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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RBI puts ammunition to work, but markets search for real catalyst NULL
Fri, 27 Mar 2020 17:14:06 +0530


Equity inflows in February silver lining amid dark clouds Contributing over 25 percent of equity Assets under Management, SIPs have done to the Mutual Fund industry what sachets did to the FMCG industry a few years back
Thu, 12 Mar 2020 10:33:00 +0530


Nippon India Mutual Fund marks down its investment in Yes Bank to zero The limit is imposed only on the new applications, switch-ins, systematic transfer plans and systematic investment plans received after March 5, it said.
Fri, 06 Mar 2020 16:52:06 +0530


SEBI gives direct access to stock exchanges for mutual fund investments SEBI#39;s latest move now allows investors to come to exchanges directly, just as they could go to the MFU entirely on their own.
Wed, 26 Feb 2020 22:02:13 +0530


Saion Mukherjee We are selectively positive in financials, essentially banks which have good liability franchise.
Wed, 01 Apr 2020 16:49:42 +0530


Sanjay Dutt Uncertainty is too high now. Generally in this kind of situation, equities tend to breakdown.
Wed, 01 Apr 2020 16:20:09 +0530


Mahesh Patil Small-ticket consumer discretionary sector which have corrected can bounce back. Private banks have seen a sharp correction, and insurance companies should continue to see secular growth.
Wed, 01 Apr 2020 12:51:49 +0530


Suhas Harinarayanan Sharp fall in oil prices is a significant help but generally such low levels of crude is negative for flows and global economic activity.
Wed, 01 Apr 2020 11:52:13 +0530


Most Nifty companies hit 52-week low in March amid COVID-19 fall; should you buy? Positions in quality stocks can be made in a staggered manner keeping in view the risk profile of investor(s) in order to avoid opportunity loss, suggest experts.
Wed, 01 Apr 2020 11:00:12 +0530


Investors lose over Rs 30 lakh cr in March; 43 stocks in BSE 500 fall over 50% Stocks that shaved off more than half of their value include names like Dish Tv India and AU Small Finance Bank
Wed, 01 Apr 2020 09:28:04 +0530


COVID-19 impact: Consumer durable sector face earnings downgrades Edelweiss slashed earnings by 9–18 percent for stocks in their coverage. It remains positive on Amber Enterprises which was recently added to the model portfolio along with KEI Industries, and Voltas.
Tue, 31 Mar 2020 13:54:56 +0530


Rahul Singh Investors should be disciplined during this period as the overall weak phase might continue given the nature of the uncertainty, both global and domestic.
Tue, 31 Mar 2020 13:18:27 +0530


HDFC Bank, ITC among 10 stocks that could benefit from stimulus package Experts feel that the coming few months are expected to be difficult as all financial markets have witnessed a swift meltdown thereby opening up opportunities for long term investors to dip in.
Tue, 31 Mar 2020 10:41:33 +0530


Aditya Agarwala A sustained trade below 8260 could drag the Index lower to levels of 8080 and 7800. On the flip side a trade beyond 8450 can activate short covering rallies taking Nifty higher to levels of 8740 and 8960.
Tue, 31 Mar 2020 10:17:52 +0530


Moneycontrol News Big opportunities will come over time, but the market volatility is not going to end anytime soon, says Amit Khurana of Dolat Capital.
Mon, 30 Mar 2020 18:30:47 +0530


D-Street Talk podcast | Don#39;t put all eggs in one basket, instead buy multiple baskets “Don#39;t put all eggs in one basket is old. Today it#39;s "buying multiple baskets",” explains Pratik Oswal. With the help of asset allocation, investors can protect themselves from steep market declines.
Mon, 30 Mar 2020 16:29:43 +0530


Ajit Mishra This week is a holiday-shortened one and we do not see this volatility easing anytime soon. The probable range for the Nifty index could be 7,600-9,500 zone.
Mon, 30 Mar 2020 14:49:23 +0530


Nifty target at 10,000 by March, FY21 earnings growth seen at 2%: UBS In terms of earnings, UBS is of the view that a broad-based earnings cycle recovery over the next one to three years is clearly pushed out, with a more material near-term downside.
Mon, 30 Mar 2020 14:37:42 +0530


Shreyash Devalkar Earnings will get impacted because of the sectors that have more exposure to the global scenario like IT and some other export related companies, will also be impacted.
Mon, 30 Mar 2020 14:13:12 +0530


Coronavirus sell-off spoils SBI Card debut; share closes 10% lower SBI Card traded with volumes of 6,08,92,478 equity shares on the NSE and 41.67 lakh shares on the BSE.
Mon, 16 Mar 2020 16:33:40 +0530


Coronavirus impact | Antony Waste Handling Cell withdraws Rs 203cr IPO The issue was subscribed only 50 percent on March 6, but since then it got stuck at those levels till March 16
Mon, 16 Mar 2020 15:30:42 +0530


Coronavirus grips SBI Card, stock debuts with 13% discount at Rs 658 The listing at discount was largely expected by analysts as they already said if the stock market crashed on Monday due to market weakness then the stock has to list at a discount.
Mon, 16 Mar 2020 10:00:22 +0530


Rossari Biotech dares to launch its IPO on March 18 At the time of filing red herring prospectus on March 7, Edward Menezes and Sunil Chari held 42.10 percent and 42.05 percent stake in the company.
Thu, 12 Mar 2020 13:40:34 +0530


Have you applied for SBI Card IPO? You can check the allotment status here The share allocation is expected to be declared on March 11.
Wed, 11 Mar 2020 08:17:45 +0530


Antony Waste Handling Cell extends IPO closing date to March 16 on poor subscription Antony Waste believes that the extension will allow current volatility to subside and allow all categories of investors to participate in the Issue.
Fri, 06 Mar 2020 20:37:17 +0530


SBI Card sets issue price at Rs 755, raises Rs 10,340 crore via IPO State Bank of India and CA Rover together received Rs 9,840 crore, by reducing their stake through IPO.
Fri, 06 Mar 2020 20:12:43 +0530


Antony Waste Handling Cell subscribed 16% on second day of bidding The reserved portion of non-institutional investors was subscribed 12.98 percent and that of retail individual investors 25.93 percent.
Thu, 05 Mar 2020 20:59:25 +0530


SBI Card IPO final day: Issue oversubscribed 26.5 times, HNIs portion subscription at 45x The qualified institutional buyers#39; portion, which was closed on March 4, was subscribed 57.18 times.
Thu, 05 Mar 2020 11:14:22 +0530


Antony Waste Handling Cell IPO subscribed 9% on Day 1 The Rs 203-crore public issue has received bids for 4.29 lakh equity shares against an IPO size of 48.20 lakh equity shares after excluding anchor investors#39; portion.
Wed, 04 Mar 2020 21:03:44 +0530


SBI Card IPO oversubscribed 15.5 times on Day 3, QIB subscription at 57x It is the last day for qualified institutional bidders, while the issue will remain opened till March 5 for all other investors.
Wed, 04 Mar 2020 11:02:41 +0530


Antony Waste Handling Cell raises Rs 60.94 cr from anchor investors The allocation of shares will take place at lower end of price band of Rs 295-300 per share.
Tue, 03 Mar 2020 18:10:26 +0530


Indian Railway Finance Corporation gets SEBI nod for IPO The IPO comprises a fresh issue of 93.8 crore equity shares and an offer for sale of 46.9 crore equity shares by the Government of India.
Tue, 03 Mar 2020 17:20:06 +0530


SBI Card IPO: Does it make sense for HNIs to break the bank? Considering the market conditions due to rising coronavirus fears, the grey market premium has reduced to around Rs 120-140 now
Tue, 03 Mar 2020 15:36:41 +0530


Home First Finance Company receives SEBI nod for Rs 1,500 crore IPO The IPO consists a fresh issue of Rs 400 crore and an offer for sale of Rs 1,100 crore by promoters and investors.
Tue, 03 Mar 2020 13:01:00 +0530

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