Year-end checklist for NRIs visiting India
December is the month of the annual migration. Thousands, perhaps lakhs of NRIs come back to India to catch up with families. It is also the time to straighten out your finances. So here’s a list of things you can do while you're here so that you can enjoy the new year back in your country of residence.
Convert your accounts, update KYC
If you haven’t already converted your resident accounts to NRO, now is the time to do it. Don’t leave this unattended - it can have grave consequences. Similarly update your mutual fund KYC to NRI status and your direct equities portfolio must move to NRO non-PIS. You can also open a PIS account to invest money you’ve earned overseas.
Appoint a PoA holder
If you have a family member you trust, give them a general power of attorney to handle your affairs in India. You can withdraw the PoA at any time but it helps and saves you many trips home. This is useful especially when you have property and it needs repairs or rent agreements to be signed.
Review your portfolio with an advisor
Sit down with a Sebi Registered Investment Advisor (RIA) to review your portfolio. Rupee depreciation would have eaten into it this year. It may be sensible to move money to your country of residence over time so that your money is saved in the currency in which you spend it. As an NRI you can take up to USD 1 million out of India each year. If your money is in the NRO account, you can move it out by getting a 15 CA CB certificate from your CA. Be careful about bank RMs - they often focus more on commissions than delivering value to you.
Meet your CA
Filing tax returns in two countries is not easy and CAs in India may not understand your needs as an NRI. Find a specialist CA who understands NRI and global taxation if your existing CA is unable to service you properly.
Explore GIFT city
GIFT city allows you to hold your money in USD, Euros or other foreign currencies but with Indian banks and potentially higher rates. Set up a call with your bank’s GIFT city branch to understand their offerings better. If you’re from Ahmedabad, you can actually make a trip there.
Most Asked Questions About Year-End Financial Planning for NRIs Visiting India
Why is December a key time for NRIs to fix finances in India?
December trips cluster many NRIs’ physical presence in India, providing a rare window to resolve paperwork, in‑person KYC, bank visits and advisor meetings efficiently.
What account conversions should NRIs prioritize while in India?
Resident bank accounts should be converted to NRO, mutual fund and broker KYC must be updated to NRI status, and demat holdings aligned to NRO non‑PIS or PIS structures as applicable.
Why is updating KYC status critical for NRIs?
Incorrect KYC can cause regulatory non‑compliance, freeze transactions or mis‑report tax status, so aligning KYC with NRI reality is essential risk management.
What is a Power of Attorney and how does it help NRIs?
A general PoA authorizes a trusted person in India to sign, manage property, and execute transactions locally, reducing the need for repeated travel.
Why should NRIs review portfolios with a SEBI‑registered advisor during visits?
An independent advisor can account for rupee depreciation, overseas goals and residency to recommend appropriate asset location and currency diversification.
How much can an NRI remit out of India each year?
Under current rules, NRIs can typically remit up to the equivalent of USD 1 million yearly from NRO balances, subject to proper certification and documentation.
Why do NRIs need a specialist CA instead of a general tax practitioner?
Dual‑jurisdiction issues, treaty interpretation and foreign reporting require expertise many domestic‑only practitioners do not have.
What should be discussed with a CA during a December visit?
Topics include residency status, foreign income, treaty reliefs, TDS refunds, required disclosures and a plan for next year’s filings in both countries.
What does GIFT City offer in this year‑end context?
GIFT City can provide foreign‑currency accounts and products via Indian institutions, allowing NRIs to hold USD or other currencies while using Indian platforms.
How should NRIs prioritize tasks during a short India trip?
The usual order is compliance (account type and KYC), delegation (PoA), tax planning (CA), portfolio strategy (advisor), and then exploratory options like GIFT City.
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