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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.

Market Watch
  • MF News
  • IPO News

Joydeep Sen The impact of the revised norms on returns from liquid funds would not be huge.
Mon, 04 Mar 2019 09:40:54 +0530


Subscribe to Embassy Office Parks REIT: Choice Broking Choice Broking has come out with its report on Embassy Office Parks REIT. The research firm has recommended to "Subscribe" the IPO in its research report as on March 16, 2019
Mon, 18 Mar 2019 16:19:20 +0530


Subscribe to Embassy Office Parks REIT: ICICI Direct ICICI Direct has come out with its report on Embassy Office Parks REIT. The research firm has recommended to "Subscribe" the IPO in its research report as on March 18, 2019
Mon, 18 Mar 2019 15:54:32 +0530


Embassy Office Parks REIT IPO opens: 10 things you should know Post the utilisation of the IPO proceeds, its total indebtedness is expected to be less than 15 percent of market value initially.
Mon, 18 Mar 2019 10:16:49 +0530


Embassy Office Parks REIT raises Rs 1,743 cr, Radhakishan Damani among anchor investors Ace investor and Avenue Supermarts#39; owner Radhakishan Damani and his brother are among Indian investors, who invested Rs 160 crore against 53.36 lakh shares in Blackstone-backed company, through their five trusts
Sun, 17 Mar 2019 16:45:10 +0530


Subscribe to MSTC Ltd: Choice Broking Choice Broking has come out with its report on MSTC Ltd. The research firm has recommended to "Subscribe" the IPO in its research report as on March 12, 2019
Fri, 15 Mar 2019 12:03:33 +0530


State-owned MSTC#39;s Rs 226-cr IPO opens today; should you subscribe? The company will get the first mover advantage on account of domain expertise in providing e-commerce services thereby helping to boost its business. It has a robust, advanced and scalable technology platform.
Wed, 13 Mar 2019 10:07:57 +0530


Neogen Chemicals gets Sebi#39;s go ahead for IPO With this, the total number of company getting Sebi#39;s clearance for the public issues -- initial public offer (IPO) and follow on public offer (FPO) -- has reached to seven, so far in the new year.
Tue, 12 Feb 2019 11:25:06 +0530


Reliance General Insurance files for IPO The IPO will also include an offer by Reliance Capital to sell up to 79.5 million shares, Reliance Capital said.
Tue, 12 Feb 2019 10:30:01 +0530