The NRI PPF Account can Now be Continued
On 23 February 2018, the DEA released an official memorandum dismissing the earlier notification regarding NRI Public Provident Fund account. Previously, on 3 October 2017, it was notified that if a resident possesses an existing PPF account, it should be deemed closed on the day the resident acquires the non-resident status. The February 2018 memo offers a temporary relief to NRI’s. The memo keeps its earlier notification in abeyance. Now if you have already invested in a PPF, you are able to continue with the same until any further notice. Read more: Long Term Capital Gain (LTCG) tax for NRIs It is a known fact that an NRI cannot invest in PPF. However, if you have already invested in a PPF, and subsequently changed to the NRI status, your account can still run until its maturity. The PPF is a 15-years long scheme and can be extended by 5-years blocks, indefinitely. However, for you, an extension is out of question unless you get the resident status back before the