Comment on Account Opening Documentation & Charges

Mohamed Mohideen commented on 06 Jul 2014, 02:07 PM

Dear Venu

I haven’t received call/mail from Axis Bank to open PIS account

Nevertheless I am feeling much hindered in the documentation requirement for an NRI to start trading.

What I am hoping is to make my wife open a normal savings bank account in order to proceed with other formalities with Z and ILFS to open demat account on her name

Please confirm to me whether this is acceptable to tax authorities in India, since I am a working non-resident and she being a home maker staying with me as a non-resident in Qatar without any source of income for her, could able to explore this option.

I will transfer for eg., 10-15K INR to her account on monthly basis and that will be invested in equities

Will proceed on this immediately upon your response

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