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Things To Know About NRI Investment In Mutual Funds In India

A subject of India or any individual of Indian birthplace who lives out of India is named as non-occupant Indian or NRIs who are permitted to put resources into the shared supports in India on the repatriable or non-repatriable premise Click here for the details… http://www.coldwellbanker.in/blogs/things-know-about-nri-investment-mutual-funds-india

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Things To Know About NRI Investment In Mutual Funds In India

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  1. Home>Blogs> Things to know about NRI investment in mutual funds in India Things To Know About NRI Investment In Mutual Funds In India Feb 2018 7777 77 / / / s y THINGS TO KNOW ABOUT NRI INVESTMENT IN MUTUAL FUNDS IN INDIA InGreen Homes A citizen of India or any person of Indian origin who resides out of India is termed as non-resident Indian or NRIs who are allowed to invest in the mutual funds in India on the repatriable or non-repatriable basis which is subject to regulations that are prescribed under Foreign Exchange Management Act (FEMA). Application The application form filled as well as signed by Non-resident Indian must be submitted at the official points of the acceptance. It must be accompanied by the payment instrument that is drawn in favor of the scheme. Applicants must indicate whether the investment is made on the repatriable or the non-repatriable basis. KYC papers, as well as the copy of PAN, must be provided. Power of attorney holder The power of attorney holder can operate and open a mutual fund account on the behalf of the non-resident Indian. To operate the account of a mutual fund, the POA has actually to be registered with a mutual fund. The POA holder has been submitted to the original copy of POA or the duly notarized copy of the POA. It must be duly executed with the signatures of both Non-resident Indians and POA holder. Payment If the investment is on the repatriable basis, payment instrument must actually be drawn on FNCR or NRE account of the investor. The investment on the non-repatriable basis can actually be made by drawing the payment instrument on FCNR/NRE/NRO account of the investor. Redemption It proceeds after deduction of taxes which are paid in rupees by cheque to the account number provided. Also, some of the banks offer a direct credit of redemption proceeds to NRO/NRE account. If the investments are made on the non-repatriable basis, the redemption proceeds are credited to NRO account. TDS Tax deduction at source of capital gains is actually made on investments by NRIs. Investment in the equity funds held for more than a year is exempted from tax and thus o tax is deducted at source. A digitally signed TDS certificate is sent with redemption proceeds. Points to note • Overseas address is compulsory field that needs to be filled in mutual fund application that is made by non-resident Indian • The investment carries correct of repatriation of capital appreciation and capital invested till the investors' remains an NRI

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