Can a Non-Resident Indian be appointed as a nominee?
A Non-Resident Indian can be a nominee on repatriable basis. If the member was a non-resident and had invested in the shares on repatriation basis, the non-resident nominee can elect to register himself as the holder of the share on the death of the member. If the member was a resident Indian, the concerned nominee has to take Reserve Bank’s permission for registering the nominee as a member, to hold the shares on repatriable basis.
Related Questions
- NRI FAQ’s: Do non-resident Indian nationals require permission of Reserve Bank to acquire residential / commercial property in India?
- Do non-resident Indian national require permission of Reserve Bank to acquire residential/ commercial property in India?
- What documents are required to prove Non-Resident status / Indian Origin?
