All those individuals who leave India for good are required to complete certain formality in relation to their financial affairs in India. This is explained as under:

Banking Accounts
NRI should communicate to the banker that the local bank accounts now be treated as of NRI Accounts. The Bank shall redesignate the accounts as NRO account.  The TDS shall be deducted by the bank at 31.5% from interest paid/credited.      

    * Shares and Debentures

NRI shall Inform the companies concerned about the change in Status as NRI under FEMA.

   * Business in India

RBI has given general permission to NRIs to invest on Non-Repatriation basis by way of Capital Contribution in any Proprietory or Partnership concerns  engaged in any industrial, commercial or trading activity in India .

    * Income-tax Authorities
      NRI shall Inform the Income-tax Authorities about change in his/her residential status within the meaning of the Income-tax Act,1961.
    * Repatriation
      NRIs are eligible to repatriate Income earned in India from rupee assets held in India.
    * Other Points
      Any payment or receipt of funds from Residents should be in accordance with the provisions of FEMA i.e.

i.            Providing guarantee to any person.

ii.            Taking loans from any person

iii.            Acquisition of shares and securities

iv.            Granting loans and advances