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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Big bet on SIPs: MFs garner over Rs 49,000-cr in Apr-Sep FY#39;20 A total of Rs 44,487 crore was collected through such investment plans in April-September 2018, as per the Association of Mutual Funds in India (AMFI).
Mon, 14 Oct 2019 08:05:04 +0530


Baroda AMC, BNP Paribas AMC to merge BNP Paribas Asset Management is a subsidiary of BNP Paribas Asset Management Asia.
Fri, 11 Oct 2019 22:32:05 +0530


It is a pause and not a reversal! Experts see Nifty at record highs in 2019 Technical experts feel that the trend favours consolidation in the near term, but bulls should be able to push the index towards record highs in the next few weeks.
Mon, 18 Nov 2019 13:01:39 +0530


#39;Data#39; is the rising factor for Alternative Investments in India Data in the current world is tricky and its usage even trickier for investment purposes. The usage of data should not fall under the ambit of phishing or invasion of privacy.
Mon, 18 Nov 2019 11:21:33 +0530


Ajit Mishra Indications are in the favour of further consolidation and we expect the Nifty50 to hover within 11,700-12,100 range in the coming week
Sun, 17 Nov 2019 07:48:06 +0530


Deepak Jasani Retail investors should learn from market moves, and may also want to upskill themselves regarding the ways of the markets, and individual stocks’ financials/valuations.
Fri, 15 Nov 2019 10:10:57 +0530


Muthoot Finance share price rallies 8% on stellar Q2 results Muthoot Finance share price jumped by more than 8 percent in morning trade on Thursday to reclaim Rs 700 levels, a day after it reported a 76.4 percent jump in consolidated net profit at Rs 908.54 crore in Q2.
Thu, 14 Nov 2019 10:02:13 +0530


Rahul Jain The recovery in headline GDP number will be gradual but real economic activity will revive in the ongoing quarter, says Rahul Jain of Edelweiss Personal Wealth Advisory.
Wed, 13 Nov 2019 11:58:46 +0530


Economic data disappoints: Did you make a mistake in investing when Nifty50 hit 12K? The market is on track to hit fresh record highs and the rally could well extend towards 12200 to 12600 on the Nifty which translates into a gain of nearly 6 percent from Monday’s closing of 11,913.
Wed, 13 Nov 2019 10:03:33 +0530


#39;Bank Nifty may test 33,200; invest in these 4 stocks for 1-2 yrs#39; The outperformance of banking has seen in the market so chances of moving closer to 33,200 can be seen. If it sustains above that then further progress will be seen.
Tue, 12 Nov 2019 13:24:48 +0530


Investors should look at bottom-up investing with max 15-20 stocks in portfolio I have reasons to believe that if the economy does well and I think it would, MFs performance in the next couple of years would be significantly different from the benchmark.
Tue, 12 Nov 2019 10:36:30 +0530


This smallcap debt-free company has given 1,000% return in the last 10 years This company#39;s high growth potential, debt-free status, healthy operating cash-flow and a strong order book makes it a preferred buy among analysts.
Tue, 12 Nov 2019 07:51:47 +0530


#39;Sharp correction unlikely; H2 FY20 could be relatively better than the first half#39; Constant reform agenda, better fiscal discipline, kickstart in private capex, last mile funding initiatives are some of the key levers for markets to continue the momentum to higher highs in the coming year.
Mon, 11 Nov 2019 17:55:01 +0530


Auto companies still not out of the woods: Harsha Upadhyaya, Kotak MF Upadhyaya said the house is hopeful of a turnaround in the mid and smallcap stock performance.
Mon, 11 Nov 2019 13:54:43 +0530


Mark Mobius bullish on gold, asks India to issue bonds for growth Talking specifically about India, Mobius said he is upbeat on domestic-oriented manufacturing of infrastructure, consumer-spending, as per capita income is going up.
Mon, 11 Nov 2019 12:04:49 +0530


Ajit Mishra India Inc. has put up a dismal show on an absolute basis (barring banks) considering the slowdown witnessed across sectors. However, if we compare the expectations, earnings have fared relatively better
Sun, 10 Nov 2019 07:35:07 +0530


Moody’s outlook shift unlikely to change things; Bulls will make an attempt towards 12K  There might be the minor sentimental impact of Moody#39;s downgrade but the market may ignore it as rating agencies#39; reaction.
Sat, 09 Nov 2019 09:57:03 +0530


IRCTC IPO oversubscribed by 111 times on last day of bidding The shareholding of government in the railways#39; tourism and catering subsidiary will be reduced to 87.40 percent.
Thu, 03 Oct 2019 16:30:47 +0530

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