NRI Central
NRI Advisory Services
Taxation and Remittances
- Apply for new/modifications in PAN, TAN
- Comply with Income Tax laws
- Double Taxation Avoidance Agreements and Foreign Compliance Support
- Issue Certificates including in Form 15CB for outward remittances
- File Income Tax returns and forms (e.g. 15CA)
- Refund application of overpaid tax or TDS
- Reply to Income Tax notices and liaison with the department
- Banking Advisory – managing NRE and NRO accounts, transfers, and related queries
NRI Investments
- Investments through NRE and NRO banking accounts in Mutual Funds, Insurance products and other instruments as per eligibility.
NRI FAQs
A :
An Indian citizen or a foreign citizen of Indian origin who has stayed abroad for employment/carrying out business or vocation for 182 days or more or under circumstances indicating an intention for an unknown duration of stay abroad is a Non-Resident Indian (NRI). Those who stay abroad on business visits, for medical treatment, study or such other purposes, which do not indicate an intention to stay there for an indefinite period, are not considered as NRIs.
A :
A Person of Indian Origin means a citizen of any country (other than Bangladesh or Pakistan), if:
- I. He/She at any time held an Indian passport; or
- II. He/She or either of his/her parents or grandparents was a citizen of India; or
- III. He/She is a spouse of an Indian citizen, or of a person referred to in (I) or (II).
A :
The three types of rupee accounts permitted, that can be maintained by NRIs are as follows
- I. NRE: Non-resident (External) Rupee Accounts,
- II. NRO: Non-resident Rupee (Ordinary) Accounts
- III. FCNR – B: Foreign Currency (Non –Resident) Accounts (Banks)
A :
The three types of rupee accounts permitted, that can be maintained by NRIs are as follows
- Non-Resident (External) Rupee (NRE) account is a Rupee (INR) account from which funds are freely repatriable. Credits in this account type are ONLY either through funds remitted from abroad or local funds maintained in NRE/ FCNR accounts.
- Non-Resident Ordinary Rupee (NRO) account is a Rupee (INR) account which can receive credits from either funds remitted from abroad or generated in India. The amounts in such an account are non-repatriable.
- However, funds in NRO accounts can also be remitted abroad subject to/as per various directives in force at the time of repatriation. Our advisors handle these queries offline. Kindly get in touch with us on Phone/ Email for the same.
A :
The three types of rupee accounts permitted, that can be maintained by NRIs are as follows
- Non-Resident (External) Rupee (NRE) account is a Rupee (INR) account from which funds are freely repatriable. Credits in this account type are ONLY either through funds remitted from abroad or local funds maintained in NRE/ FCNR accounts.
- Non-Resident Ordinary Rupee (NRO) account is a Rupee (INR) account which can receive credits from either funds remitted from abroad or generated in India. The amounts in such an account are non-repatriable.
- However, funds in NRO accounts can also be remitted abroad subject to/as per various directives in force at the time of repatriation. Our advisors handle these queries offline. Kindly get in touch with us on Phone/ Email for the same.
A :
- No special approval is required. NRIs/FIIs have been granted a general permission by RBI [Schedule 5 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000] for investing in/redeeming units of the schemes subject to conditions set out in the aforesaid regulations.
A :
Note: Due to regulatory restrictions following the Foreign Account Tax Compliance Act (FATCA) “U S Persons and Persons of Canada”, as of December 2016, can make any fresh purchase/additional purchase/switches in any scheme(s) of the following fund houses only
- Birla Sun Life Mutual Fund
- SBI Mutual Fund
- UTI Mutual Fund
- ICICI Prudential Mutual Fund
- DHFL Pramerica Mutual Fund
- L&T Mutual Fund
- Sundaram Mutual Fund
A :
- An NRI cannot make the investment in foreign currency. He needs to give us a Rupee cheque from his NRE, NRO bank account in India. He may also send a Rupee cheque from abroad payable in a bank in India. However, for an NRI to invest, it is mandatory that he maintains a bank account in India.
- All dividends, interest, redemption proceeds are also paid out in Indian Rupee only.
A :
To invest on a repatriable basis, NRI investor must have an NRE or FCNR Bank Account in India. The Reserve Bank of India (RBI) has granted a general permission to Mutual Funds to offer mutual fund schemes on repatriation basis, subject to the following conditions :
- The amount representing investment should be received by inward remittance through normal banking channels, or by debit to an NRE / FCNR account of the non-resident investor.
- The net amount representing the dividend / interest and maturity proceeds of units may be remitted through normal banking channels or credited to NRE / FCNR account of the investor, as desired by him subject to payment of applicable tax.
A :
- The Reserve Bank of India (RBI) has granted a general permission to Mutual Funds to offer mutual fund schemes on non-repatriation basis, subject to the following conditions :
- Funds for investment should be provided by debit to NRO account. Alternatively, funds may be invested by inward remittance or by debit to NRE / FCNR Account.
A :
- One – time KYC is mandatory for which PAN card and overseas ID and address proofs are mandatory. The NRIs/PIOs/FIIs may also be required to furnish other documents needed to process their investments.
A :
Please refer the tax reckoner for details. PDF Link
A :
TDS Certificates (Form 16A) are despatched to the investors once in a quarter.
A :
Yes. Please consult our advisors to know more.
A :
- Yes, Unlike banks where a POA holder cannot open an account on behalf of the NRI/FIIs, in a mutual fund the POA has the authority to invest on behalf of the investor and sign documents for initial and additional purchases as well as redemptions.
- While applying for purchase of units, the POA holder needs to submit the original POA or a copy duly notarized. The Power of attorney should contain the signature of both the first holder and the POA holder. Only when the POA is registered does the POA holder have the right to transact on behalf of the NRI/FII investor. His signature will be verified for processing any transaction/request.
A :
- Yes, It is allowed only for Individuals.
- Furthermore, a resident can nominate a NRI in their investments.