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Non-Resident Ordinary (NRO) Account |
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Non-Resident External (NRE) Account |
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Foreign Currency Non Resident (FCNR) Account. |
The NRO / NRE accounts are maintained in rupees and the funds remitted will thus be converted into India rupees at the spot exchange rate.
For FCNR, the deposit can be maintained in the currency of your choice i.e. USD, GBP, EUR, AUD and
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| Real Estate |
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NRI's, especially those looking to migrate back to India are investing in property, houses and real estate in India.
The real estate market in India has so much to offer that it is impossible for NRIs to keep track of the developments while staying overseas. Serious buyers therefore need the right information and professional property services to keep them abreast of the latest trends in the Indian realty market.
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Completely attuned to the NRI’s specific needs, S M Financial and Management Services aims to keep the visitor posted with daily updates on property and investment in India. Through unbiased news and well-researched articles, we aspire to equip the overseas Indian with the knowledge to make an informed choice on an investment in property.
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Key information on investment in real estate for NRIs:
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Mode of payment for purchase of residential / commercial property in India by NRI / PIO
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Under the general permission available NRI / PIO may purchase residential / commercial property in India out of funds remitted to India through normal banking channel or funds held in his NRE / FCNR (B) / NRO account. No consideration shall be paid outside India.
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Repatriation of sale proceeds of property purchased by NRI/PIO
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In case the property was acquired by the seller in accordance with the provision of foreign exchange law in force at the time of acquisition, the proceed of sale can be repatriated. The repatriation shall, however, not exceed the amount paid in foreign exchange received through inward remittance from abroad or out of funds in FCNR account or foreign exchange equivalent of amount paid out of NRE Account. The excess sale consideration over the amount paid in foreign exchange (profit) can be remitted out of NRO account subject to USD 1 million per financial year per person. In case of repatriation of sale proceed of residential property, it is limited to sale proceed of two such properties.
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NRIs can invest in all avenues open to resident Indians. Persons of Indian origin are restricted to investment in non-agricultural businesses in the country.
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Rental income being a current account transaction is repatriable after payment of applicable taxes.
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| Investment Opportunities: |
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Real Estate: Primary and Secondary Market |
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Share and Debentures: Primary and Secondary Mkt |
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Mutual Funds |
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Derivative Contracts |
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Commercial Papers |
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Government Dated Securities, T-bills etc |
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