NRI Corner

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.

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MFs pump over Rs 11,600-cr in equities in September; FPIs in sell-off mode The sell-off by foreign portfolio investors (FPIs) from the Indian equity markets has provided an opportunity to mutual fund managers, experts believe.
Wed, 10 Oct 2018 14:59:04 +0530


Sumit Bilgaiyan This week, the Nifty has strong support at 10,200-10,140 levels and resistance at 10,445-10,525 levels
Sun, 21 Oct 2018 07:45:29 +0530


FII View | Foreign investors cautious on India, pharma  consumption attractive: Steven Birch According to the latest report by IMF, India is poised to grow at 7.4 percent in 2018 and 7.8 percent in 2019, making it the fastest growing economy among peers overtaking China.
Fri, 19 Oct 2018 14:02:28 +0530


Prashanth Tapse If you do not understand the company or market sentiments, do not buy individual companies, but Invest in a mutual fund.
Fri, 19 Oct 2018 13:07:48 +0530


S Ranganathan The recent ILFS fiasco and its adverse fallout on NBFC (non-banking financial companies) space is unlikely to reverse financial savings as a percentage of overall savings in India; it will continue to rise.
Fri, 19 Oct 2018 09:51:20 +0530


Relief for NBFCs, HFCs: RBI eases liquidity norms The announcement comes at a time when NBFCs and HFCs are suffering a confidence crisis due to growing fears of them not having enough cash to repay their debt
Fri, 19 Oct 2018 09:25:35 +0530


Podcast | Stock picks of the day: MOIL, Wipro among top 3 short-term stock picks The Nifty is likely to consolidate within the range of 10,700 and 10,200. A decisive breakout on either side will confirm the future trend.
Fri, 19 Oct 2018 08:38:39 +0530


What changed for the market while you were sleeping? 10 things to know A few cues from the market in India and abroad that could help you with your trade today.
Fri, 19 Oct 2018 07:46:10 +0530


Stocks in the news: RIL, ACC, UltraTech, ICICI Securities, Mindtree, Havells India, DCB Bank ICICI Securities, SBI Life Insurance Company, UltraTech Cement, and Bhansali Engineering Polymers are likely to be in focus on the back of their September quarter results announcements.
Fri, 19 Oct 2018 07:45:33 +0530


A morning walk down Dalal Street | Investors could react to RIL Q2 show; 8 cos to declare earnings If the bulls fail to push the index above its immediate hurdle at 10,550-10,600 zones then profit booking may take it towards next support of 10,350 zones.
Fri, 19 Oct 2018 07:05:02 +0530


Dussehra stock picks: Experts want you to look at these 9 names Experts have advised investors to not get rattled by volatility and continue to stay invested in high-quality names with steady balance sheets and management.
Thu, 18 Oct 2018 12:19:50 +0530


Kshitij Anand In an interview with Moneycontrol#39;s Kshitij Anand, Dharmesh Kant speaks about his view on the currency, and stocks that he thinks are good bets
Thu, 18 Oct 2018 12:03:58 +0530


Time ripe for value seekers to start investing: Reliance Securities Rajeev Srivastava of rnReliance Securities expects the Indian equity market to remain choppy and volatile in October
Thu, 18 Oct 2018 11:24:11 +0530


On Dussehra, Anand Rathi is betting on 5 stocks with a 1-year view The market is shut today on account of Dussehra, which marks the victory of good over evil. The equity market tries to fight a similar battle every day, with good quality names eventually emerging victorious
Thu, 18 Oct 2018 10:54:56 +0530


Podcast | Stock picks of the day: Nifty likely to face resistance around 10,650-10,700 levels The upside remains open towards 10,650 – 10,700 but it will be too soon to take bullish call given the indicators are showing a weaker trend strength.
Wed, 17 Oct 2018 08:25:35 +0530


What changed for the market while you were sleeping? 10 things to know A look at cues from market in India and abroad to help you with your trade today.
Wed, 17 Oct 2018 07:44:02 +0530


Bharat Hotels, Spandana Sphoorty get Sebi#39;s go-ahead for IPO Bharat Hotels and Spandana Sphoorty obtained the regulator#39;s "observations" on October 12, latest update with Securities and Exchange Board of India (Sebi) showed.
Wed, 17 Oct 2018 13:34:05 +0530


New Listing: Aavas Financiers closes 3% higher at Rs 771 on Day 1 The share price closed at Rs 771 against issue price of Rs 821 on the National Stock Exchange.
Mon, 08 Oct 2018 17:02:46 +0530


Weak Listing: Aavas Financiers debuts at Rs 746, 9% discount to IPO price The listing was on expected lines due to weak market conditions and sharp correction in NBFCs including housing finance companies after ILFS-led liquidity fear and high valuations.
Mon, 08 Oct 2018 10:06:00 +0530


Dinesh Engineers withdraws IPO on weak equity market conditions The company opened its public offer on September 28 with a price band at Rs 183-185 per share.
Wed, 03 Oct 2018 18:41:39 +0530


ITI files FPO papers with Sebi The FPO comprises fresh issue of up to 18 crore equity shares, according to the draft papers filed with Securities and Exchange Board of India (Sebi).
Mon, 01 Oct 2018 15:11:05 +0530


After weak listing, IRCON International closes 13% below IPO price After starting off day below IPO price at Rs 412, IRCON hit an intraday high of Rs 465 and low of Rs 409.10.
Fri, 28 Sep 2018 16:37:20 +0530


Dinesh Engineers IPO opens: Should you subscribe? Brokerage houses advised either subscribing with caution or said high risk appetite investor may opt this public issue due to current equity market conditions and dependency of the company on limited number of large customers for revenue.
Fri, 28 Sep 2018 09:00:00 +0530


Dinesh Engineers IPO opens: Should you subscribe? Brokerage houses advised either subscribing with caution or said high risk appetite investor may opt this public issue due to current equity market conditions and dependency of the company on limited number of large customers for revenue.
Fri, 28 Sep 2018 09:00:00 +0530


Aavas Financiers IPO last day subscription at 97%, QIB portion sold out The portion reserved for qualified institutional buyers in Aavas Financiers has been subscribed 2.77 times, non-institutional investors 13 percent and retail investors 19 percent.
Thu, 27 Sep 2018 14:40:35 +0530


Dinesh Engineers IPO opens on Friday: Here are 10 key things to know Dinesh Engineers intends to raise Rs 183 crore at lower end and Rs 185 crore at higher end of the price band.
Thu, 27 Sep 2018 08:18:15 +0530


Subscribe to Dinesh Engineers: Choice Broking Choice Broking has come out with its report on Dinesh Engineers. The research firm has recommended to "Subscribe" the IPO in its research report as on September 26, 2018
Wed, 26 Sep 2018 17:42:21 +0530


Subscribe to Aavas Financiers: Aditya Birla Money Aditya Birla Money has come out with its report on Aavas Financiers. The research firm has recommended to "Subscribe" the IPO in its research report as on September 24, 2018
Tue, 25 Sep 2018 13:03:20 +0530


Aavas Financiers IPO opens: Should you subscribe? Majority of brokerage houses advised subscribing to Aavas Financiers issue with long-term perspective, but not for listing gains as the issue is fairly priced and FY19 earnings multiple do not leave much upside in the near term.
Tue, 25 Sep 2018 12:07:17 +0530


Aavas Financiers IPO to open on September 25; 10 key things you should know Aavas Financiers aims to raise Rs 1,729.2 crore at lower end of price band and Rs 1,734.07 crore at higher end of price band.
Tue, 25 Sep 2018 01:08:08 +0530


Aavas Financiers raises Rs 520 cr from 34 anchor investors, IPO opens on September 25 The anchor book also saw widespread participation from the leading life insurance companies such as SBI, Bajaj Allianz, Birla Sunlife, Kotak and Max.
Mon, 24 Sep 2018 22:16:10 +0530

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