NRIs call for Aadhaar-PAN card link deadline extension international-adviser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from international-adviser.com Daily Mail and Mail on Sunday newspapers.
Who demand the return of the old system
A recent change in know your customer norms by the Indian government is making it more difficult for NRI investment flow to reach the local markets.
Non-resident Indians (NRIs) are struggling to invest in Indian stocks, bonds, mutual funds or other deposit schemes after the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CRSARSI) changed the requirements for verifying the identity of customers.
The authority recently announced that all existing and new investors, including NRIs, should furnish acceptable documents as proof of correspondence address as a measure to check money laundering and proxy investments to park unaccounted money.