The Reserve Bank of India has taken fresh measures to suck out excess foreign capital, by allowing resident Indians to open accounts abroad and transfer up to USD 100,000 without seeking its approval under the Liberalised Remittance Scheme (LRS). This measure follows the restriction imposed by the Central Government on the External Commercial Borrowings (ECBs) [...]

A bouquet of banking and insurance schemes awaits non-resident Indians from Indian and foreign finance companies. This includes insurance schemes from ICICI Prudential and NRI banking products from Barclays of the UK. India’s leading insurance company, ICICI Prudential, is extending its service to NRIs in the UAE, with a representative office in Dubai. Indian financial [...]

Are you an NRI or about to become one? And if so, have you been investing in Indian equities and mutual funds, and want to continue investing? Then this article is just for you.   Of course, NRIs and even those of you Indians who have taken up foreign citizenship, can invest in Indian markets. It [...]

The Indian Diaspora has gone one-up on policy managers who have announced measures to discourage foreign currency deposits. After the Reserve Bank of India (RBI) put a cap on interest rates on non-resident (external) rupee accounts over three months ago, several Indians residing abroad have instead parked their money in local non-resident ordinary (NRO) deposits [...]

I am an NRI and have an NRE FD & saving account (NRO). I am living in Singapore since 1994. I am relocating to India this year and I need to plan my join date to India office. I have a few questions: 1. Shall I be considered an NRI for FY 07, if I [...]

For a non-Indian resident, any income earned and received outside India is not taxable in India. I am working in the US, and want to transfer half my salary that to my savings account in India. I am paying taxes in the US. Will I have to pay taxes in India too?  – Ravi Iyer, [...]

Non-resident Indians (NRI) will now have to settle for lower returns from their deposits in India. The central bank has reduced the ceiling on NRI deposits – FCNR (B) and NRE – by 50 basis points, making these deposits less attractive for investors. The downward revision in the cap on interest rates comes in the [...]

The rupee was overvalued by 12.21 per cent as on April 18, 2007, according to the Reserve Bank of India. The rupee, which was Rs 41.98 per dollar on April 18, surged further to close at a nine-year high of 41.67/68 on Monday. According to the six-currency, trade-weighted real effective exchange rate (REER), the rupee [...]

NRI deposits in Kerala banks touched a new high of Rs.329 billion on Dec 31, 2006. NRI deposits in 3,539 branches of various banks grew from Rs.288 billion in December 2005 to Rs 329 billion, constituting 38.42 per cent of all deposits in the state’s banks, said figures released at a bankers’ committee meet here [...]

While home loans are available to resident individuals as well as non-resident Indians (NRIs), there are some differences in the terms and conditions applicable to the two. Here are a few points to get started: Who is an NRI? Banks follow the RBI definition, that is, an Indian citizen who holds a valid Indian passport [...]