Ever since the income tax department of India made it mandatory to linked PAN card to Aadhaar card and ask every taxpayer to quote Aadhaar card number into the income tax return, many NRIs become worried. The reason was simple, most of them don't have Aadhaar card, but now Aadhaar card seems mandatory even for applying for PAN card. As far I know, from 1st July 2017 you cannot apply for PAN card without Aadhaar and without PAN card you cannot do a transaction involving more than 50,000 INR. So does this mean Aadhaar Card is mandatory for NRIs, PIOs, and OCI card holder?
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Recently one of my readers asked me that he wants to invest some money on NRE fixed deposits but confused on whether to go for foreign banks like Citibank, DBS, Standard Chartered, Deutsche Bank or Indian banks like ICICI, Kotak, HDFC, SBI, Axis Bank or Union Bank? I asked him, whether he has any existing NRE saving account , he says he doesn't have any existing NRE saving account? Then I ask him what is more important for you? the interest rate or convenience? and his answer was the interest rate. Read more »
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