Nri services


Who is a Non-Resident Indian (NRI) ?

A non-resident Indian (NRI) is an Indian citizen or a person of Indian origin who stays abroad for employment, business or vocation outside India, or stays abroad under circumstances indicating an uncertain duration.


Who is a Person of Indian Origin (PIO) ?

A Person of Indian Origin means a citizen of any country (other than Bangladesh or Pakistan), if the person: (a) at any time held an Indian passport; or (b) or the persons parents or grandparents were citizens of India; or (c) is a spouse of an Indian citizen, or of a person referred to in (a) or (b) above.

Other terms with vaguely the same meaning are overseas Indian and expatriate Indian. In common usage, this often includes Indian-born individuals (and also people of other nations with Indian ancestry) who have taken the citizenship of other countries.

According to Ministry of Overseas Indian Affairs, India has the second largest diaspora in the world after Overseas Chinese . The overseas Indian community estimated at over 25 million is spread across every major region in the world.

Who is a Foreign Institutional Investor (FII)?

An FII is an institution established or incorporated outside India which proposes to invest in Indian securities and is registered with SEBI.

Who is an Overseas Corporate Body (OCB) ?

An OCB includes overseas companies, partnership firms, societies and other corporate bodies owned predominantly by non-resident persons of Indian nationality or origin outside India.

Can an NRI maintain a bank account in India?

Yes . NRIs can maintain accounts in rupees as well as in foreign currency.

What types of rupee accounts may NRIs maintain?

There are 4 types:

1. Non-resident (External) Rupee Accounts (NRE)

2. Non-Resident (Special) Rupee (NRSR) Account

3. Ordinary Non-resident Rupee Accounts (NRO)

4. Non-resident (Non-repatriable) Rupee deposit accounts (NRNR)

What are NRE, NRO and FCNR accounts?

Non-Resident (External) Rupee (NRE). This is a Rupee account from which funds are freely repatriable. It can be opened with either funds remitted from abroad or local funds which can be remitted abroad.

Non-Resident Ordinary Rupee (NRO). This is a Rupee account and can be opened with funds either remitted from abroad or generated in India. These funds are non-repatriable. However, under certain circumstances, these are allowed to be repatriated.

Fully Convertible Non-Resident Rupee (FCNR). This account is similar to the NRE account except that the funds are held in foreign currencies and can be maintained in Pound Sterling,U.S. Dollar, Euro and Japanese Yen. FCNR accounts can be maintained only in the form of term deposits, i.e. a deposit kept for fixed periods ranging from 6 months to 3 years.

How do NRE, NRO and NRSR accounts differ ?

Balances held in NRE accounts can be repatriated abroad freely, whereas funds in NRSR and NRO account cannot be normally remitted abroad but have to be used only for local payments in rupees. Consequently, funds remitted from abroad or local funds which can otherwise be remitted abroad to the accountholder can only be credited to NRE accounts.

 


All time high inflows suggest that the third wave has not dampened investors’ enthusiasm for equity mutual funds
Tue, 11 Jan 2022 11:58:58 +0530


All time high inflows suggest that the third wave has not dampened investors’ enthusiasm for equity mutual funds
Tue, 11 Jan 2022 11:58:58 +0530


In terms of volumes, Ethos traded with 26.37 lakh shares on the NSE, and 2 lakh shares on the BSE.
Mon, 30 May 2022 17:44:16 +0530


Ethos | The listing was on expected lines as the public issue just managed to sail through on the last day
Mon, 30 May 2022 10:06:58 +0530


Aether Industries IPO: The chemical company aims to raise Rs 808.04 crore through the IPO, which consists of a fresh issue of Rs 627 crore and an offer-for-sale of up to 2.82 million shares.
Thu, 26 May 2022 10:24:49 +0530


Aether Industries IPO: The chemicals company aims to raise Rs 808.04 crore from its public offer
Wed, 25 May 2022 10:18:25 +0530


Hem Securities has come out with its report on Aether Industries. The research firm has recommended to #39;#39;Subscribe#39;#39; the ipo in its research report as on May 23, 2022.
Tue, 24 May 2022 17:49:43 +0530


Anand Rathi has come out with its report on Aether Industries. The research firm has recommended to #39;#39;Subscribe-Long term#39;#39; the ipo in its research report as on May 23, 2022.
Tue, 24 May 2022 14:27:20 +0530


eMudhra IPO: The company will use Rs 35 crore of the net proceeds to pre-pay or repay loans, while Rs 40.2 crore will be utilised to meet working capital requirements
Tue, 24 May 2022 10:23:20 +0530


The chemical company aims to raise Rs 808.04 crore from its public offer. Out of Rs 808.04 crore, company aims to raise Rs 627 crore through fresh issues.
Tue, 24 May 2022 10:22:14 +0530


Choice Equity Broking has come out with its report on Aether Industries. The research firm has recommended to #39;#39;Subscribe with Caution#39;#39; the ipo in its research report as on May 23, 2022.
Tue, 24 May 2022 10:11:08 +0530


Arihant Capital has come out with its report on Aether Industries. The research firm has recommended to #39;#39;Avoid#39;#39; the ipo in its research report as on May 23, 2022.
Mon, 23 May 2022 13:41:10 +0530


eMudhra IPO: The company had done a pre-IPO placement of 1,603,617 equity shares for a cash price of Rs 243.20 per equity share for an aggregate amount of Rs 39 crore to Baring Private Equity India AIF 2, Acacia Banyan Partners, Motilal Oswal Equity Opportunities Fund Series III, Negen Capital Services Private Limited, Value Wise Consultancy Private Limited, Jagadeesan Kumar, and Krishna Kumar.
Mon, 23 May 2022 10:17:37 +0530