38. வெளிநாட்டில் வாழும் இந்தியர்கள், இந்திய மியூச்சுவல் ஃபண்டில் எவ்வாறு முதலீடு செய்யலாம்?

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My son is an NRI working in the United States for the last 5-6 years. He wants to invest in India through mutual funds. I have been told that NRIs staying in the USA cannot invest in Indian MFs due to some legal bars. What is the real position in this case? If he can, what is the detailed procedure? He does have PAN.
-- Ramesh C Pahuja

Due to SEC (US regulator) diktats, funds that are US-based -- like Templeton, Fidelity and HSBC -- do not accept investments from NRIs. However, other domestic mutual funds do accept such investments and your son is free to invest in them.

I am an NRI for the last 8 or 9 years. It's only now that the bank seems to have woken up and is telling me that being an NRI, I cannot be a joint holder in my wife's Resident account. I know that being a Resident she cannot be a joint holder in my NRE account to due which she operates my NRE account with a POA. But I believe that it's not vice versa. All the deposits in my wife's Resident account, where I am a joint holder, are returns on my investments when I held Resident status and also the amount received from the sale of property.
-- Kamath

The bank is correct. You cannot have a resident account, joint or otherwise. In practice, several NRIs continue to hold their earlier joint or single resident accounts.

However, you can have a joint NRO account with your wife. Of course, she would be the second joint holder and you would be the primary holder. In which case, you can tell the bank to close the resident account and transfer all the funds to the joint NRO account.
Else, the only other option is to get your name deleted and include yourself as a nominee.

I am an NRI in the US for more than 6 years. I have a PAN number as a Resident Indian. Can I use the same PAN to make Non-Resident investment, or is it required to take new PAN as NRI ? Can I have two PAN numbers? I will be highly obliged if you can clarify this matter.
-- Vinda
1. Yes, you can use the same PAN.

2. It is illegal for an assessee to have two PANs.

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நன்றி: Rediff