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FEMA Declaration letter for NRIs
PIS Account Form - ICICI Bank
PIS Account Form - Axis Bank
Different types of investment available to NRIs, such as equity, mutual funds, and ETFs.
Non-Resident Indian (NRI) means a “Person resident outside India” who is a citizen of India or is a person of Indian origin [ as per FEMA regulation]
Person of Indian Origin’ (PIO) means a citizen of any country other than Bangladesh or Pakistan, if A. He at any time held Indian passport; or
B. He or either of his parents or any of his grandparents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955; or
C. The person is a spouse of an Indian citizen or a person referred to in sub-clause [A] or [B].
Any Person Who At Any Time Held An Indian Passwort; Or He Or Either Of His Parents Or Grandparents Was Born In Or Was Permanently Resident In India As Defined In Govermment Of India Act, 1935 And Other Territories That Became Part Of India Thereafter Provided Neither Was At Any Time A Citizen Of Afganistan, Bhutan, China, Nepal, Pakistan And Sri Lanka; Or Who Is A Spouse Of India Or A Person Of Indian Origin As Mentioned Above.
A foreign national, who was eligible to become citizen of India on 26.01.1950 or was a citizen of India on or at any time after 26.01.1950 or belonged to a territory that became part of India after 15.08.1947 and his/her children and grand children, provided his/her country of citizenship allows dual citizenship in some form or other under the local laws, is eligible for registration as Overseas Citizen of India (OCI). Minor children of such person are also eligible for OCI. However, if the applicant had ever been a citizen of Pakistan or Bangladesh, he/she will not be eligible for OCI.
A NRE bank a/c is an external savings bank a/c opened for NRIs. Therefore, it is known as Non- Resident External Accounts. Since it is an external a/c any money lying in NRE account can be taken outside the country or in other words, the money lying in NRE a/c is fully Repetriable. This money can be converted into any foreign currency at the behest of the account holder and can be remitted outside the country.
A NRO bank a / c is an ordinary savings bank a / c opens for NRIs. Therefore, it is known as Non-Resident Ordinary a / c. Since it is an Ordinary account i. e. as good as a normal savings bank a / c, money lying in NRO account cannot be taken outside the country or in other words, the money lying in the NRO a/ c is not Repairable.
Portfolio Investment Scheme (PIS) is a scheme of the Reserve Bank of India which allows the Non Resident Indian to purchase and sell shares and convertible debentures of Indian Companies on a recognized stock exchange in India by routing all such purchases/sales transactions through their a/c held with a designated bank branch. PIS account is similar to a savings account with a bank only for NRIs secondary market transactions in equity shares.
Domestic focused economy helps India in decoupling from the economic turmoil around the world Largest working age population in the world to help India reap rich demographic dividend (70% of working population below 35 years of age) US, China and Japan suffering from AGEING population In 2020 India will have 147 million people in working group In 2020 China working population will reduce by 50 million Largest Middle-class & consuming population Out of total production by India, Indians consume 86% and export only 14% Banking system proved its metal and emerged virtually unscathed post the financial crisis One of the highest savings & investment rates in the world (Saving Rate of India is around 32-37% which is highest in world.(World Average 24%) Global leader in services Lowest cost producer in metals India produces highest number of English Speaking Graduates
Out of Household Saving (around 32-37%) by Indians 44% goes to Fixed Deposits 28% goes to Insurance 22% goes to NSC,KVP,PPF only 5 % into Equities and Mutual Funds Developed Markets have 35% Investments in Equities. Indian Capital Market have huge potential of 7 times untapped than Developed Markets Indian GDP to grow at 7.8% to 8% while world GDP to grow at 3.2% (as per IMF-International Monetary Fund) In 2008 during the world recession the world GDP -1.2% while India grew at 5.3% The data shows how the country is progressing and key factor for capital flows. For last 5 years, our average GDP has been around 8% USA GDP around 1.6% Japan GDP around -1.0 % China GDP around 9.5 % In May 2011 India GDP is 7.7 % (second highest in world)
We at South Gujarat Shares & Sharebrokers Ltd [SGSSL] has developed a full fledge dedicated Cell to cater NRIs. We are offering:
1. Pre-Investment Services
2. Investment Services
3. Post Investment Services
● Equity ● Equity Derivatives ● Commodities Products ● Mutual Funds ● IPO-FPO ● Fixed Deposits / Bonds ● Real Estate
Open a bank account with designated bank branch, which is approved by RBI (Reserve Bank of India) Apply for a general approval for investment in Indian Stock Market through this designated bank branch (P.I.S Account). Open a demat account with a depository participant to act as registered holder of securities. Open account with registered Broking Firm to execute transaction.
● You can contact to Mr. Aiyub Yacoobali (Managing Director) any time on +91-9824112666 ● You can send us e-mail on info@sgssl.co.in ● Video conferencing on skype: sgsslsurat
Open a Bank Account with designated bank branch, which is approved by RBI (Reserve Bank of India)
Apply for a general approval for investment in Indian Stock Market through this designated bank branch (P.I.S Account).
Open a demat account with a depository participant to act as registered holder of securities.
Open account with registered Broking Firm to execute transaction.