|
Can NRIs and PIOs open an account with Indian banks?
|
|
Yes, NRIs can maintain both Rupee and foreign currency accounts in India. RBI has authorized certain banks for Foreign Currency accounts for the NRIs.
|
|
Is there a limit to the number of investments for acquiring commercial properties in India?
|
|
No, there is no limit to the investments that NRIs can make in immovable commercial properties in India.
|
|
What are the investment options for NRIs in India?
|
NRIs can invest in India as under:
Investment under Automatic Route with repatriation benefits
Investment with Government approval
Other investments with repatriation benefits
Investments up to 100% equity without repatriation benefits
Other investments by NRIs/OCBs without repatriation benefits.
The Ministry of Overseas Indian Affairs has designed a Ready Reckoner to provide information on various investment opportunities open to Indian Diaspora at a glance.
|
|
Can NRIs invest in shares, debentures and units of mutual funds in India?
|
|
Yes, NRIs can invest in government and UTI bonds, debentures, shares and securities as per the rules laid down by FEMA (Foreign Exchange Management Act).
|
|
Can NRIs and PIOs acquire any immovable property in India by the way of inheritance?
|
|
Yes, foreign citizens of Indian origin can acquire immovable property (IP) in India by the way of inheritance. However, citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan (whether resident in India or not) are prohibited from acquiring or transferring any IP in India without prior approval of the RBI.
|
|
Can a person of Indian origin, resident outside India gift properties acquired earlier in terms of the provisions of FEMA?
|
|
Yes. A person of Indian origin resident outside India may transfer residential or commercial property in India by way of gift to a person resident in India or to a person resident outside India who is a citizen of India or to a person of Indian origin resident outside India.
|
|
Whom can NRIs and PIOs contact if they face any problem in India?
|
|
In case of any complaint, NRIs /PIOs can meet the Protector of Emigrants (PDE) on Tuesdays and Fridays between 11.30 A.M. to 12.30 P.M without any prior appointment. Complaints can also be registered online at indianemigration@nic.in.
|
|
Where can an NRI/PIO open a demat account? Does an NRI need to seek permission from the RBI for the same?
|
|
NRI/PIO can open a demat account with any Depository Participant [DP] of NSDL. The NRI/PIO needs to mention the type ['NRI' as compared to 'Resident'] and the sub-type ['Repatriable' or 'Non-Repatriable'] in the account opening form collected from the DP. No permission is required from RBI to open a demat account. However, credits and debits from demat account may require general or specific permissions as the case may be, from designated authorized dealers.
|
|
If NRI/PIO desires to make investments under different schemes, can he hold all such securities in a single demat account?
|
|
No. Securities received against investments under 'Foreign Direct Investment scheme (FDI)', 'Portfolio Investment scheme (PIS)' and 'Scheme for Investment' on non - repatriation basis have to be credited into separate demat accounts. Investment under PIS could be on repatriation or non – repatriation basis. Investment under FDI scheme is on repatriation basis.
|
|
Can NRIs avail loans against their bank accounts in India? If yes, then for what purposes?
|
|
There are certain banks authorised by the Reserve Bank of India that are permitted to grant loans to NRIs holding NRE, NRO and FCNR accounts in India against their security of term deposits.
NRIs can avail loans for the acquisition of flat/house in India against NRE or FCNR fixed deposits on repatriable basis, provided the amount to be repatriated is governed by Foreign Exchange Management Regulation (Acquisition and Transfer of Immovable Property in India).
|
