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Q: Can an NRI use his PIO status to gain dual citizenship i.e Indian citizenship and citizenship in his country of residence?

A: A bill is passed to grant the dual citizenship to PIOs and has got approved by the president, and this will help grant to PIOs of full age and their children dual citizenship. However, The rules,...

Q: Can shares/debentures be given away as gifts to relatives?

A: Yes. Reserve Bank has granted general permission to NRIs to transfer, by way of gift, shares, bonds and debentures of Indian companies held by them with Reserve Bank's permission to their resident...

Q: What is the procedure to be followed by NRIs for sale/transfer of shares /debentures to residents by private arrangements?

A: NRIs are required to submit application in form TS 1 to Reserve Bank for sale of shares/debentures by private arrangements. Source : Reserve Bank Of India

Q: What is the procedure for sale/transfer of shares/debentures/bonds held by NRIs 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: Is permission of Reserve Bank required by NRIs for sale/transfer of shares/debentures of Indian companies to other NRIs?

A: No. Transfer of shares/debentures of Indian companies by NRIs to other non-residents does not require permission of Reserve Bank. However, the transferee NRI would need permission for purchase of...

Q: Is permission of Reserve Bank required for sale/transfer of Government securities/units?

A: No. Authorised dealers have been permitted to undertake sale of Government securities/units on behalf of NRIs without prior approval of Reserve Bank. Sale/maturity proceeds can be remitted abroad...

Q: Is permission of Reserve Bank required for making investments in new issues of Indian companies on non-repatriation basis?

A: No. Indian companies have been granted general permission to accept investments on non-repatriation basis, in shares/convertible debentures by way of new/rights/bonus issue provided the investee...

Q: Can the principal or the interest accrued on NRNR deposits be repatriated outside India at any time?

A: The principal amount of the deposit is not eligible for repatriation. Interest earned upto 30th September 1994 is also not eligible for repatriation. Interest earned for the period beginning 1st...

Q: Can NRO / NRE accounts be maintained by NRIs jointly with a resident Indian?

A: NRO account can be held jointly with resident Indians. NRE account cannot be held jointly with resident Indian, however a power of attorney to operate the account can be given by NRI in favour of a...

Q: Can assets held in India by NRIs prior to their becoming non-resident be repatriated outside India?

A: No. Source : Reserve Bank Of India