Nri Banking
NRI BANKING
With a view to attract the savings and other remittance into India through banking channels from the person of Indian Nationality / Origin who are residing abroad and bolster the balance of payment position, the Government of India introduced in 1970 Non-Resident(External) Account Rules which are governed by the Exchange Control Regulations.
The funds held in Non-Resident (External) Accounts (NRE Accounts) qualify for certain benefits like exemptions from taxes in India, free repatriation facilities, etc.
WHO IS A NRI (NON RESIDENT INDIAN)
A Non Resident Indian(NRI) as per FEMA 1999 is an Indian citizen or Foreign National of Indian Origin resident outside India for purpose of employment, carrying on business or vocation in circumstances as would indicate an intention to stay outside India for an indefinite period.
For Taxation: An individual will also be considered NRI if in addition to the above, his stay is less than 182 days during the preceding financial year.
WHO IS A PIO (PERSON OF INDIAN ORIGIN)
A Person of Indian origin (PIO) is a citizen of any country other than Pakistan, Bangladesh who:
1) At any time held an Indian Passport 2) He or any of his parents or grand parents was a citizen of India 3) Is a spouse of an Indian Citizen or a person referred to above.
What is an OCB?
Overseas Corporate Bodies (OCBs) are bodies predominantly owned byindividuals of Indian nationality or origin resident outside India and includeoverseas companies, partnership firms, societies and other corporate bodies whichare 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 atleast 60% of the beneficial interest is irrevocably held by such persons. Suchownership interest should be actually held by them and not in te capacity asnominees. The various
With a view to attract the savings and other remittance into India through banking channels from the person of Indian Nationality / Origin who are residing abroad and bolster the balance of payment position, the Government of India introduced in 1970 Non-Resident(External) Account Rules which are governed by the Exchange Control Regulations.
The funds held in Non-Resident (External) Accounts (NRE Accounts) qualify for certain benefits like exemptions from taxes in India, free repatriation facilities, etc.
WHO IS A NRI (NON RESIDENT INDIAN)
A Non Resident Indian(NRI) as per FEMA 1999 is an Indian citizen or Foreign National of Indian Origin resident outside India for purpose of employment, carrying on business or vocation in circumstances as would indicate an intention to stay outside India for an indefinite period.
For Taxation: An individual will also be considered NRI if in addition to the above, his stay is less than 182 days during the preceding financial year.
WHO IS A PIO (PERSON OF INDIAN ORIGIN)
A Person of Indian origin (PIO) is a citizen of any country other than Pakistan, Bangladesh who:
1) At any time held an Indian Passport 2) He or any of his parents or grand parents was a citizen of India 3) Is a spouse of an Indian Citizen or a person referred to above.
What is an OCB?
Overseas Corporate Bodies (OCBs) are bodies predominantly owned byindividuals of Indian nationality or origin resident outside India and includeoverseas companies, partnership firms, societies and other corporate bodies whichare 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 atleast 60% of the beneficial interest is irrevocably held by such persons. Suchownership interest should be actually held by them and not in te capacity asnominees. The various