Aadhar & Bank Accounts

#16 Oct 30th, 2017, 16:09
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#16
Quote:
Originally Posted by capt_mahajan View Post Not from abroad, but have redesignated accounts from NRO and NRI to ordinary resident without issues, and with no paperwork needed from me.

Aadhaar linking to banks falls within the RBI writ, yes- RBI clarified this recently after criticism that it had been silent while the government was freaking out over the linking. No idea about FEMA.

(Besides banks and cellphone sim cards, also have to link to mutual funds, certain kinds of insurance policies, your ppf/epf accounts... most financial instruments, in fact. But lots of confusion yet, things going on in Supreme Court et al.)
As an Aadhaar supporter I must say that the aadhaar tail now seems to be wagging the fiscal dog.
According to today's papers people who 'turn' NRI must now give up PPF and National savings (as well as their resident bank accounts). An expert consulted by the paper didn't know why, but I can take a very good guess: babudom decided that all these things must be linked to Aadhaar, when they realised that NRI's can't apply for Aadhaar so the simple answer is to close their long-term savings accounts.

Now what happens to Aadhaar when someone turns NRI (or, horror of horrors, phoren) is A Riddle Wrapped in a Mystery Inside an Enigma kept in a Dark Troubled Multi-dimensional Place where we are definitely NOT going to go!!

AndyD 8-)
There is no such thing as art, the best is high craft - the rest is just flim-flam
#17 Oct 30th, 2017, 18:08
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#17
That is crazy, the PPF thing. I have a feeling they are just making stuff up as they go along without thinking things through

Quote:
Originally Posted by a_f_d View Post wait 30 secs double posting problem again
it never went away for me.
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