Case Based Learning - Episode 4 - The NRI Who Forgot India

Meet Sameer Prakash, a 45-year-old software architect based in Dubai. He was earning well, saving aggressively, and had multiple investments but only in the UAE.

Meanwhile, his financial life back in India was fragmented, forgotten, and dangerously vulnerable.

It took a health emergency during a short India visit to bring everything crashing into focus.

Sameer’s Cross-Border Snapshot

• Dubai income - ₹3.5L/month (converted)

• India property - 2 flats (one rented at ₹18K/month)

• Indian bank accounts - 4, most unused

• Mutual funds - Random old ELSS funds with no tracking

• Will/Nomination - None

• Insurance - UAE-based only

> “I assumed I’d always live abroad. I never imagined how vulnerable my India-side finances were.”

The Wake-Up Call:

During a 2023 vacation in India, Sameer’s father suffered a stroke. Managing hospital bills, accessing funds, and even proving ownership of a property turned into a nightmare. The biggest shock?

His father’s assets had no clear nominations or Will.

Sameer realized he was repeating the same mistake, just in a different country.

The India-Side Fix:

With guidance from a financial planner in India, Sameer took control:

1. Mapped All Indian Assets: Created a Master Sheet of properties, bank accounts, mutual funds, and policies. Closed 2 inactive bank accounts and consolidated investments.

2. Hired a Chartered Accountant: To ensure NRI compliance with:

• TDS rules on rental income

• Repatriation formalities

• Filing India ITRs for the last 2 years

3. Made a Registered Will:

• Included both Indian and UAE assets

• Named executors in both countries

• Added proper nominations to all Indian accounts

4. Started India-Based SIPs: ₹20,000/month across Flexi-cap, International, and Debt Mutual Funds. Goal: Build a retirement corpus in India in case of a permanent return

5. Took Health + Term Insurance in India

• ₹15L family floater (valid for NRI visits)

• ₹1.5 Cr term plan (global coverage)

1 Year Later: A Financial Homecoming:

• India asset tracking - 100% digitized and accessible

• Nominations + Will - Completed

• Investments - ₹5L in Indian mutual funds

• Tax filing - Up to date in both countries

• Peace of mind - 100%

  
  

> “Now I sleep better knowing that my money in India knows who it belongs to and what to do if I’m not around.”

Key Takeaways:

• Don’t neglect your home country finances—even if you’ve moved abroad

• A Will isn’t optional for NRIs—it’s critical

• Indian financial rules for NRIs are complex—get professional help

• Insurance and succession planning should span across borders

Action for Readers (Especially NRIs)

• Do you know where all your Indian investments are?

• Have you made a Will covering both Indian and overseas assets?

• Are your Indian mutual funds and properties properly nominated?