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. NRIs/FIIs have been granted general permission by RBI for investing in/redeeming units of funds subject to conditions set out in the aforesaid regulations.
Q: Can a foreign national of non-Indian origin resident outside India purchase immovable property in India?
A: No. A foreign national of non-Indian origin, resident outside India cannot purchase any immovable property in India unless such property is acquired by way of inheritance from a person who was...
Q: How can NRI make payment for the purchase of residential property in India?
A: Payment can be made by NRI / PIO out of:
* Funds remitted to India through normal banking channels or
* Funds held in NRE / FCNR (B) / NRO account maintained in India
* No payment can be made...
Q: If a rupee loan was taken by the NRI from an authorized dealer or housing finance institution for the purchase of a residential property can the NRI repatriate the sale proceeds of such property?
A: Yes, Authorised Dealers have been authorised to allow repatriation of sale proceeds of residential accommodation purchased by NRIs/ PIOs out of funds raised by them by way of loans from the...
Q: Can foreign embassies sell immovable property in India?
A: In terms of Regulation 5A of the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations 2000, Foreign Embassies/ Diplomats/ Consulates General may...
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.