Posted on: 21-11-17 18:34:51
Got this below email today from my Mutual fund managers (CAMS)
I am Canadian citizen with OCI - I have two regular BANK accounts in INDIA--not a NRO or NRE account-(opened 15 years back).
I have some mutual fund investment thru CAMS & CAMRY - I got today this message
-----------------------------------------------------------------------------------
Dear Investor,
As per Prevention of Money-Laundering (Maintenance of Records) Second Amendment Rules, 2017, all customers need to update their Aadhaar Number in Mutual Fund folios / accounts on or before 31st December 2017.
CAMS is facilitating single submission through various modes. You can update your Aadhaar in Mutual Fund folios using any of the following options:
Online Mode: Click the link https://www.camsonline.com/InvestorServices/COL_Aadhar.aspx or visit CAMS / AMC Website for submitting the request.
Physical Form: Download prescribed form from CAMS Website in the given link https://www.camsonline.com/InvestorServices/COL_Aadhar.aspx fill, sign and submit at any of the nearest office of CAMS / Mutual Fund or send it to from your registered email id.
You may also send the duly filled and signed form to the following address:
Computer Age Management Services Pvt. Ltd. [CAMS]
Department: Aadhaar Updation
Rayala Towers
158, Anna Salai
Chennai - 600002
Please note that as per the guidelines, if the Aadhaar number is not linked by 31st December 2017, your Mutual Fund account will be blocked and any transaction will be permitted only after updation of Aadhaar number.
Kindly ignore this communication if already submitted the required information.
For further queries, please connect to your Distributor / Advisor / Mutual Fund branches or call CAMS toll-free support number 1800-200-2267 or 1800-419-2267 - from anywhere in India. You may also write to
Note: As per PMLA Regulations referred above, your Aadhaar Number has to be authenticated with UIDAI database based on your consent. Hence updating your Aadhaar in respective Folios will be made after due validation and authentication. Also note that this is applicable to all Resident Individuals who are eligible to obtain Aadhaar information.
Kind regards,
Computer Age Management Services Pvt. Ltd.
On behalf of Mutual Funds serviced by CAMS
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Anyone going thru similar issue ?- any Advice
Thanks
Since I just flew into India, they said that they will accept my Pilot's Licence.. as proof of my personal ID and if it has an address in it will do too, as Address Proof. No need for Passport or DL. What a bunch of goonie googoos. What Next!!
Hope this helps you. If I can, I will tell them to go FCUK themselves. You can try to tell them the same or similar view in a different manner too, if you know how. (Such as go and sit on a sixteen penny rusted nail.)**
Good Luck.
FH.
https://www.ndtv.com/business/do-nris-need-to-link-aadhaar-card-with-bank-account-pan-sim-what-uidai-said-1758419
** It was associated with nails when they were hand-forged, one at a time. Some say a hundred 3-1/2 inch nails would have cost 16 pennies and thus became known as 16-penny nails. Others say that the number and the “d” indicate that one 16d (3-1/2 inch) hand-forged nail cost 16 pennies.
------
Quote:
Originally posted by ChandraGupt
Got this below email today from my Mutual fund managers (CAMS)
I am a NRI / Canadian citizen with OCI - I have two regular BANK accounts in INDIA--not a NRO or NRE account-(opened 15 years back).
I have some mutual fund investment thru CAMS & CAMRY - I got today this message
-----------------------------------------------------------------------------------
Dear Investor,
As per Prevention of Money-Laundering (Maintenance of Records) Second Amendment Rules, 2017, all customers need to update their Aadhaar Number in Mutual Fund folios / accounts on or before 31st December 2017.
CAMS is facilitating single submission through various modes. You can update your Aadhaar in Mutual Fund folios using any of the following options:
Online Mode: Click the link https://www.camsonline.com/InvestorServices/COL_Aadhar.aspx or visit CAMS / AMC Website for submitting the request.
Physical Form: Download prescribed form from CAMS Website in the given link https://www.camsonline.com/InvestorServices/COL_Aadhar.aspx fill, sign and submit at any of the nearest office of CAMS / Mutual Fund or send it to from your registered email id.
You may also send the duly filled and signed form to the following address:
Computer Age Management Services Pvt. Ltd. [CAMS]
Department: Aadhaar Updation
Rayala Towers
158, Anna Salai
Chennai - 600002
Please note that as per the guidelines, if the Aadhaar number is not linked by 31st December 2017, your Mutual Fund account will be blocked and any transaction will be permitted only after updation of Aadhaar number.
Kindly ignore this communication if already submitted the required information.
For further queries, please connect to your Distributor / Advisor / Mutual Fund branches or call CAMS toll-free support number 1800-200-2267 or 1800-419-2267 - from anywhere in India. You may also write to
Note: As per PMLA Regulations referred above, your Aadhaar Number has to be authenticated with UIDAI database based on your consent. Hence updating your Aadhaar in respective Folios will be made after due validation and authentication. Also note that this is applicable to all Resident Individuals who are eligible to obtain Aadhaar information.
Kind regards,
Computer Age Management Services Pvt. Ltd.
On behalf of Mutual Funds serviced by CAMS
---------------------------------------------------------------------------------------
Anyone going thru similar issue ?- any Advice
Thanks
Quote:
Originally posted by ChandraGupt
Got this below email today from my Mutual fund managers (CAMS)
I am a NRI / Canadian citizen with OCI - I have two regular BANK accounts in INDIA--not a NRO or NRE account-(opened 15 years back).
I have some mutual fund investment thru CAMS & CAMRY - I got today this message
You are NOT a NRI. NRI's are Indian citizens with an Indian passport.
You lost BOTH,i.e they cancelled BOTH i.e your Indian citizenship & PP, when you voluntarily & proudly took Canadian citizenship.
You are a Foreign citizen with a Foreign passport - period .
OCI is another joke. Its just a life time visa to India, that's all. Its NOT a dual citizenship. Don't let the word Citizen in OCI - Overseas Citizen Of India fool you.
As a Foreign citizen you are NOT even eligible for Aadhaar card. You are also NOT eligible for regular bank accounts, hence both your regular accounts are illegal. The moment you took Canadian citizenship, you were supposed to convert them into NRO or NRE, which you did not.
The one & only reason you are getting this Aadhaar nonsense from your bank is because they have NO clue you are a Canadian citizen, since you never informed them, either deliberately or unknowingly. They are under the impression you are still an Indian citizen, hence eligible for Aadhaar card or already have an Aadhaar card, hence they are sending you this.
The tax - TDS on NRO account is much higher at 30.6 % , the tax on regular Indian resident account is much lower . Hence most Indians who become Foreign citizens conveniently keep their illegal regular resident accounts as is. They don't convert them into NRO
Now banks & Modi are catching up on this scheme. You can't have it BOTH ways !
People bend over and gladly follow the rules of Canadian banks & Canadian gov & CRA ( Income tax ) & CBSA (border guys ) & FINTRAC etc .
But when it comes to Indian banks & Indian gov. , they want to game the system
You have 3 choices -
either convert all this nonsense into NRO/NRE or
wait for your account to be frozen one day or
illegally obtain an Aadhaar card when you visit India next, even though you are not eligible for it as a Foreign citizen, and take a chance that they(bank) will never know you are a foreign citizen & keep on acting as a regular resident like you have been doing so far, as far as these accounts are concerned
Quote:
Originally posted by MITRON
Quote:
Originally posted by ChandraGupt
Got this below email today from my Mutual fund managers (CAMS)
I am a NRI / Canadian citizen with OCI - I have two regular BANK accounts in INDIA--not a NRO or NRE account-(opened 15 years back).
I have some mutual fund investment thru CAMS & CAMRY - I got today this message
You are NOT a NRI. NRI's are Indian citizens with an Indian passport.
You lost BOTH,i.e they cancelled BOTH i.e your Indian citizenship & PP, when you voluntarily & proudly took Canadian citizenship.
You are a Foreign citizen with a Foreign passport - period .
OCI is another joke. Its just a life time visa to India, that's all. Its NOT a dual citizenship. Don't let the word Citizen in OCI - Overseas Citizen Of India fool you.
As a Foreign citizen you are NOT even eligible for Aadhaar card. You are also NOT eligible for regular bank accounts, hence both your regular accounts are illegal. The moment you took Canadian citizenship, you were supposed to convert them into NRO or NRE, which you did not.
The one & only reason you are getting this Aadhaar nonsense from your bank is because they have NO clue you are a Canadian citizen, since you never informed them, either deliberately or unknowingly. They are under the impression you are still an Indian citizen, hence eligible for Aadhaar card or already have an Aadhaar card, hence they are sending you this.
The tax - TDS on NRO account is much higher at 30.6 % , the tax on regular Indian resident account is much lower . Hence most Indians who become Foreign citizens conveniently keep their illegal regular resident accounts as is. They don't convert them into NRO
Now banks & Modi are catching up on this scheme. You can't have it BOTH ways !
People bend over and gladly follow the rules of Canadian banks & Canadian gov & CRA ( Income tax ) & CBSA (border guys ) & FINTRAC etc .
But when it comes to Indian banks & Indian gov. , they want to game the system
You have 3 choices -
either convert all this nonsense into NRO/NRE or
wait for your account to be frozen one day or
illegally obtain an Aadhaar card when you visit India next, even though you are not eligible for it as a Foreign citizen, and take a chance that they(bank) will never know you are a foreign citizen & keep on acting as a regular resident like you have been doing so far, as far as these accounts are concerned
few misunderstandings -let me clear again
My banks never asked me any Adhar card -CAMS(mutual fund manager org) asking for it --I copy/pasted their email above.
regarding Bank - I asked them many time to convert my accounts to NRO/NRE whenever visited India--they asked me to contact their head office..its not easy to reach HO by phone - so just waste of time.
reason I need these accounts as if I will withdraw my mutual funds in future--money will be sent to these accounts only - otherwise Its easy to open new NRO account
Quote:
few misunderstandings -let me clear again
My banks never asked me any Adhar card -CAMS(mutual fund manager org) asking for it --I copy/pasted their email above.
regarding Bank - I asked them many time to convert my accounts to NRO/NRE whenever visited India--they asked me to contact their head office..its not easy to reach HO by phone - so just waste of time.
reason I need these accounts as if I will withdraw my mutual funds in future--money will be sent to these accounts only - otherwise Its easy to open new NRO account
You don't have to close the existing accounts. You JUST have to change the designation on it to NRO from Regular. Everything else remains the same, the account numbers etc. So the money will still be sent to that account after the designation change.
Quote:
Originally posted by MITRON
Quote:
You don't have to close the existing accounts. You JUST have to change the designation on it to NRO from Regular. Everything else remains the same, the account numbers etc. So the money will still be sent to that account after the designation change.
Yes I understand that - but my issues is that my MutuaFund managing Company(CAMS) asking me Adhar card (as per above email) which I never had as I'am Canadian Citizen with OCI
Quote:
Originally posted by MITRON
Quote:
Originally posted by ChandraGupt
Got this below email today from my Mutual fund managers (CAMS)
I am a NRI / Canadian citizen with OCI - I have two regular BANK accounts in INDIA--not a NRO or NRE account-(opened 15 years back).
I have some mutual fund investment thru CAMS & CAMRY - I got today this message
You are NOT a NRI. NRI's are Indian citizens with an Indian passport.
You lost BOTH,i.e they cancelled BOTH i.e your Indian citizenship & PP, when you voluntarily & proudly took Canadian citizenship.
You are a Foreign citizen with a Foreign passport - period .
OCI is another joke. Its just a life time visa to India, that's all. Its NOT a dual citizenship. Don't let the word Citizen in OCI - Overseas Citizen Of India fool you.
As a Foreign citizen you are NOT even eligible for Aadhaar card. You are also NOT eligible for regular bank accounts, hence both your regular accounts are illegal. The moment you took Canadian citizenship, you were supposed to convert them into NRO or NRE, which you did not.
The one & only reason you are getting this Aadhaar nonsense from your bank is because they have NO clue you are a Canadian citizen, since you never informed them, either deliberately or unknowingly. They are under the impression you are still an Indian citizen, hence eligible for Aadhaar card or already have an Aadhaar card, hence they are sending you this.
The tax - TDS on NRO account is much higher at 30.6 % , the tax on regular Indian resident account is much lower . Hence most Indians who become Foreign citizens conveniently keep their illegal regular resident accounts as is. They don't convert them into NRO
Now banks & Modi are catching up on this scheme. You can't have it BOTH ways !
People bend over and gladly follow the rules of Canadian banks & Canadian gov & CRA ( Income tax ) & CBSA (border guys ) & FINTRAC etc .
But when it comes to Indian banks & Indian gov. , they want to game the system
You have 3 choices -
either convert all this nonsense into NRO/NRE or
wait for your account to be frozen one day or
illegally obtain an Aadhaar card when you visit India next, even though you are not eligible for it as a Foreign citizen, and take a chance that they(bank) will never know you are a foreign citizen & keep on acting as a regular resident like you have been doing so far, as far as these accounts are concerned
---- Well put , Could not have said it better myself
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We will find a way or we will make one
