Repatriation of Investments, income and Sale, Proceeds of Assets by NRI/PIO
Besides investment in Bank deposits, NRIs and PIOs can invest in various financial instruments in India with earnings being repatriable. These investments include stocks through portfolio investment scheme accounts, government securities, public sector undertaking Bonds, the National Pension Systems, or units issued by Infrastructure Debt Funds. Repatriation of all the foreign source investments and accrued…
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Mode of Acquisition of Immovable Property outside India by a resident of India
In terms of section 6(4) of FEMA, 1999 a person resident in India may hold, own, transfer, or invest in foreign currency, foreign security, or any immovable property situated outside India if such currency, security, or property was acquired, held or owned by such person when he was resident outside India or inherited from a…
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Permitted Accounts in India for NRIs and PIOs
In terms of Regulation 2 of FEMA Notification No.13 dated May 3, 2000, Non-Resident Indian (NRI) means a person resident outside India who is a citizen of India. A person of Indian Origin (PIO) means a citizen of any country other than Bangladesh or Pakistan who had (a) at any time held an Indian passport…
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Special Non-Resident Rupee Account: SNRR account in India
Any person resident outside India can open an SNRR account with authorised dealer bank in India having a business interest in India. This account is required to carry out bonafide transactions in rupees which conform with the provisions of the FEMA Act, rules, and regulations made thereunder. However, the Opening of SNRR accounts by Pakistan…
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Explained: Indo–Nepal Remittance Scheme (INRF Scheme)
Nepal Remittance Scheme (INRF Scheme) was launched by the Reserve Bank of India (RBI) in May 2008 to provide a safe and cost-efficient avenue for migrant Nepalese workers in India to remit money back to their families in Nepal. In August 2021, the Scheme was improved to boost the trade payments between the two countries,…
Explained: Banker’s special relationship with the customer
[This article explains the relationship between the bank and the customer like a creditor and the debtor, Lessor and the Lessee, Trustee and beneficiary, bailor and bailee, Principal and the agent, assigner and assignee, etc. according to the type of service rendered by the bank. The responsibilities of the banker acting upon the mandate and…
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