Tuesday, November 21, 2006

THINGS YOU SHOULD KNOW

Q: Who is non-resident Indian (NRI)?
Ans. An Indian Citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident

Q. Can accounts be maintained by NRIs with any bank in India?
Ans. Banks holding authorised dealers' licences (i.e. banks authorised to deal in foreign exchange) or banks specifically authorised in this behalf by Reserve Bank can only maintain accounts in the names of NRIs.
Know about:

Q. Can NRIs invest their funds in Government securities or Units of Unit Trust of India (UTI)?Ans. Yes. NRIs are freely permitted to invest their funds in Government securities or Units of UTI through authorised dealers. Units can also be purchased directly from UTI.

Q. What is the Portfolio Investment Scheme?
Ans. Under this scheme, NRIs are permitted to acquire shares /debentures of Indian companies or units of domestic Mutual Funds through the stock exchange/s in India.

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