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Non Resident Indians

Non Resident Indians. Foreword. The whole idea of a session on NRI’s is to understand the rules & regulations, their challenges and evaluation of the opportunities available to us as Financial Planners. . NRI’s.

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Non Resident Indians

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  1. Non Resident Indians

  2. Foreword • The whole idea of a session on NRI’s is to understand the rules & regulations, their challenges and evaluation of the opportunities available to us as Financial Planners.

  3. NRI’s • The introduction of FEMA in 2000 eased the procedural part to a large extent for NRI’s, when RBI gave away the role of execution to AD’s and kept only supervision & control. • Residential Status • Opportunities • Procedures • Investments • Taxes

  4. Residential Status • RI • RNOR • NRI • POI • OCI

  5. Remittances & Repatriation • Inward • Outward remittances • $ 1 million from bank a/c per F Y • NRI Student • $ 100,000 for maintenance • $ 200,000 – LRS • Repatriation

  6. Opportunities • Relocation • Planning for self, parents residing in India • Retirement corpus • Cross border avenues • India - lucrative market – safe haven (38%)

  7. Where they can’t Invest • Small Savings • Agricultural land & related businesses also • Exceptions

  8. Investments • FDI • Direct Equity • Mutual Funds • Fixed deposits • Real Estate…….

  9. Procedures Before leaving After Returning • Bank a/c’s to NRO • Intimation to DP • KYC to be amended • NRE a/c to be opened • Intimation to DP • KYC • NRE/FCNR Bank a/c to be closed or transferred to RFC • NRO to be redesignated

  10. Taxation & exemption • TDS • DTAA • Exemption on providing CA certificate, declaration & a special permission • 80E – same as residents

  11. Bibliography • FPGI community • Sandeep Shanbhag • Gaurav Mashruwala • Devang Shah

  12. Thank You

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