We answer viewer questions on NRI investments in India covering buying land, forex trading, shares and outward remittance.
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NRI Q&A 2020 playlist: https://www.youtube.com/playlist?list=PLfnE1LvH_GLEsdJnUpEgpa8kWEgRzwWPe
Global Indian Solutions Website: https://www.globalindiansolutions.com/
Edited Highlights
0:00 We discuss here questions from our YouTube viewers on NRI investments in India
0:29 Answering the questions would be an expert, Chhavi Prabhkar, CEO and Co-Founder of Global Indian Solutions
1:37 You can connect with Global Indian Solutions by clicking on to the website link in the description section
1:50 Check out previous Q&A sessions in the various playlists including recent one NRI Q&A 2020
1:52 Links are provided in the description section
3:00 eHouse wants to know about the approach for outward remittance from India by NRIs
3:52 Manojkumar Gururaj wants to know about PIS for superannuation and other requirements for NRIs based out of Australia
4:11 Ranjith Kumar asks about how to update demat account details of an NRI
4:38 Insane Copath asks if NRIs can trade in forex legally
4:49 asmf asmf asks about the conditions and regulations involved in buying agricultural land by NRI
6:05 While real estate investments are open for all Non Resident Indians
6:09 But investment in agricultural land is not permitted
6:20 Do keep this in mind when you are going out to purchase any property
6:33 Do verify that the land in question doesn’t come under agricultural land and plantation category
6:51 Forex trading is allowed in India for NRIs but intra-day trading is not allowed
6:58 The same is true when you want to invest in the Indian equity market
7:14 Portfolio Investment Scheme Account or PIS Account has to be maintained by NRIs wanting to invest in Indian equity market
7:23 NRIs are allowed to keep two PIS account. One can be linked to their NRO account and another to the NRE account
7:40 Some banks don’t insist on opening of a PIS account if the NRI is maintaining an NRO account for trading purpose
8:01 In such banks, PIS account is being opened only when you link it to your NRE account
8:10 Then, you can trade but you can’t do intra-day trading
8:50 If you are linking your trading account and demat account to your NRE account
8:53 Then, you can’t have two PIS accounts
9:02 Then, you will have to do the trading through the NRO account
9:05 And the other through the NRE account
9:18 NRI investments in mutual funds in India don’t require PIS accounts and can be done freely
9:28 So, you can opt to make some investments through the mutual fund route
9:48 Next, are questions related to foreign passport holders staying in India
9:55 They could be in India due to their employment or they would have come to India and plan to return to their country of residence
10:20 Foreign nationals can do their investments in India and have their fixed deposits and other investments
10:27 This can be done through the routes that are allowed
10:39 Foreign nationals want to understand how they can repatriate their funds to their home country
10:50 Outward remittance today is fairly liberalized
11:06 One way of having as much money as possible in your overseas account is to ask your employer in India
11:26 After paying taxes in India to directly credit your pay in your overseas bank account
11:34 Then, you don’t have to do this yourself
11:42 You are also allowed to repatriate your money regularly through your bank who are the authorised dealers
11:52 Keep the documentation needed to prove that you have paid your tax in India
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