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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Equity MF inflows muted, but SIP inflows hit an all-time high in April Market reforms introduced by SEBI such as reduction of total expense ratio and introduction of direct plans have attracted retail investor
Thu, 09 May 2019 16:21:57 +0530


Reliance Nippon Life: Soft FY19 earnings, but ADAG stake sale may move the needle NULL
Thu, 02 May 2019 15:25:34 +0530


Raamdeo Agrawal He further said India has to grow 7-9 percent, but for that credit freeze, which has been spreading and causing havoc, should be solved
Thu, 23 May 2019 16:04:57 +0530


Global experts positive on India, expect midcaps to outperform largecaps According to them, midcaps are expected to see more action than largecaps in coming months and sectors to outperform will be financials, consumption and infrastructure
Thu, 23 May 2019 15:33:27 +0530


Gaurav Dua We believe that a large part of the new government policy would depend upon attracting foreign direct and portfolio investment to fill in the resource gap domestically
Thu, 23 May 2019 15:02:43 +0530


#39;Market may consolidate at current levels; bet on consumer and financial sectors#39; Nilesh Shah of Envision Capital said there could be a similar situation like 2014 when Nifty hit 7,500 and then saw consolidation around 7,200-7,300 followed by a strong run
Thu, 23 May 2019 14:18:30 +0530


Modi 2.0: Morgan Stanley sees Sensex at 45,000 and Nifty at 13,500 by June It adds Asian Paints and Interglobe Aviation to the Focus List at the expense of Adani Ports and Eicher Motors
Thu, 23 May 2019 13:46:34 +0530


India is home to many companies with growth potential, says Aberdeen#39;s Adrian Lim Talking about investments, he said the firm has a disproportionately large exposure to India within the region.
Thu, 23 May 2019 13:36:45 +0530


#39;Nifty may consolidate after record highs, broader markets can see action#39; Ved further said the government will start working on its plans very soon as it is very proactive
Thu, 23 May 2019 13:12:55 +0530


Indices may surge 13% in 6-12 months; financials to dominate: Atul Suri According to Suri, once the election euphoria dwindles, the focus will be back to international markets with crude and corporate earnings in the forefront
Thu, 23 May 2019 12:32:43 +0530


Opportunities available in broader market: Nilesh Shah Nilesh Shah said definitely RBI will talk of about inflation and growth trajectory. Now inflation is under its target, growth will be in focus, he added
Thu, 23 May 2019 12:16:14 +0530


Foreign investors will take heart from a fairly large NDA victory, says Teresa Barger of Cartica Capital "I think I am more interested in what the domestics are going to do," Barger said.
Thu, 23 May 2019 12:04:12 +0530


Infra spending, labour reforms key priorities for new govt: Mark Mobius On the biggest risk factor, he said global growth concern and any rise in oil price are risks for India.
Thu, 23 May 2019 11:15:49 +0530


NBFC crisis is the biggest risk; railway and defence contrarian bets: Ramesh Damani He said there is a strong chance that RBI will ease liquidity concerns. In addition, it is a duty of any finance ministry that they have to reassure and try to contain NBFC crisis
Thu, 23 May 2019 10:55:17 +0530


Midcaps at record low valuations, good time to buy: Arvind Sanger Arvind Sanger feels midcaps, which have been negatively impacted by liquidity and corporate governance issue, are not going to outperform only on back of election outcome
Thu, 23 May 2019 09:37:22 +0530


If election results are different from exit polls, Nifty can tank 3-5% on May 23 The volatility index, India VIX has already hit 4-year high of 30.18 in the intraday trade on May 22
Wed, 22 May 2019 15:37:14 +0530


Ashish Chaturmohta India VIX jumped 8.3 percent to close at 25.65. We expect volatility to continue in the market this week with election results on May 23
Wed, 22 May 2019 14:09:37 +0530


Bumper debut: Neogen Chemicals ends with 23% premium at Rs 264 At closing price, Neogen#39;s market capitalisation stood at 614.98 crore
Wed, 08 May 2019 16:45:39 +0530


Strong listing: Neogen Chemicals debuts with 17% premium at Rs 251 Thanks to the heavy buying, the stock was locked at 5 percent upper circuit
Wed, 08 May 2019 10:06:54 +0530


Neogen Chemicals to list equity shares on May 8 The issue price is fixed at higher end of price band of Rs 212-215 per share.
Tue, 07 May 2019 20:56:37 +0530


Neogen Chemicals IPO subscribed 41 times on strong support from investors The reserved portion for qualified institutional buyers has seen subscription of 30.49 times and non-institutional investors 113.88 times while retail category oversubscribed 16.06 times so far.
Fri, 26 Apr 2019 21:30:05 +0530


Neogen Chemicals IPO fully subscribed; retail subscription at 3.15 times The reserved portion for qualified institutional buyers was subscribed 95 percent and for non-institutional investors was 1.12 times while retail individual investors#39; category has seen subscription of 3.15 times.
Thu, 25 Apr 2019 18:19:49 +0530


Subscribe to Neogen Chemicals: Mehta Equities Mehta Equities has come out with its report on Neogen Chemicals. The research firm has recommended to "Subscribe#39;#39; the IPO in its research report as on April 25, 2019
Thu, 25 Apr 2019 13:43:16 +0530


Neogen Chemicals IPO opens today; should you subscribe? Anand Rathi said higher multiple is justified given the company’s ability to grow profitably and command better return ratios. Hence it recommended subscribing the issue
Wed, 24 Apr 2019 09:52:33 +0530


Neogen Chemicals IPO to open on April 24; here#39;s all you need to know Neogen Chemicals (NCL) is manufacturers of bromine-based, and lithium-based, specialty chemicals
Tue, 23 Apr 2019 08:58:18 +0530


Avoid Neogen Chemicals: Choice Broking Choice Broking has come out with its report on Neogen Chemicals. The research firm has recommended to "Avoid#39;#39; the IPO in its research report as on April 22, 2019
Mon, 22 Apr 2019 14:00:00 +0530


Avoid Neogen Chemicals: Choice Broking Choice Broking has come out with its report on Neogen Chemicals. The research firm has recommended to "Avoid#39;#39; the IPO in its research report as on April 22, 2019
Mon, 22 Apr 2019 14:00:00 +0530


Bumper Listing: Polycab India debuts with 18% premium at Rs 638 The Rs 1,345-crore public issue saw a massive subscription of 51.96 times during April 5-9, 2019
Tue, 16 Apr 2019 10:00:50 +0530


Metropolis Healthcare ends at Rs 959.85, a 9% premium over issue price Metropolis Healthcare#39;s market valuation was at Rs 4,814.90 crore on the BSE
Mon, 15 Apr 2019 16:34:19 +0530


Good Listing: Metropolis Healthcare debuts with 9% premium at Rs 960 The stock opened with a 9 percent premium over its issue price of Rs 880 while on the National Stock Exchange it opened at Rs 958.
Mon, 15 Apr 2019 10:07:37 +0530

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