122. Effect of Surrendering Indian Passport on bank accounts held in India

Q. Dear Sir/Madam, I am a US Citizen since 2005 and also have OCI card. Prior to becoming a US Citizen; I had a demat account, bank account and a PAN card as an Indian Citizen. Now I found out about the surrender of Indian passport law; what happens to my demat account and the money in my Bank once I surrender my passport? Thanks, Dhaval Answer: Surrendering your Indian passport should have no affect on your PAN or Money in your bank accounts. All your bank accounts should have been designated as Non resident accounts in 2005. If you did not do this earlier contact your bank and get the change done. As a US Citizen you cannot legally hold resident bank or trading accounts in India.
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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122. Effect of Surrendering

Indian Passport on bank

accounts held in India

Q. Dear Sir/Madam, I am a US Citizen since 2005 and also have OCI card. Prior to becoming a US Citizen; I had a demat account, bank account and a PAN card as an Indian Citizen. Now I found out about the surrender of Indian passport law; what happens to my demat account and the money in my Bank once I surrender my passport? Thanks, Dhaval Answer: Surrendering your Indian passport should have no affect on your PAN or Money in your bank accounts. All your bank accounts should have been designated as Non resident accounts in 2005. If you did not do this earlier contact your bank and get the change done. As a US Citizen you cannot legally hold resident bank or trading accounts in India.
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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