Until recently, NRIs were maintaining multiple bank accounts with multiple residential statuses. They would maintain one account as a non-resident to earn tax free income (NRE account) and another account as a resident to avoid any TDS and related FEMA and Income Tax compliance on local funds. Further, NRIs would also invest in equity and […]
Individual Mutual Fund Investors, who completed KYC prior to Jan. 1, 2012, are required to submit ‘missing/not available’ KYC (Know Your Customer) information and complete the IPV (In Person Verification) for investing in a new mutual fund after Nov. 30, 2012. SEBI (Securities and Exchange Board of India) vide circular MIRSD/SE/Cir-21/2011 dated October 5, 2011 […]
RBI and Indian Government Agencies have made a lot of changes affecting NRIs and NRI Investments in last 8 months. I have selected 15 and have summarized them in the following table for easy understanding. 15 Important Changes affecting NRIs by RBI and Indian Government # Date Topic Detail Effect / Benefit Bank Accounts 1 10-May-12 […]