thing to note is that earlier people used to buy shares in different combinations of family members. Some shares will be like:
Under father’s name
Some in mother’s name
Some in father as first holder and mother as second holder
Some in mother as first holder and father as second holder
If one has physical shares in combinations as illustrated above, then one either needs to open separate demat account as per combinations or get it transferred in one single name or joint name combination before these shares can be demated in India.