For Non-Resident Indians, staying financially connected to India often means navigating a maze of rules that shift more frequently than most people realise. It is this gap, between how quickly regulations evolve and how little time NRIs typically have to track them, that prompted Ashutosh Financial Services to organise the NRI Financial Conclave 2025. Held in Rajkot and Ahmedabad on 21st December 2025, the session brought together NRIs and their families for a detailed look at India’s regulatory and investment landscape, delivered by Daxesh Kothari and CA CFP Rajit Kothari. For a firm built on the belief that sound financial decisions start with clear information, sessions like this one are a natural extension of that philosophy rather than a one-off event.
Titled “India 2025 and Beyond: Regulatory Trends and Investment Opportunities,” the conclave was structured around the questions NRIs raise most often: which bank accounts should I hold, how am I taxed, what happens to my Indian assets when I’m gone, and where should I be putting my money to work. Given how spread out the NRI community is, and how differently rules can apply depending on country of residence, a session that walks through these topics systematically has real value for an audience that often relies on fragmented or outdated advice.
The discussion opened with banking regulations, a starting point that trips up many NRIs simply because the rules changed the moment their residency status did. Once someone becomes a non-resident, Indian law no longer permits them to hold a regular resident savings account; it must be converted to a Non-Resident Ordinary (NRO) account or closed. From there, NRIs typically choose between four account types, each suited to a different purpose. NRO accounts hold non-repatriable rupee funds, meaning the money largely stays in India, and any interest earned is taxable. NRE accounts, by contrast, hold foreign remittances that remain freely transferable back overseas, with interest income exempt from tax. FCNR deposits let NRIs hold fixed deposits in foreign currency itself, avoiding rupee conversion risk altogether, while GIFT City bank accounts, a newer addition to the landscape, allow savings to be parked in US Dollars, British Pounds, Euros, or Japanese Yen with tax-free interest and no restrictions on moving funds internationally.
Money is rarely static, so the session also covered how NRIs can move funds between accounts and out of India. Under what is known as the USD 1 million scheme, NRIs can remit up to that amount per year from their NRO account, provided applicable taxes are settled and a chartered accountant certifies the transfer. This route covers a range of scenarios, from selling inherited property to repatriating proceeds from shares or mutual funds.
Taxation formed a significant part of the discussion, and rightly so, since it is where most confusion tends to arise. Any income that accrues or is received in India is taxable there, regardless of where the individual lives. What often surprises NRIs is the Double Taxation Avoidance Agreement (DTAA), which prevents the same income from being taxed twice. Depending on their country of residence, NRIs can either apply standard Indian tax rates or opt for concessional DTAA rates, whichever works out more favourable. For NRIs based in countries like the UK, USA, Australia and Canada, this typically means claiming credit in their home country for taxes already paid in India, while those from Singapore, UAE, and a handful of other nations may access reduced tax rates outright, sometimes reducing capital gains tax on equity mutual funds to zero.
Estate planning received equal attention, since it is an area frequently left until it becomes urgent. Where an NRI dies without a valid will, Indian succession law steps in, and the outcome can differ sharply from what the family expects. For a Hindu male dying intestate, for instance, the estate passes to his mother, widow, and children, but notably excludes his father. Given how easily this catches families off guard, the session emphasised that a properly drafted will, executed with two witnesses before a Notary Public even if signed abroad, remains one of the simplest ways to avoid disputes and delays later.
On the investment side, the conclave walked through the full range of options now available to NRIs, from mutual funds and portfolio management services to unlisted shares and international markets. It also covered a scenario increasingly relevant to NRI families: retirement planning across two currencies. Because retirement funding needs to account for inflation, currency movement, and tax treatment simultaneously, the session illustrated how a goal-based approach, working backward from a target monthly withdrawal to a required monthly investment, gives a much clearer picture than saving without a defined target.
A notable portion of the session was devoted to GIFT City, India’s first International Financial Services Centre, which offers a route into Indian equity markets that sits outside standard FEMA regulations. Because GIFT City funds operate in US Dollars and route investments through India-based structures without requiring a PAN card, tax filing, or even a demat account, they offer a level of simplicity that direct investment in India often lacks, particularly appealing for NRIs who want exposure to Indian markets without the accompanying paperwork.
Sessions like this one reflect a simple, ongoing commitment: that NRIs deserve clarity, not just information, when it comes to managing their financial ties to India. As regulations continue to evolve and new avenues like GIFT City reshape what is possible, Ashutosh Financial Services intends to keep bringing these conversations directly to the community, one conclave at a time.
