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I am a non resident Indian, living in Canada.
Some years ago, I opened a trading account with Religare Securities, India,jointly with my wife Mrs. Manju Rawat. My wife was the first holder and I the second.
My wife passed away in 2016. Following her demise,I Was asked by Religare Securities to Close the original DEMAT account I had with my wife and transfer the shares into a new account in my name alone. This was done after some hackles.
I was then asked to open a trading account with them. This needed to open a PIS account with some other bank as Religare Securities were not licenced to do so.
I approached Axis Bank, Lucknow to open the PIS account foe me. They advised to have both the PIS as well as the trading account opened with them.I agreed and had the shares I held in the DEMAT account with Religare Securities, transferred to a DEMAT account with Axis Bank.
After some time, I sold some of the shares. The Axis Bank refused to transfer the funds realized, into my savings Account on the ground that they did not have the information to calculate the TDS (Tax Deduction at Source), With great difficulty, I obtained transaction statements from Religare and passed them on to Axis Bank, a job they ought to have done themselves when opening my account
It's been over four months and the funds have still not been paid out to me.
There stand now is that since I was a second holder, the shares I have acquired subsequent to my wife's death are considered as inheritance. This implies that the have become non repatriable and I can take them to Canada, my country of residence.
My dilemma is that I am a senior,68 years old. I need the funds in Canada to supplement my meager income. It's cruel that I can't access my life's saving at a time I need it most. I also feel that the Axis Bank's stand calling the funds as inheritance is wrong as I was joint holder of the shares
I seek help to have the funds paid out to me without further delay and be allowed to take them to Canada
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