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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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Remittance
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A remittance is a transfer of money by a foreign worker to his or her home country. Remittances facilitate economic growth all across the World.
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India has been the leading recipient of remittances for the past two years. Remittances that come home from Non Resident Indians form an integral part of the foreign reserves of our country.
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Recommendations from the Reserve Bank of India:
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RBI has advised banks to minimize costs of remittances by reducing their charges at the domestic end and at the foreign end.
NRIs can affect the remittances in foreign currencies with instructions for conversion into Indian Rupees at the Indian end to get the benefit of a better exchange rate.
The RBI also suggested an awareness program through the banks' web sites to encourage Non Resident Indians to use Indian banks or foreign banks having branches in India to transfer money to India.
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In November 2006, the Reserve Bank of India announced a few guidelines to be kept in mind while opening up overseas investment by individuals.
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The limit for overseas remittance by resident Indians has been doubled from $25,000 at present to $50,000 per financial year. This particular amount can be used for several purposes. Either for current account transactions or capital account transaction or in certain cases for both of them.
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For outbound remittances, the Reserve Bank of India has also discontinued lock-in period which was earlier required for the transfer of sale of property by the Non Resident Indians and People of Indian Origin.
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Money Transfer Operators (MTO's)
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Money Transfer Operators are companies or organizations that offer services that only send money between countries. This sort of remittance can be done by Western Union or the MoneyGram. Western Union Money transfer is one of the preferred ways of safely transferring money all across the World. The sender will require a bank account in his/her name with a debit card, credit card or a prepaid debit card.
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Through banks
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Most of the Global Banks, such as Citibank, the Barclays and the Deutsche Bank will be easily able to transfer money if both you and the person who will be receving the money have bank accounts in their respective names. It could also be that certain nationalized or private banks will not charge the person withdrawing any money from the ATM's in that particular country and hence without any interest it would make it easier to withdraw money. You will have to go through the terms and conditions of that particular bank before finalizing it. Remitting in such a situation could be one of the cheapest options.
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Money transfer through the Internet
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Money can also be sent over the World Wide Web through sites such as Moneybookers, but for the remittance through an internet site to occur, you will need to have a bank account or credit card. If you have access to the internet to transfer the money then you register online at such a site. The person you are sending the money to may also need a bank account in his/her name and of course access to the World Wide Web. Such online companies may also charge a small fee for the remittance to occur depending on their respective policies.
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Other Options
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The other options which can be used for remittance include companies like the Smart Transfer and iKobo use different technologies for remitting purposes. A pre paid debit card is sent to the recipient who can even withdraw cash without having a bank account in his/her name.
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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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