Things To Know About NRI Investment In Mutual Funds In India

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Things To Know About NRI Investment In Mutual
Funds In India
Feb 2018
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THINGS TO KNOW ABOUT NRI INVESTMENT IN MUTUAL
FUNDS IN INDIA
In Green 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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