NRI SERVICES

WHO IS NON RESIDENT INDIAN NRI?

An NRI is a person resident outside India who is a citizen of India or is a person of Indian origin.

Under the Foreign Exchange Management Act (FEMA), generally, a person is resident outside India if he is in India for less than 182 days during the course of the preceding financial year and also includes any person who stays abroad:

  • For the purposes of carrying out employment or any business or vocation;
  • Under circumstances indicating an intention to stay outside India for an uncertain duration;
  • Any Indian citizen deputed outside India for a temporary period in connection with employment
  • For education  

TYPES OF BANK ACCOUNTS WHICH CAN BE OPENED BY NRIs?

Non-Resident External [NRE] Rupee savings account
Your funds in NRE savings accounts are held in convertible rupees - principle and interest are fully repatriable. Interest income is fully exempt from tax in India. The savings account can be opened jointly with a Non-Resident individual. 


Non-Resident External [NRE] Rupee fixed deposit 
Fixed deposit in Indian rupees where the principle and interest are fully repatriable. All interest earned is fully exempt from tax in India. The account can also be opened jointly with a non-resident. 

Non-Resident Ordinary [NRO] Rupee savings account 

Your funds in Non Resident Ordinary (NRO) savings account are held in India, in Indian rupees. The NRO account can be funded through NRI income in India. Only the interest in an NRO account is repatriable. Interest income on this account is liable for Indian Income Taxes.

Non-Resident Ordinary [NRO] Rupee fixed account 
Fixed deposit in Indian rupees where the earnings in India can be deposited. The interest is repatriable [after payment of tax]. 

Foreign current Non-residents [FCNR] deposit 
The FCNR Deposit is a fully repatriable foreign currency deposit available in major currencies: US Dollars, Pound Sterling, Euros, Australian dollars and Canadian dollars. Your funds in FCNR Deposits are maintained in foreign currency and are fully repatriable, including the interest you earn. All interest earned is fully exempt from tax in India. 

We offer following services Relating to NRIs

  • Determination of residential status in India
  • Interpretation of DTAA with a view to reduce tax liability in India
  • Handling of issues relating to inheritance, will, etc.
  • Compliances with respect to the income-tax Act, 1961, Wealth-tax Act, etc.
  • Application for Permanent Account Number (PAN)
  • Filing of India tax return
  • Advising suitable tax saving investments
  • Representation before tax authorities, in case required
  • Opening of various bank accounts and compliances thereon
  • Various compliances in regard to repatriation of funds/investments/property, etc.

Allotment of PAN number

Types of documents required

We are enclosing list of documents required for applying PAN No and our estimated fees

NRI holding Indian Passport-

  • Documents required are- Indian Passport Copy + Original Colored Foreign Bank Statement.

Foreign Passport holder with PIO/OCI card

  • Documents required are- PIO or OCI Card copy + Foreign Bank Statement + Foreign Passport Copy.

Foreign Passport holder with no PIO/OCI card and passport mentions foreign address of foreigner

  • Documents required are- Foreign Passport copy: Pages showing your photo and your current Foreign Address.

Foreign Passport holder with no PIO/OCI card and passport doesnot mentions foreign address of foreigner

  • Documents required are- Foreign Passport copy - Apostilled.
    - Any Foreign Address proof Apostilled

Who is a Person of Indian Origin PIO?
A person is a  Person of Indian origin [PIO] if he is a citizen of a foreign country (other than a citizen of Bangladesh or Pakistan ) and: 

  • at any time held an Indian passport OR
  • He or either of his parents or any of his grandparents were citizens of India by virtue of the Constitution of India    or the Citizenship Act, 1955 OR
  • He is the spouse of an Indian citizen or of a person of Indian origin (other than of Pakistan or Bangladesh )

The benefits accruing to a PIO card holder:

  • No requirement of visa to visit India;
  • No separate "student Visa" or "Employment Visa" required for admission in colleges/ institution or for taking up employment respectively;
  • A PIO card holder will be exempt from the requirement of registration if his stay on any single visit in India does not exceed 180 days.
  • In the event of continuous stay in India of the PIO card holder exceeding 180 days, he/she shall have to get himself/herself registered within 30 days of the expiry of 180 days with the concerned Foreigners Regional Registration Officer/Foreigners Registration Officer.
  • Parity with Non-Resident Indians in respect of facilities available to the latter in economic, financial and educational field.
  • All PIOs including PIO card holders shall enjoy parity with NRIs in respect of all facilities in the matter of acquisition, holding, transfer and disposal of immovable properties in India except in matters relating to the acquisition of agricultural/plantation properties. No parity shall be allowed in the sphere of political rights.
  • Facilities available to children of NRIs for getting admission to educational institutions in India including medical colleges, engineering colleges, Institute of technology, Institute of management, etc. under general categories.
  • facilities available under the various housing scheme of LIC, State Government and other Government Agencies.
  • special counters at the immigration check posts for speedy clearance.

We provide our services in following areas:

FEMA/RBI

  • Application for issue of PIO card
  • Follow up with the authorities for early issue of PIO card and making all compliances
  • Application for issue of duplicate PIO card (in case of loss, etc. of original PIO card)

Returning NRI's:

NRI who return to India for good, should know various aspects of Foreign Exchange Regulations (FEMA), Indian Taxation and Banking Regulations in order to rearrange his financial affairs in India and outside India.

When relocating to India, the following aspects should be taken care of:

  • Compliance of Baggage Rules in India regarding repatriation of overseas assets
  • Redesignation of all Indian bank accounts as Resident accounts
  • Opening of and compliances in respect of ‘Resident foreign currency’ (RFC) account
  • Information to all companies, funds, etc., of whom shares and securities are held by the non-resident, regarding the change of residential status/relocation to India
  • Compliance in respect of the Indian income-tax Act, 1961 e.g. application for PAN in case you do not have a PAN
  • Compliances in respect of Wealth-tax Act, in case required e.g. filing of wealth-tax return

We can help in following areas: 

FEMA/RBI

  • Compliances regarding repatriation of assets to India
  • Procedure for redesignation of all Indian bank accounts
  • Opening of ‘Resident foreign currency’ (RFC) account
  • Information to all companies, funds, etc., of whom shares and securities are held by the non-resident, regarding the change of residential status/relocation to India
  • Compliance in respect of the Indian income-tax Act, 1961 e.g. application for PAN in case you do not have a PAN
  • Compliances in respect of Wealth-tax Act, in case required e.g. filing of wealth-tax return
  • Repatriation of legacies/inherited assets and taxability in India thereon