femaonline    created    by    nribanks.com

= about us  = subscription = disclaimer = contact us= copyright    Keynote Corporate Counsels P. Ltd.

 

ABOUT US


Keynote Consultancy Pvt. Ltd. comprising of a group of Chartered Accountants headed by Rajesh H Dhruva, is a prominent NRI Consultancy advising Indians abroad in matters related to Foreign Exchange Laws, Taxation, Banking & Mutual Funds Investments.

The Company has created  www.nribanks.com, one of its only kind of website displaying weekly updated interest rates of almost all banks in India on various foreign currency and Indian Rupee deposits offered to NRIs and features of FEMA, Taxation and Mutual Fund investment options & www.femaonline.com , only comprehensive website displaying edited & updated version of Foreign Exchange Management Act, 1999 and Regulations thereunder with special corners of specific information for NRIs, Returnee NRIs and Bankers.

Company's professional & advisory services include & pertain to:

  • FEMA and tax-laws re: NRI investment in India including investments in bank deposits ; mutual fund bonds; life insurance; shares and securities; immovable properties and undertaking business in India as proprietary /partnership/company.

  • Portfolio Management of investment in Indian Mutual Funds - in Indian Rupees & also Foreign Currency.

  • Investment in High Yield and Multiple Currency Bank Deposits.

  • Facilitating loans at competitive rates against NRE/FCNR deposits for NRIs and resident relatives.

  • Repartriation of hitherto non-repariable income, sale proceeds of immovable properties and shares & securities, legacies and balances held in NRO accounts.

  • Tax consultancy and planning as regards capital gains from shares & securities and immovable properties.

  • Tax advisory and filing of returns of income and wealth.

  • Returning NRI's Planning Package maximizing returns and minimizing tax covering Exchange Laws, Tax Laws & Tax Treaties.

Price : Foreign - US$ 5.00 /- œ3.00  ( inclusive of air mail charges );

Economy edition : Inland Rs. 100 /- ( including  postage )

  • 1st Edition  : January 2004          ¾   2nd Edition : Sept.  04; reprint Jan. 05        

  • 3rd Edition : December 2005       ¾  4th Edition  : Dec.  06; reprint Jan. 07

  • 5th Edition  : March 2007, reprint March 2008

  • 6th Edition  : October 2008

Published by Keynote Consultancy Pvt. Ltd.,

220, Amrut, Sardar Nagar Mn. Rd., Rajkot 360 001, India.

Printed by Print Fast Publishers Pvt. Ltd., 13, Manhar Plot, Rajkot 360 002, India. Ph. : 0091 281 2465237

 

PREFACE


The Reserve Bank of India had brought out a booklet in 1992 in question-answer format, dealing with investment opportunities and regulations for Non-Resident Indians. The booklet was revised in 1994, 1996 and last in 1999 under the Foreign Exchange Regulation Act, 1973. 

With passage of time, FERA had lost its shine and its provisions were found out dated stifling inbound & outbound investments eventually resulting in enactment of Foreign Exchange Management Act, 1999 which replace FERA w.e.f.1st June 2000.  The question-answers not being published   under FEMA and in view of its usefulness for NRIs at large, I have thought it proper to provide replies to the said questions Q.1 to Q.156 appropriately under FEMA supplemented by additional questions Q.N1 to Q.N32 covering the subject of taxation for NRIs and returning NRIs, which in my view are important and necessary. 

NRIs, the proud prodigies have remarkably contributed to the economic progress & growth by way of remittances and investment in bank deposits although the industrial and stock market investments are ruled by MNCs & FIIs resp.. INDIA’s products establishing a unique identity in the international markets and emergence of Indian service centers as preferred global location should further encourage NRIs and returnee NRIs investments in India. 

It has been my sincere effort to reply the questions with utmost simplicity and clarity and hope the contents are found useful by NRIs and returning NRIs too. The booklet incorporates updated regulations uptill 20th October, 2008.

I owe a lot to my family and office team for their unending support.

 

Dt : 20.10.2008                                                                                                                              RAJESH H DHRUVA

 

CONTENTS

Chapter

Subject

Page

I

 General   1
  NRI Definition  1,2

II

 Bank Accounts    
  A. General   3
  B. NRI Rupee Accounts (NRE) 3,4,5,6
      NRI Rupee Accounts (NRE) 7,8,9,10
  C. Foreign Current Accounts 11,12,13,

III

 Investments in Securities / Shares and Company Deposits    
  A. Government Securities / Units   14
  B. Company Shares / Debentures (DIS) 15,16,17,18
       Company Shares / Debentures (PIS) 19,20,21,22
  C. Company Deposits   26,27,
  D. Sale / Transfer of shares / securities   27,28,29,

IV

 Investment in Immovable Property 30,31,32,33,34,

V

 Facilities to Returning Indians    
  A. Overseas Assets   35,
  B. Resident Foreign Currency (RFC) 35,36,37,38,
  C. Import of Gold / Silver 38,39,

VI

 Taxation   
  A. Income-Tax Provisions 40,41,42,
  B. Capital Gains Tax 43,44,45,46,
  C. Returning NRI's Taxation 47,48,49,
  D. Tax Deduction at Source (TDS) 50,
  E. Wealth Tax Provisions 51,
  F. Fallacies 52,53,54,

VII

 Miscellaneous  
  A. Remittances 55,
  B. Repatriation or Non-Resident Ordinary (NRO) Balances 55,56,
  C. General 56

= about us  = subscription = disclaimer = contact us = copyright    Keynote Corporate Counsels P. Ltd.

                                                                                                                                                                                       Next >>