Does an NRI, FII require any approval from the RBI to invest in mutual funds
Question: Does an NRI, FII require any approval from the RBI to invest in mutual funds?
Raju Kanumuri: No special approvals are required for NRIs, PIOs, FIIs.RBI has granted general permission for investing/redeeming units of the funds subject to conditions.
Q: How much foreign currency can an NRI bring along with him on his/her visit to India, without customs declaration form (CDF)?
A: An individual NRI can bring USD 10,000/- or equivalent (in the form of FCTC/FC) of which maximum USD 5000/-can be in the form of currency notes without declaring the same in CDF. Any amount in...
Q: Are there any charges while remitting the FCNR proceeds abroad?
A: No, commissions are levied while remitting the FCNR proceeds on maturity.
Q: Is nomination permitted in NRI accounts?
A: Yes, NRIs can nominate either a resident or a non-resident as Nominee. However, only one nominee is permitted per account. The nominee can also be a minor in which case, the guardian has to be...
Q: Can NRI invest in an immovable proprietary/partnership concern?
A: Yes, Repatriation benefit is available for 2 residential houses. The purchase should be out of funds remitted from aboard or out of NRE/FCNR accounts, in accordance with the provisions of FERA/FEMA.
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 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.