Non-resident Indians (NRI) are permitted by Reserve Bank of India (RBI) to invest in Indian financial markets under Portfolio Investment Scheme (PIS).
As a Non-resident Indian (NRI), you can take the opportunity to invest in and benefit from India's growth story. Under the PIS route, NRIs can purchase and sell shares and convertible debentures by routing the transactions through the account held with a Designated Bank Branch.
NRI Customers can benefit from the presence of PhillipCapital in different geographies across the world. Phillip Capital also provides access to different asset classes and execution platforms to both domestic and international markets.
Q1) Who is NRI?
'Non-Resident Indian (NRI)' means a person resident outside India who is a citizen of India or is a person of Indian origin.
Q2) Categories of NRIs:
A person who has gone out of India or who stays outside India, in either case-
For or on taking up employment outside India,
For carrying on outside India a business or vocation outside India,
For any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period
A citizen of any country (other than a citizen of Bangladesh or Pakistan) is deemed to be a Person of Indian Origin (PIO), if,
He, at any time, held an Indian passport,
He or either of his parents or any of his grandparents was a citizen of India by virtue of the Constitution of India or Citizenship Act, 1955,
A spouse (not being a citizen of Bangladesh or Pakistan or Sri Lanka) of an Indian citizen or of a person of Indian origin is also deemed to be PIO.
The Overseas Citizenship of India (OCI) Scheme was introduced by amending the Citizenship Act, 1955 in August 2005. The Scheme provides for registration as Overseas Citizen of India (OCI) of all Persons of Indian Origin (PIOs) who were citizens of India on 26th January, 1950 or there after or were eligible to become citizens of India on 26th January, 1950 except who is or had been a citizen of Pakistan, Bangladesh or such other country as the Central Government may, by notification in the Official Gazette, specify.