Q: Can a foreigner set up a partnership/ proprietorship concern in India?
A: Only NRIs/PIOs are allowed to set up partnership/proprietorship concerns in India. Even for NRls/PIOs investment is allowed on non-repatriation basis.
Q: Which are the sectors where FDI is not allowed in India, under the automatic route as well as government route?
A: FDI is prohibited under Government as well as Automatic Route for the following sectors
* Retail Trading (except single brand product retailing)
* Atomic Energy
* Lottery Business
Q: I receive a pension in India that was from my service prior to migrating to USA about 20 years ago. Now I get Social security based on work of the last 20 years in USA. Can Social Security Administration, deduct some amount from my Social security since I get a pension from India?
Please let me know your detailed reply.
A: Employers' contributions to Indian social security are not taxable in the hands of international workers. In relation to their own contributions, international workers can claim a deduction of up...
Q: If an Indian Resident die and his executor in India transfer his money (3 crs) to an NRI who is grandson of deceased, whether RBI permission require for transfer of money from deceased or executor account to NRI (USA) in his NRO account in India. Deceased has made will and WILL is probated in Court.
A: Yes, an NRI/PIO can receive a gift from a resident relative. However, the amount cannot exceed the limit prescribed under LRS, i.e., $250,000 per financial year
The account can be credited with...
Q: Can an NRI settled in foreign land become an elector of the electoral roll in India?
A: An overseas elector is a person who is a citizen of India and who has not acquired citizenship of any other country and is otherwise eligible to be registered as a voter and who is absenting from...
Q: Do NRI require RBI permission to transfer immovable property in India?
A: No. NRI's do not require any permission to transfer any immovable property in India. Permission is required only in the case of transferring of agricultural or plantation property or farm house to...
Q: Do NRIs need any approval from RBI for selling securities acquired through IPO's/ private placements?
A: No, NRIs can sell such shares on the exchange without any approval. However, while seeking the credit of sale proceeds to NRE/NRO account, the bank should be provided with the details regarding the...
Q: Do NRIs have to submit any documents to the RBI before purchasing residential property in India?
A: No, NRIs are not required to file any documents owing general permission granted by the RBI.
Q: Do NRIs require prior approval of RBI for maintaining bank accounts in India?
A: NO, an NRI doesn't need any prior approval from RBI for maintaining bank accounts in India.
Q: Is Aadhaar card required for OCI?
A: NRI/OCI are not eligible to obtain Aadhaar card as per the Aadhar card act and hence are fully exempted to produce Aadhaar for any verification.