NRI Corner

Who's an NRI?
A person who has been in India for 182 days or more during a financial year and 365 days or more during the preceding four financial years qualifies as a resident of India.

NRIs can continue to enjoy non-resident status in India if their presence in the country is more than 60 days but less than 182 days in a financial year, even if their stay in India during the past four financial years is 365 days or more.

A person, who has been deputed overseas for more than 6 months, also qualifies for non-resident status.

NRI Investment
Once again India - the World's largest democracy with 1.2 billion people is emerging as the "Golden Sparrow", attracting attention of the world with its economy booming and heading on the way to self-reliance.

As per the report of the World Bank, India is set to emerge as the world's fastest growing major economy by 2015 ahead of China. There are various contributing factors for this boost to the Indian economy ranging from strong governmental reforms, demographic change in terms of dominance of youth with a median age of 30 years by 2025 bringing "demographic dividend", growth of the middle class, its growing openness to the world, large pool of skilled manpower, strong knowledge base with significant English speaking population to the land of abundant natural resources and diverse climatic conditions making it the most attractive destination for individual and institutional investors.

For investing in Indian mutual funds, therefore, an NRI needs to open one of the three bank accounts-non-resident external rupee. We at AWC is committed to our foreign Indian Natives whose roots are always attached to Indian soil. We extend our services to them by customizing it as per their needs and requirements. Process

Determining your needs and setting your financial goals.

Developing a strategy to enable you to achieve your financial objectives with acceptable levels of risk. We design a portfolio based on investment objectives.

Monitoring the strategy and complete execution of the investments in all three areas, which will be tax efficient as well as will generate superior returns.

Investor can give mandate letter making Mr. x mandate holder to implement strategy without the loss of time and investor intervention or Investor can make one of his known persons mandate holder who can execute documents and sign cheques on his behalf.

Additional Services

• Communication with your CA (filing returns and tax related issues).
• Collecting and reaching documents.
• Collecting dividends and other income, depositing the same in the bank.
• Portfolio Reports (Weekly/ Quaterly/Annual)

HOW TO GET STARTED?

All investments made by NRIs have to be in local currency, that is, the rupee. Mutual funds in India are not allowed to accept investments in foreign currency. For investing in Indian mutual funds, therefore, an NRI needs to open one of the three bank accounts-non-resident external rupee (NRE) account, non-resident ordinary rupee (NRO) account or foreign currency non-resident account (FCNR)-with an Indian bank. An NRE account is a rupee account from which money can be sent back to the country of your residence. The account can be opened with money from abroad or local funds. An NRO account is a non-repatriable rupee account. An FCNR account is similar to the NRE account, except for the fact that the funds are held in a foreign currency.

The amount that is be invested can be directly debited from an NRE/NRO account or received by inward remittances through normal banking channels. An NRI needs to give a rupee cheque or draft from his NRE/NRO account. He can also send a rupee cheque/draft issued by an exchange house abroad drawn on its correspondent bank in India.

KYC for NRIs
Submission of passport copy is mandatory. Relevant pages of passport having name, photo, date of birth and address should be submitted. Overseas address is mandatory. Either the permanent or correspondence address must be an overseas address.