New York, Michigan, California, Florida, Illinois, New Jersey, Texas, Virginia, Pennsylvania, Georgia, Maryland
Country: United States
Question: Can assets held in India by NRIs prior to their becoming non-resident be repatriated outside India?
Raju Kanumuri: No.
Source : Reserve Bank Of India
Q: Are NRIs privileged to give away shares as gifts to relatives?
A: Yes. Reserve Bank has granted general permission for NRIs to transfer or present as gifts, shares, bonds and debentures of Indian companies held by them with Reserve Bank's permission to their...
Q: What procedure should be followed by NRIs for sale/transfer of shares to residents by private arrangements?
A: NRIs are expected to submit application in form TS 1 to Reserve Bank for sale of shares/debentures by private arrangements.
Q: How can NRIs do the sale/transfer of shares held by them with repatriation benefits?
A: In the case of shares /debentures /bonds acquired by NRIs through stock exchanges under the Portfolio Investment Scheme, general exemption has been granted for transfer through stock exchanges...
Q: Are NRIs permitted to transfer/sell their shares held on non-repatriation basis to resident freely?
A: Yes. General exemption has been granted by Reserve Bank for transfer/sale of shares/debentures/bonds by NRIs/OCBs through stock exchanges if such transfers are made in favor of an Indian citizen or...
Q: Can OCI holders open PPF account in India?
A: OCI holders who are living in India are considered to be residents in India. Their status is no longer that of a Non-Resident (NRI). Therefore they can open PPF account in India.
While we are on...
Q: What are the step by step instructions to replace lost OCI card?
A: Before a lost OCI card can be replaced,
Applicants should file a police report. To apply for a replacement OCI Card, applicants will have to provide a copy of the complaint filed with the police....
Q: Can US citizen with OCI avoid paying Indian taxes on US income?
A: For taxation purposes, normally a person can be considered to be a resident or non-resident (NRI) of India. Where as Indian residents must pay taxes on their worldwide income, NRIs on the other...
Q: Can NRI hold the joint savings bank account in India?
A: The Reserve Bank of India (RBI) allows Indian residents to hold savings bank account jointly with an NRI but only on ‘former or survivor' basis.
.In case you are wondering what ‘former or...
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