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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Mutual funds add 68 lakh folios in 2019 However, the pace of growth in folio numbers dropped in 2019 as compared to preceding three years. Industry experts attributed the trend to decline in investors account in debt oriented schemes as they were spooked by credit events in fixed income market.
Tue, 21 Jan 2020 15:14:07 +0530


Equity MF inflows in December back in shape, SIPs do all the talking The gradual shift of household savings away from physical to financial assets and the increasing share of MFs in part explain the stellar AUM growth
Thu, 09 Jan 2020 17:41:18 +0530


Ideas for Profit | Will the rally in HDFC AMC and Reliance Nippon continue in 2020? NULL
Tue, 31 Dec 2019 09:13:32 +0530


Ajit Mishra After the recent surge, we might see the broader indices taking a breather but there will be no shortage of opportunities on the stock-specific front so the focus should be more on stock selection.
Tue, 21 Jan 2020 14:03:25 +0530


Himanshu Gupta This year is going to be a very rewarding year for bottom up investors, however the word of caution remains that one should be sticking to liquid and high quality names.
Tue, 21 Jan 2020 13:06:45 +0530


#39;Correction in Nifty likely ahead of Budget; HDFC AMC, D-Mart among top breakout buys#39; Modi government’s biggest announcement of the corporate tax cut in September 2019 has hinted towards their intention of aggressively attracting new investments and job creation.
Mon, 20 Jan 2020 12:35:46 +0530


Rakesh Jhunjhunwala raises stake only in Titan in Q3; most small, midcaps in his portfolio gain As of January 17, 16 companies in Jhunjhunwala’s portfolio have released their shareholding data for Q3FY20. Of these, more than 70 percent of the stocks have given positive returns since October 2019.
Mon, 20 Jan 2020 09:42:11 +0530


Market Headstart: Nifty50 likely to head higher; TCS, RIL in focus post Q3 results Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 31.5 points gain or 0.25 percent. The Nifty futures were trading around 12,389-level on the Singaporean Exchange.
Mon, 20 Jan 2020 07:58:50 +0530


Umesh Mehta TCS with a revenue miss and margins higher could open slightly lower on Monday since the narrative is not very pleasant.
Sat, 18 Jan 2020 08:59:10 +0530


Pre-Budget 2020 euphoria fuels rally in small  mid-caps; Over 100 stocks rose 10-60% in a week The rally is certainly visible in the cement, auto and auto ancillary, financial and metal sectors all alike, but at the same time it indicates that this leg of Bull Run is now nearing exhaustion.
Sat, 18 Jan 2020 08:13:37 +0530


Taking Stock: Investors book profit as Sensex crosses 42k; Mid  smallcap outperform For the week ended January 17, the SP BSE Sensex rose 0.83 percent while the Nifty50 ended with gains of 0.78 percent.
Fri, 17 Jan 2020 16:37:09 +0530


These 11 small  midcaps fell 30-70% from their 52-week high: time to buy? HEG, National Peroxide and Lakshmi Machine Works are among the good bets according to experts
Tue, 14 Jan 2020 14:11:42 +0530


Aditya Agarwala A constant trade above 12,320 will extend the gains to levels of 12,370-12,400 which happens to be the upper end of the rising channel.
Tue, 14 Jan 2020 11:36:35 +0530


Umesh Mehta Nifty50 is attempting to touch a new high territory. However, volumes and open interest will probably not support it
Sun, 12 Jan 2020 08:33:56 +0530


Prasanna Pathak Valuations optically look stretched, however high-double digit earnings growth, lower interest rates environment, easing liquidity scenario globally might keep it elevated for some time
Sun, 12 Jan 2020 08:15:43 +0530


High-conviction bets: Yes Securities picks 6 names for 2020 As most brokerages said the economic recovery is likely in 2020 given the NPA resolution and several government measures including sharp cut in corporate tax rate, Yes Securities also looks agreed.
Fri, 10 Jan 2020 16:19:43 +0530


These 10 stocks are likely to more than double their profit in Q3; do you own any? The net profit in the December quarter is likely to be led by the BFSI segment, followed by the automobile space, and consumer space which is a beneficiary of tax cuts.
Fri, 10 Jan 2020 09:59:26 +0530


Market Headstart: Nifty seen opening flat; all eyes on Infosys ahead of Q3 results Trends on SGX Nifty indicate a flat opening for the index in India, with a 6.5 points, or 0.05 percent, loss
Fri, 10 Jan 2020 08:45:51 +0530


ITI follow-on public offer opens on Jan 24, may raise Rs 1,600 cr The company in its BSE filing on January 19 said the meeting of the board of directors of the company is scheduled on January 22 to consider and approve price band for FPO.
Mon, 20 Jan 2020 15:36:50 +0530


Prince Pipes IPO subscribed 2.21 times on final day as QIB, retail support Promoters will reduced their stake by selling shares through an offer for sale and intend to use the IPO proceeds towards repayment of outstanding bonds issued by Express Infra Projects
Fri, 20 Dec 2019 11:09:54 +0530


UTI AMC files IPO papers with SEBI, 5 shareholders to mop up over Rs 3,000 cr via OFS SBI, LIC, Punjab National Bank and Bank of Baroda each hold 18.5 percent stake in the UTI AMC. The remaining stake is held by US company T Rowe Price.
Thu, 19 Dec 2019 19:06:27 +0530


Subscribe to Prince Pipes and Fittings: Hem Securities Hem Securities has come out with its report on Prince Pipes and Fittings. The research firm has recommended to "Subscribe#39;#39; the IPO in its research report as on December 17, 2019
Thu, 19 Dec 2019 13:03:04 +0530


Subscribe to Prince Pipes and Fittings: Geojit Geojit has come out with its report on Prince Pipes and Fittings. The research firm has recommended to "Subscribe#39;#39; the IPO in its research report as on December 17, 2019
Thu, 19 Dec 2019 13:02:21 +0530


Subscribe to Prince Pipes and Fittings: Choice Equity Broking Choice Equity Broking has come out with its report on Prince Pipes and Fittings. The research firm has recommended to "Subscribe#39;#39; the IPO in its research report as on December 18, 2019
Thu, 19 Dec 2019 13:02:19 +0530


Avoid Prince Pipes and Fittings: Anand Rathi Anand Rathi has come out with its report on Prince Pipes and Fittings. The research firm has recommended to "Subscribe#39;#39; the IPO in its research report as on December 17, 2019
Thu, 19 Dec 2019 13:02:16 +0530


Prince Pipes IPO Day 2: Subscription at 74%, retail fully booked Choice Broking feels on valuation front, based on the higher price band, Prince Pipes is demanding a P/E multiple of 23.5x (to its restated FY19 EPS of Rs 7.6), which is at a marginal discount to peer average of 25.7x.
Thu, 19 Dec 2019 12:42:49 +0530


UTI AMC may file IPO papers this week, offer size could be Rs 3,800-4,800 crore The business channel learnt from sources that SBI, LIC and BoB may sell maximum 1.05 crore shares each while Punjab National Bank and T Rowe Price may sold 38 lakh shares each through the issue.
Thu, 19 Dec 2019 11:56:55 +0530


Rossari Biotech files IPO papers, looks to raise Rs 700 crore Sources told Moneycontrol that the company aims to raise around Rs 700 crore through the share sale.
Wed, 18 Dec 2019 18:44:46 +0530


Prince Pipes and Fittings IPO subscribed 28% so far on Day 1 The leading polymer pipes and fittings manufacturer has already garnered Rs 150 crore from anchor investors on December 17, ahead of its initial public offering.
Wed, 18 Dec 2019 12:07:18 +0530


Prince Pipes mops up Rs 150 cr from anchor investors ahead of IPO SBI Oman, Aditya Birla MF, SBI Life Insurance, HDFC Life Insurance etc participated in the anchor investor bidding.
Wed, 18 Dec 2019 11:10:33 +0530


Prince Pipes IPO: What should investors do? NULL
Wed, 18 Dec 2019 09:07:29 +0530


Prince Pipes IPO opens on December 18; 10 things to know The issue consists of fresh issue of Rs 250 crore and offer for sale of Rs 250 crore.
Tue, 17 Dec 2019 09:08:24 +0530


Equitas Small Finance Bank files IPO papers with SEBI, likely to raise Rs 1,000 cr The IPO comprises a fresh issue aggregating up to Rs 550 crore and an offer for sale of up to 8 crore equity shares by Equitas Holdings.
Mon, 16 Dec 2019 19:06:31 +0530

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