Ahead of budget, Indian expats in UAE want investment rules eased back home ...United Arab Emirates

Dubai: Several Indian expats in the UAE have an earnest appeal to their government: To ease a new rule for making systematic investments back home. The reason — a new KYC (know your customer) rule introduced from January 1 has made it difficult for Indian expats who cannot produce utility bills as proof of their overseas address, to make investments in capital markets, including mutual funds, stocks, unit-linked insurance plans and so on. According to industry experts, the Indian government has stopped accepting the details of the NRE (non resident external) account statement as proof of overseas address. NRE account is a bank account opened in India in the name of a non-resident Indian (NR

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