India, July 31 -- Whether you're heading overseas for a new job, higher education or planning to settle abroad, your move involves more than just visas and travel bookings. Once you qualify as a Non-Resident Indian (NRI) under Indian law, several financial, tax and legal obligations change.

Failing to update your banking, investments or tax records can lead to regulatory issues, higher taxes or complications in managing assets back home. Here's a guide on six important steps every Indian must take before relocating overseas.

Under the Foreign Exchange Management Act (FEMA), a person who becomes an NRI is not permitted to continue operating a regular resident savings account. Existing resident accounts should be redesignated as either a ...