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INVESTMENT

READY RECKONER FOR NRI INVESTMENT

The Ready Reckoner has been designed to provide at a glance, the various investment opportunities, which are available to Non Resident Indian (NRI), Person of Indian Origin (PIO) or Overseas Corporate Bodies (OCBs). For further information, relevant guidelines and instructions of the Reserve Bank of India or the Department for Industrial Policy and Promotion may be consulted.

Non-Resident Indian/Person of Indian Origin/Overseas Corporate Bodies

Who is a Non-Resident Indian?

"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

  • he at any time, held an Indian passport
  • he or either of his parents or any of his grand parents was a citizen of India by virtue of the constitution of India or Citizenship Act, 1955 (57 of 1995)
  • the person is a spouse of an Indian citizen

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)

  • who at any time, held an Indian passport
  • who or either of whose father or whose grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955)

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 their 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/OCBs are granted the following facilities

  • Maintenance of bank accounts in India.
  • Investment in securities/shares of, and deposits with Indian firms/ companies.
  • Investments in immovable properties in India.
Bank Accounts

NRIs/PIOs/OCBs/ are permitted to open bank accounts in India out of funds remitted from abroad, foreign exchange brought in from abroad or out of funds legitimately due to them in India, with authorised dealer.

Such accounts can be opened with banks specially authorised by the Reserve Bank in its behalf [Authorised Dealer (AD)].

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