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:
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.
Non-Resident External [NRE] Rupee fixed deposit
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.
Non-Resident Ordinary [NRO] Rupee savings account
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
Fixed deposit in Indian rupees where the earnings in India can be
deposited. The interest is repatriable [after payment of tax].
Foreign current Non-residents [FCNR] deposit
The FCNR Deposit is a fully repatriable foreign currency deposit available
in major currencies: US Dollars, Pound Sterling, Euros, Australian dollars
and Canadian dollars.
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.
Due diligence reviews :Regulatory approvals
Identifying appropriate entry route : Formation of Legal Entity in India
i.e. Incorporation of a company and preparation of Memorandum and Articles
of Association and other legal support.
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