Can OCI holders open PPF account in India
Question: Can OCI holders open PPF account in India?
Raju Kanumuri: 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 the subject of bank accounts, technically such OCIs cannot continue to hold NRO or NRE accounts. This is because residents cannot have Non-Resident bank accounts. In such cases they are expected to re-designate their NRO accounts to Resident bank account. They can:
1.Open a resident account and move the balances of their NRO account into this account.
2. Open a RFC account (Resident Foreign Currency) and transfer the balances in their NRE account into this account.
Q: How to get KYC and FATCA requirements fulfilled in India?
A: NRIs on a visit to India can simply contact a mutual fund distributor or visit any mutual fund registrar officer with the aforesaid documents and complete the KYC and FATCA process.
Q: Can an NRI redeem mutual funds with original documents through fax?
A: No, investors are not qualified to redeem mutual fund on the basis of fax applications due to some legal restrictions. A request without a valid signature always gets rejected.
Q: Can NRIs invest through Power of Attorney?
A: After the NRI has made the initial investments, it may not be possible for him to keep track of his money and make investment decisions based on market movements that at times may call for...
Q: Can an NRI make a nomination in his investment?
A: An NRI can make a resident Indian or NRI/PIO his nominee in the mutual fund schemes in which he has invested. An NRI can also be the nominee for investments made by a local resident Indian...
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 i repatriate funds in the NRI account?
A: The principal as well as the interest of the funds in an NRI account can be repatriated only if a person holds either an NRE account or an FCNR account. In case of an NRO account, only interest...
Q: Are there any prohibitions on the purpose for which loans cannot be taken?
A: The loans cannot be utilized for the purpose of re-lending or for carrying on agriculture or plantation activities or for investment in real estate business.
Q: Can NRI transfer money out of India?
A: Interest earned and balances held in NRE and FCNR accounts are not taxed and can be freely repatriated abroad. RBI allows NRIs to transfer money from NRO to NRE account, subject to the overall...