Chartered Accountant Delhi

NRI Services

NRI FAQs Wealth Management For Nris Foreign Collaborations Non-Resident Taxation and FEMA Start Up Ventures Advising Non Resident Indian

NRI FAQs

Who is a Non resident Indian NRI?
An NRI is a person resident outside India who is a citizen of India or is a person of Indian origin.

Under the Foreign Exchange Management Act (FEMA), generally, a person is resident outside India if he is in India for less than 182 days during the course of the preceding financial year and also includes any person who stays abroad:

For the purposes of carrying out employment or any business or vocation;

Under circumstances indicating an intention to stay outside India for an uncertain duration;

Any Indian citizen deputed outside India for a temporary period in connection with employment

For education

How do I know if I qualify as a Non-Resident Indian?
If you have gone out of India for any of the following purposes, you qualify to open a Non-Resident Account

Taking up employment

Business or vacation

Any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period

Indian citizens working abroad on assignments with foreign Governments/Government agencies or    international/regional agencies like the UNO, IMF, World Bank etc.

Officials of Central and State governments and Public Sector Undertakings deputed abroad on temporary    assignments or posted to a Branch / Office (including diplomatic missions) abroad

Indians settled abroad permanently

Indians gone abroad on immigration

Crew-members of Indian nationality or Indian origin employed by foreign airlines / shipping companies, if they are based at foreign ports and reside abroad.

Non-Resident Indians become Indian residents only when they come back to India for employment or for carrying-on any business in India or vocation or for any other purpose indicating an indefinite period of stay in India.
They are not regarded as Resident Indians during their short visits to India on holiday, leave etc.

Who is a Person of Indian Origin PIO?
You are a Person of Indian origin [PIO] if you are a citizen of a foreign country (other than a citizen of Bangladesh or Pakistan ) and:
Non-Resident Indians become Indian residents only when they come back to India for employment or for carrying-on any business in India or vocation or for any other purpose indicating an indefinite period of stay in India.
They are not regarded as Resident Indians during their short visits to India on holiday, leave etc.

Who is a Person of Indian Origin PIO?
You are a Person of Indian origin [PIO] if you are a citizen of a foreign country (other than a citizen of Bangladesh or Pakistan ) and:

You have at any time held an Indian passport OR

You or either of your parents or any of your grandparents were citizens of India by virtue of the Constitution of India    or the Citizenship Act, 1955 OR

You are the spouse of an Indian citizen or of a person of Indian origin (other than of Pakistan or Bangladesh )

What are the types of bank accounts available to NRIs?
Non-Resident External [NRE] Rupee savings account
Your funds in NRE savings accounts are held in convertible rupees - principle and interest are fully repatriable. Interest income is fully exempt from tax in India. The savings account can be opened jointly with a Non-Resident individual.
1. Non-Resident External [NRE] Rupee fixed deposit
2. Fixed deposit in Indian rupees where the principle and interest are fully repatriable. All interest earned is fully exempt from tax in India. The account can also be opened jointly with a non-resident.
3. Non-Resident Ordinary [NRO] Rupee savings account
4. Your funds in Non Resident Ordinary (NRO) savings account are held in India, in Indian rupees. The NRO account can be funded through NRI income in India. Only the interest in an NRO account is repatriable. Interest income on this account is liable for Indian Income Taxes. Non-Resident Ordinary [NRO] Rupee fixed account
5. Fixed deposit in Indian rupees where the earnings in India can be deposited. The interest is repatriable [after payment of tax].
6. Foreign current Non-residents [FCNR] deposit
7. The FCNR Deposit is a fully repatriable foreign currency deposit available in major currencies: US Dollars, Pound Sterling, Euros, Australian dollars and Canadian dollars.
8. Your funds in FCNR Deposits are maintained in foreign currency and are fully repatriable, including the interest you earn. All interest earned is fully exempt from tax in India.

Can I open these accounts in any convertible currency?
Yes, you can remit funds for opening the account in any convertible currency.
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 CAD.

Can an NRI invest in Mutual Funds?
Yes, an NRI can invest in Mutual Funds without any prior permission from RBI. The offer document should clearly state the NRIs could invest in the scheme. Please contact us and we will be glad to assist you.

How do I invest in Mutual Funds?
You can invest by issuing a cheque against your NRO/NRE Accounts. If you invest from funds in your NRE/FCNR Accounts then you will be able to repatriate income on Mutual Fund earnings abroad. Please contact us and we will be glad to assist you.

Wealth Management For Nris
A.Chandak & Co. Wealth Management services bring to you a premier, personalized investment experience based on a careful understanding of your diverse needs as a Non Resident Indian (NRI) - before you leave India, while you are abroad and when you plan to return to India.

Our association with DBS Bank and our research desk help us provide you a panoramic view of international markets and a strong approach to investing in India , profitably. Our Relationship Managers are trained and certified to provide you sound wealth management advice, across asset classes and market cycles. They will work with you personally to maximize your growth opportunities and enhance your wealth, while ensuring that you can continue to pursue your own goals in life without a worry.

Foreign Collaborations
Collaborators with an existing business or merger with an existing one to create a synergistic effect, could drive your continued success. You can trust on our expertise for the right consultations and strategies. We help you devise a strategic plan to successfully manage and integrate your new plan of action and review the operational process.

Further, we simplify your task by completing all the legal formalities, checking and preserving the documents and do the filling in an organized way. The financing solutions offered are customized to suit your requirements

Non-Resident Taxation and FEMA
We provide advisory and compliance services entirely covering the Foreign exchange law and Taxation law applicable to Non-Residents in the following areas.

Tax Advisory Services and filing of e-Tax returns

Setting up a Branch office/ Liaison office/ Project office in India

Banking and Remittances

Investment advisory support

Start Up Ventures
We suggest practical suggestions in start-up ventures for various businesses. We have rich experience as business advisors and financial consultants, from planning till implementation of plans. We cover the following areas in start-up ventures.
1. Due diligence reviews :Regulatory approvals.
2. Identifying appropriate entry route : Formation of Legal Entity in India i.e.
3. Incorporation of a company and preparation of Memorandum and Articles of association and other legal support.