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Mar 2018

Developments NRI buyers must know

Developments NRI buyers must know

Through various policy changes in recent past, the Indian government has been making sure that non-resident Indians are duly rewarded for the contribution in shaping the economy of the country. Various other initiatives are in works that would actually impact the non-resident Indians and how these do business in India including the property transactions.

There is what is going to impact the NRIs and are planning to invest money in India.

You will be able to externally vote soon

Non-resident Indians have been seeking the right for a longer time now. One of the petitions lying with the Supreme Court is that 70% of people in Kerala are NRIs and deserve the right to vote considering the contribution to the country. It is certainly worth mentioning that out of 114 countries that have actually adopted the external voting system providing non-residents the right to take part in the national polls and 20 are Asian nations. Soon enough, non-resident Indians will be able to enjoy the right.

This will certainly be achieved by amending the Representation of People Act to allow the non-resident Indians to vote through the portals or the e-ballots. In upcoming winter sessions, for example, the government will table a bill to provide non-resident Indians the right to vote. Along with the right through e-ballots would come the power to bring changes that would suit the need of the non-resident Indians.

You don’t have to link the bank account with Aadhaar

It is important for Indian citizens to link all the bank accounts with their Aadhaar. This rule, however, not apply to PIOs and NRIs. The unique verification authority in India has made it pretty clear that PIOs and NRIs are not required to link the bank accounts as well as other services with Aadhaar. However, it works is the mechanism to verify the status of such people.

UIDAI has made it pretty clear that Aadhaar can only be sought from eligible for it under Aadhaar Act.

The laws regarding submitting or linking of Aadhar for availing of services or the advantages apply to dwellers as per Aadhar Act 2016. Most of the PIOs/OCIs/NRIs may not be eligible for the Aadhar enrolment as per the Aadhar Act

Punjab is bringing non-resident India’s property safeguard Act for you

There may be law in place in the state of Punjab to protect against the property-related frauds. As per reports, the state government is planning to bring the non-resident Indian Property Safeguards Act within 3 months to solve the problems of those who are living overseas in a quick, effective, and transparent manner.

The draft of law would provide time-bound solutions to the non-resident Indians on the property disputes is ready and on way to get the approvals. An overseer for resolving the issues including the domestic problems would set up under the law.

District authorities will be given 3 months for addressing property- issues of non-resident Indians. If they do not resolve it within the stipulated time, the state-level appellate body will hear the appeal as well as resolve the matter in 3 months. If dispute persists, matter can actually be taken to higher court.


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