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NRI

Who is a Non-Resident Indian (NRI)?
A non-resident Indian (NRI) is an Indian citizen or a person of Indian origin who stays abroad for employment, business or vocation outside India, or stays abroad under circumstances indicating an uncertain duration.

Who is a Person of Indian Origin (PIO)?
A Person of Indian Origin means a citizen of any country (other than Bangladesh or Pakistan), if the person: (a) at any time held an Indian passport; or (b) or the persons parents or grandparents were citizens of India; or (c) is a spouse of an Indian citizen, or of a person referred to in (a) or (b) above. Other terms with vaguely the same meaning are overseas Indian and expatriate Indian. In common usage, this often includes Indian-born individuals (and also people of other nations with Indian ancestry) who have taken the citizenship of other countries.

According to Ministry of Overseas Indian Affairs, India has the second largest diaspora in the world after Overseas Chinese . The overseas Indian community estimated at over 25 million is spread across every major region in the world.

Who is a Foreign Institutional Investor (FII)?
An FII is an institution established or incorporated outside India which proposes to invest in Indian securities and is registered with SEBI.

Who is an Overseas Corporate Body (OCB) ?
An OCB includes overseas companies, partnership firms, societies and other corporate bodies owned predominantly by non-resident persons of Indian nationality or origin outside India.

Can an NRI maintain a bank account in India?
Yes. NRIs can maintain accounts in rupees as well as in foreign currency.

What types of rupee accounts may NRIs maintain?
There are 4 types:
1. Non-resident (External) Rupee Accounts (NRE)
2. Non-Resident (Special) Rupee (NRSR) Account
3. Ordinary Non-resident Rupee Accounts (NRO)
4. Non-resident (Non-repatriable) Rupee deposit accounts (NRNR)

What are NRE, NRO and FCNR accounts?

Non-Resident (External) Rupee (NRE). This is a Rupee account from which funds are freely repatriable. It can be opened with either funds remitted from abroad or local funds which can be remitted abroad.

Non-Resident Ordinary Rupee (NRO). This is a Rupee account and can be opened with funds either remitted from abroad or generated in India. These funds are non-repatriable. However, under certain circumstances, these are allowed to be repatriated.

Fully Convertible Non-Resident Rupee (FCNR). This account is similar to the NRE account except that the funds are held in foreign currencies and can be maintained in Pound Sterling,U.S. Dollar, Euro and Japanese Yen. FCNR accounts can be maintained only in the form of term deposits, i.e. a deposit kept for fixed periods ranging from 6 months to 3 years.

How do NRE, NRO and NRSR accounts differ?
Balances held in NRE accounts can be repatriated abroad freely, whereas funds in NRSR and NRO account cannot be normally remitted abroad but have to be used only for local payments in rupees. Consequently, funds remitted from abroad or local funds which can otherwise be remitted abroad to the accountholder can only be credited to NRE accounts

  • MF News
  • IPO News

Himadri Buch The company in January 2019 had reported exceptionally good results for the December 2018 quarter.
Sat, 26 Jan 2019 15:14:11 +0530


Quick take | Inflows into equity MFs moderate further in December but SIP flows hit a new high Liquid or money market funds saw outflows of Rs 1.49 lakh crore in December 2018
Tue, 08 Jan 2019 16:58:17 +0530


Neogen Chemicals gets Sebi#39;s go ahead for IPO With this, the total number of company getting Sebi#39;s clearance for the public issues -- initial public offer (IPO) and follow on public offer (FPO) -- has reached to seven, so far in the new year.
Tue, 12 Feb 2019 11:25:06 +0530


Reliance General Insurance files for IPO The IPO will also include an offer by Reliance Capital to sell up to 79.5 million shares, Reliance Capital said.
Tue, 12 Feb 2019 10:30:01 +0530


New Listing: Chalet Hotels lists at a premium of 4% at Rs 291 The initial public offering of Chalet Hotels, which owns, develops and manages high-end hotels in key metro cities in India, was subscribed 1.57 times on the last day of bidding on Thursday.
Thu, 07 Feb 2019 10:03:45 +0530


State-run MSTC files IPO papers with Sebi The initial public offer (IPO) will see sale of 17,600,000 shares, amounting to 25 per cent stake, of the company through the offer for sale (OFS) route by the government, the draft prospectus filed with Sebi showed.
Mon, 04 Feb 2019 13:22:07 +0530


Chalet Hotels IPO subscribed 1.57 times on last day of bidding The initial public offering (IPO) to raise about Rs 1,641 crore received bids for 6,49,07,563 shares against the total issue size of 4,13,26,672 shares, as per NSE data till 1800 hrs.
Thu, 31 Jan 2019 20:06:04 +0530


Chalet Hotels IPO subscribed 28% on second day of bidding The IPO, to raise about Rs 1,641 crore, received bids for 1,16,68,957 shares against the total issue size of 4,13,26,672 shares, according to data available with the National Stock Exchange (NSE).
Wed, 30 Jan 2019 19:18:06 +0530


Subscribe to Chalet Hotels Ltd: ICICI Direct ICICI Direct has come out with its report on Chalet Hotels Ltd. The research firm has recommended to "Subscribe" the IPO in its research report as on January 29, 2019
Tue, 29 Jan 2019 15:42:20 +0530


Chalet IPO opens for subscription: Top 5 things you must know It operates five hotels, including a hotel with a co-located serviced residence, located in the Mumbai Metropolitan Region, Hyderabad, and Bengaluru, representing 2,328 keys, as of March 31, 2018.
Tue, 29 Jan 2019 11:54:54 +0530


Chalet Hotels#39; Rs 1,641-crore IPO opens today; should you subscribe? We recommend investors to Subscribe for the Long term on the issue, said Hem Securities
Tue, 29 Jan 2019 11:29:39 +0530


IPO: Chalet Hotels allots equity shares worth Rs 492.35 cr to anchor investors Chalet Hotels Friday announced a Rs 1,600-crore initial public offering which includes issue of fresh equity and also sale by promoters.
Mon, 28 Jan 2019 22:56:04 +0530


Subscribe to Chalet Hotels Ltd: Choice Broking Choice Broking has come out with its report onChalet Hotels Ltd. The research firm has recommended to "Subscribe" the IPO in its research report as on January 28, 2019
Mon, 28 Jan 2019 13:20:52 +0530

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