The Reserve Bank of India had announced a Liberalized Remittance Scheme (the Scheme) in February 2004 as a step towards further simplification and liberalization of the foreign exchange facilities available to resident individuals. As per the Scheme, resident individuals may remit up to USD 200,000 per financial year for any permitted capital and current account [...]

Punjab National Bank (PNB) and Oriental Bank of Commerce (OBC) have revised interest rates on foreign currency non-resident (banks) deposit scheme with effect from December 1 this year. For both these banks, the interest rates on US dollar deposits for maturity of one year to less than two year stands reduced from 3.89 per cent [...]

Rising currency and cap on NRI rates prompt lenders to promote NRO accounts.   The rising rupee and the cap on interest rates has hit the flow of non-resident Indian (NRI) deposits into the country. Banks such as ICICI Bank and HDFC Bank are promoting the repatriable non-resident ordinary (NRO) rupee deposits in an attempt [...]

Non-resident Indians in Canada and United Kingdom can get all information regarding account operations through ‘Post Box Service’ without incurring any courier charges. Centurion Bank of Punjab has launched ‘Post Box Service’ in the two countries for NRI customers who can use the service to send documents, statement and cheque requisition, account instructions, electronic banking [...]

If you are a Non-Resident Indian (NRI) or an immigrant working overseas and have an account with a bank in India, be careful. Without your knowledge, the nature of your existing account might be changed, allowing access to others.Khilaswari Kidwai, an Indian migrant, who lives in the United Arab Emirates opened a Non-Resident Emigrant (NRE) [...]

Market regulator Sebi on 20 December decided to permit all classes of investors — institutional and retail — to sell shares without owning them at the time of trade.“The stock exchanges would issue the necessary guidelines in this regard and will put in place systems to operationalise the mechanism of short-selling,” Sebi said in a [...]

Foreign currency non-resident (FCNR) deposits, which are foreign currency denominated deposits, have seen a slowdown due to the appreciating rupee. This, coupled with the softening interest rates, has led to money from non-resident Indians going to areas like real estate and equity, say bankers. As per the Report on Trend and Progress of Banking in [...]

In order to start an NRI relationship with the bank, you will need to produce the following documents that will evidence proof of your Non-Resident status Passport with a valid Visa Date of exit from India, and date of last entry into India (to establish you have been out for at least 6 months) stamped [...]

Bank Accounts One of the first things you should know as an NRI is that your existing bank accounts are no longer valid. The Foreign Exchange Management Act (FEMA) requires you to inform all the banks where you have an account, be it savings or deposits, about your changed residential status. The banks will then [...]

The US Federal Reserve decided to cut interest rates once again in its meeting this week. Last month, when the Fed cut rates, it led to a surge of capital flows into India. In the six weeks since the last Fed rate cut, portfolio investment of USD 8.7 billion flowed into the Indian stock market. [...]