To serve the growing needs of our NRI investors, at Agile, we try to give the best of our exclusive service. We have been supporting and guiding our NRI clients diligently for almost a decade now because we understand that it’s not possible for them to be physically present in India. Thus our core job is to make sure that irrespective of all the hurdles they are able to make the most out of their investments done in India.
**NRI (Non-Resident Indian) is a person who is a citizen of India or PIO (person of Indian origin) but permanently residing abroad.
According to Income Tax Act’1961, an individual is said to be resident in India if he satisfies any one of the following two conditions:
- He is in India for a period amounting in all to 182 days or more in the relevant previous year.
- He is in India for 60 days or more during the relevant previous year and he has been in India for 365 days or more during four previous years immediately preceding the relevant previous year.
An individual is a non-resident Indian if he doesn’t satisfy both of the above-mentioned conditions.
Our Investment Route for our NRI clients –
An NRI can invest through his/her NRE Account, NRO Account, FCNR Account subject to conditions.
a.) NRO Account
NRO stands for Non-Resident Ordinary account in INR (Indian Rupees). The person can invest in India through an NRO account. The balances in an NRO account is non-repatriable and will only be repatriable subject to RBI conditions. It can be opened using local funds or through funds remitted from abroad.
b.) NRE Account
NRE stands for Non-Resident External account in INR (Indian Rupees). The person can also invest in India through NRE account. The balances in NRE account is repatriable. It can be opened with either fund remitted from abroad or local funds from existing NRE/FCNR account.
c.) FCNR Account
FCNR stands for Foreign Currency Non-Resident Account. It can be opened with the permitted foreign currency. The permitted currencies are USD, YEN, GBP, EURO and are freely repatriable. The NRI can invest in term deposit ranging from 1 year to 5 years through FCNR account.
An NRI can make investments in India only in Indian Rupees and can also maintain any of the above accounts only in India. Though the redemption proceeds can be paid through a cheque or can be directly credited to the NRI’s bank account in India (INR only).
However, as per section 206 AA of the Income Tax Act provides for TDS (tax deducted at source) at higher rates if the recipient has not provided his permanent account number (PAN).
But the Finance Act, 2016 has relaxed the conditions in the absence of PAN subject to the NRI’s (deductee) furnishing the following details:
- Name, email id, and contact number
- Overseas address
- Overseas Tax Residency Certificate (TRC) and Tax Identification Number (TIN) of the non-resident Indian.
In case, TRC and/or TIN is not available, then a unique number is required on the basis of which the non-resident is identified by the government of that country of which he claims to be a resident.
- Financial Planning Services
- Single Element Planning like child education, child marriage, retirement, etc.
- Risk management
- Mutual fund services
- Portfolio management services
- Private equity funds
- Other services as per the demand of the NRI clients.