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NRI Zone |
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Introduction |
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GENERAL
INFORMATION
Non-resident Indian (NRI)/Person of Indian Origin (PIO)/Overseas
Corporate Bodies (OCB)
Who is non-resident Indian (NRI)?
"Non-Resident Indian (NRI) means a person resident outside India
who is a citizen of India or is a person of Indian origin".
Who is a person of Indian Origin?
For
the purposes of availing of the facilities of opening and
maintenance of bank accounts and investments in
shares/securities in India:
Person of Indian origin means a citizen of any country other
than Pakistan or Bangladesh, if
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He at any time, held an Indian
passport; or
He or either of his parents for
any of his grand parents was a ciftizen of India by virtue
of the constitution of India or Citizenship Act, 1955 (57 of
1995); or
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the person is a spouse of an Indian
citizen or a person referred to in clause (a) or (b)
For investments in immovable properties;
Person of Indian origin means an individual(not being a citizen
of Pakistan or Bangladesh or Afghanistan or Bhutan or Sri Lanka
or Nepal or China or Iran) |
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Who at any time, held an Indian
passport or
Who or either of whose father
or whose grandfather was a citizen of India by virtue of the
Construction of India or the Citizenship Act, 1955 (57 of
1955)
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What is an OCB?
Overseas Corporate Bodies (OCBs) are bodies predominantly owned
by individuals of Indian nationality or origin resident outside
India and include overseas companies, partnership firms,
societies and other corporate bodies which are owned, directly
or indirectly, to the extent of at least 60% by individuals of
Indian nationality or origin resident outside India as also
overseas trusts in which at least 60% of the beneficial interest
is irrevocably held by such persons. Such ownership interest
should be actually held by them and not in te capacity as
nominees. The various facilities granted to NRIs are also
available with certain exceptions to OCBs so long as the
ownership/beneficial interest held in them by NRIs continues to
be at least 60%
What are the various facilities available to NRIs/OCBs?
NRIs/OCHHs are granted the following facilities: |
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Maintenance of bank accounts in
India.
Investment in securities/shares
of, and deposits with Indian firms/ companies.
Investments in immovable
properties in India.
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GENERAL PERMISSIONS
Reserve Bank has granted general permission to NRIs/PIOs, for
undertaking direct investments in Indian companies, under the
Automatic Route purchase of shares under Portfolio Investment
Scheme, investment in companies and proprietorship/partnership
concerns on non-repatriation basis and for remittances of
current income. NRIs/PIOs do not have to seek specific
permission for approved activities under these schemes.
The Reserve Bank of India has now further simplified financial
transactions by NRIs/PIOs by granting general permissions to : |
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To resident individuals,
partnership/proprietorship concerns to avail of interest
bearing rupee loans from NRIs/PIOs out of funds remitted by
them from abroad or out of funds held in their bank accounts
in India, on non-repatriation basis, subject to certain
conditions one of them being that the rate of interest on
such loans should not exceed Bank Rate plus two percentae
points.
NRIs/PIOs to transfer by way of
gift shares held by them in Indian companies and to transfer
by way of gift immovable property held by them in India
subject to compliance with other applicable
rules/regulations including the provisions of Foreign
Contribution Regulations Act, 1976 by the charitable trust/oranisation
concerned.
All domestic public/private
sector mutual funds for issue of Units to NRIs/PIOs/OCBs on
bot repatriation as well as non-repatriation basis.
NRIs/PIOs/OCBs to place
deposits wit Indian firms, on non-repatriation basis and wit
Indian companies including Non-banking financial companies
on bot repatriation and non-repatriation basis.
NRIs/PIOs/OCBs for sale of
shares acquired under direct investment Schemes on stock
exchanges in India.
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NRIs/PIOs/OCBs have been granted
General Permission to invest in Government Securities and
Treasury Bills.
NRIs/OCBs/PIOs do not have to seek specific permission for
approved activities covered under 'General permission' schemes.
The activities relating to NRIs/OCBs/PIOs not covered under
those schemes either require declaration to RBI or permission
from RBI. The activities requiring Declaration/Permission along
with corresponding forms are as under;
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TS 1 |
Transfer of Shares/Debentures
by Non-residents to Residents. |
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FNC 1 |
Permission to establish a
branch office in India by an Overseas Company establishing a
Representative Office by Overseas Company for Liaison
Activities to open a Project/Site Office in India.
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IPI |
Company/Individual
(declaration) acquiring property |
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ABBREVIATIONS |
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AAR |
Authority Advance Rulings |
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EHTPs |
Electronic Hardware Technology
Parks |
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EOU |
Export Oriented Unit |
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EPZ |
Export Promotion Zone
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FCNR (B) Account
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Foreign Currency (Non-Resident)
Accounts (Banks) |
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FEMA |
Foreign Exchange Management Act
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FIPB |
Foreign Investment Promotion
Board |
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NRE Account |
Non-Resident (External) Rupee
Accounts |
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NRIs |
Non Resident Indians
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NRNR Account
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Non-resident (Non-reportable)
Rupee Deposit Accounts |
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NRO Account |
Ordinary Non-Resident Rupee
Accounts |
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OCBs |
Overseas Corporate Bodies
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PI |
Portfolio Investments
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PIO |
Person of Indian Origin
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SIA |
Secretariat for Industrial
Assistance |
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SSI |
Small Scale Sector
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STPs |
Software Technology Parks
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TCC |
Tax Clearance Certificate
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CONTACT ADDRESSES: - |
Joint Secretary
Secretariat for Industrial Assistance
Department of Industrial Policy & Promotion ,Ministry of Commerce & Industry
,Government of India ,Udyog Bhavan ,New Delhi - 110 001
Tel: +91-11-3011983
Fax: +91-11-3011034
Email:
mailto:jsindmss@ub.nic.in
Website http://dipp.nic.in/ |
Reserve Bank of India
The Chief General Manager-In-Charge
Exchange Control Department
Central Office Building ,
Shahid Bhagat Singh Road
,Mumbai - 400 123
Tel: +91-22-266 3596
Fax: +91-22-266 5330
Website http://www.rbi.org.in/ |
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Securities and Exchange Board of India
Mittal Court, B Wing
224 Nariman Point,
Mumbai
Tel: +91-22-204 5623
Fax: +91-22-202 1093
Website
http://www.sebi.gov.in/ |
The Commissioner of Income-tax
Authority for Advance Rulings
5th Floor, NDMC Building
Yashwant Place, Satya Marg, Chanakyapuri
New Delhi - 110 021 ,INDIA
Tel: +91-11-611 7792, 91-11-611 7802, +91-11-611 7935
Fax: +91-11-611 3407
E-mail:
mailto:avipra@del2.vsnl.net.in |
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