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


Chandan Taparia The Nifty IT index managed to surpass its 50 DEMA but remains near to its hurdle zone, says Chandan Taparia of Motilal Oswal Financial Services
Sun, 16 Dec 2018 10:14:37 +0530


Uttaresh Venkateshwaran LTCG, PNB scam, US-China trade war and MF reclassification are among the events that impacted the market this year.
Sat, 15 Dec 2018 11:18:36 +0530


Siddharth Sedani It is important to have a stable government at the Centre which will be able to implement the much-needed reforms for the Indian economy to keep growing at fast pace
Fri, 14 Dec 2018 08:47:15 +0530


Upbeat on consumption stocks, corporate banks; cautious on NBFCs: Enam Holdings Enam Holdings#39; Sridhar Sivaram said they are long on financials because there is lot of room for monetary easing.
Thu, 13 Dec 2018 13:17:45 +0530


Morgan Stanley sees Sensex rising 20% in 2019; bets on these 8 growth stocks Ridham Desai Sheela Rathi expect FPI flows to improve in 2019 after they turned net sellers in 2018
Thu, 13 Dec 2018 10:09:04 +0530


No issues with liquidity; mutual funds thriving now: IDFC MF The market is expecting easier fiscal and pro-growth policy from the new RBI governor Shaktikanta Das, said UBS Securities#39; Tanvee Gupta Jain.
Wed, 12 Dec 2018 14:00:10 +0530


Investors#39; mood towards emerging markets still grim, negative: Deutsche Bank Significant upside in the Indian market will be limited due to the political risks related to the upcoming Lok Sabha elections,
Wed, 12 Dec 2018 12:48:48 +0530


Invest in index funds, avoid thematic funds amid volatility: experts Kalpen Parekh of DSP MF advised investing in index funds provide better returns
Tue, 11 Dec 2018 16:09:42 +0530


Here’s what to expect from the markets in 2019 NULL
Tue, 11 Dec 2018 15:59:19 +0530


State election results out of the way: 10 stocks that could give 18-50% returns in a year Largecap and quality midcaps are a better bet at current levels. In terms of sectors, investors can look at banking, insurance, AMC companies, IT and retail-oriented stocks
Tue, 11 Dec 2018 13:33:45 +0530


Market to remain choppy till final results are out: Experts Siddhartha Sanyal, Chief India Economist, Barclays, said after today#39;s results, the market would focus on the upcoming Lok Sabha polls.
Tue, 11 Dec 2018 13:24:35 +0530


Raamdeo Agrawal Raamdeo said the market corrected and a lot of negative in local or global is already priced in
Tue, 11 Dec 2018 13:12:43 +0530


Nilesh Shah He believes the market looks better as long as oil is softer, interest rate is softer which will support corporate earnings and economy
Tue, 11 Dec 2018 11:49:57 +0530


Market waiting to see who govt picks as Urjit Patel#39;s replacement: JPMorgan #39;Urjit’s appointment was seen as a continuation of Raghuram Rajan’s policies and we saw risk premium getting contained,#39; said JPMorgan#39;s Jahangir Aziz.
Tue, 11 Dec 2018 10:58:42 +0530


Udayan Mukherjee Next couple of days will be dominated by the news of RBI and elections results, followed by focus on global setup, said Udayan Mukherjee
Tue, 11 Dec 2018 10:47:29 +0530


Neogen Chemicals files IPO papers with Sebi The initial share sale comprises fresh issuance of shares aggregating up to Rs 70 crore and an offer for sale of up to Rs 29 lakh by the company#39;s promoters, according to the draft red herring prospectus (DRHP) filed with Sebi.
Tue, 06 Nov 2018 18:26:14 +0530

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