Welcome to the myiris exclusive information
kiosk for Non Resident Indians. You will find here complete information
on investment opportunities, special schemes available for NRIs, tax
issues and snippets of news around the world of NRIs.
Am
I a non-resident Indian?
I am a foreign citizen but my roots are in
India…. A foreign citizen will be regarded as a Person of Indian Origin
(PIO) if he at any time held an Indian passport or if his parents
or grand parents are citizens of India, as defined in the Constitution
of India.
If you have been working
or staying abroad for any business or vocation for an indefinite period,
then you are regarded as a Non Resident Indian by Indian law. Indian
citizens working with foreign governments, multilateral organisations
(like International Monetary Fund, World Bank, United Nations) and
employees of Central/ State Gove rnments or PSUs deputed to organizations
abroad or posted to foreign offices of the Indian parent organization
will also be regarded as Non Resident Indians. Overseas Corporate
Bodies (OCBs) are again companies, partnership firms predominantly
held by NRIs.
I am an NRI,
can I maintain a bank account in India?
You can maintain an account with
banks that are authorised dealers (i.e., those who can deal in foreign exchange)
and those which have been authorised in this behalf by the Reserve Bank
of India. You can maintain accounts in rupees as well as foreign currency.
Foreign currency accounts can be maintained with authorised dealers only.
Click here for more information on bank
accounts.
I
want to invest in India; what are the possibilities?
For NRIs/ PIOs/ OCBs there
are broadly two categories of investments - repatriable
(investments than can be taken back) and non-repatriable
(investments that cannot be redeemed). Repatriable investments
allow for investment upto 100% equity by NRIs in specified
industries and also cover portfolio investments. Equity
investment upto 100% is also permissible for non-repatriable
investments. Click here
for a complete list of investment avenues available to
NRIs.
I want
to return to India..
News for NRIs
Subsidies to returning NRIs from Germany -The DEG - German Investment
and Development Company grants project-tied funding and consolidation
subsidies. Click here for details.
Welcome back! There are many
facilities available to returning NRIs that will safeguard your investment
interests. Returning Indians, who return to India after a continuous
stay abroad of one year and above, can retain their foreign currency
bank accounts abroad and hold, transfer or dispose of their other
foreign currency assets. These funds/ assets should have been earned
through employment, business or vocation outside India taken up or
commenced while they were resident outside India. No permission is
required from RBI as long as conditions of general exemption are satisfied.
NRIs can enjoy complete freedom with utilisation of these assets.
Click here to see all the facilities
available to returning Indians. NRIs can also repatriate these assets
and maintain these in India with a separate identity. Click
here for details on resident foreign currency accounts.
