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What is an NRE Account?   NRE Accounts are maintained in convertible rupees. The entire credit balance held in the account inclusive of interest earned can be repatriated & converted to any other foreign currency. The NRE accounts can be maintained either as a Savings Bank A/c or Current A/c or Term Deposit A/c or Recurring Deposit A/c., in the name of the NRI or in joint names, provided all the persons are NRIs or in the names of minor who is represented by natural guardians. However, NRE accounts cannot be opened by NRIs jointly with residents.
What is an NRO Account? These are Rupee dominated non-repatriable accounts and can be in the form of savings, current, recurring or fixed deposits. These accounts can be opened jointly with residents in India. When an Indian National /PIO resident in India leaves for taking up employment etc. outside the country, other than Nepal or Bhutan, his bank account in India gets designated as NRO account.
Who all can operate an NRE/NRO Account? An NRE account can be operated by the following persons:
By the account holder, in the case of single account. Either or survivor (both can operate individually); Former or survivor (only former can operate during his life time, the survivor only after the death of former); Latter or survivor (only latter can operate the account during the life time, the survivor only after death of latter). Jointly by two or more persons; By the mandate-holder through a letter of mandate signed by all the account holders who can be a resident also; By a power of attorney holder through a power of attorney [P.A.] who can be resident also. A resident PA holder or mandate holder has powers to operate the account for the purposes of making local payments only & is not allowed to repatriate funds under any circumstances.
What basic steps are required for an NRI to invest Indian stock Market?
NRI should open a NRE/NRO bank account with designated bank branch, which is approved by RBI (Reserve Bank of India ) for the purpose. Apply for a PAN Card. Apply for a general approval for investment in Indian Stock Market through his designated bank branch, this is called PIS(Portfolio Investment Scheme). Open a Demat Account with a Depository Participant to hold his shares. Register with a broker to execute his buy/sell orders on the stock exchange(s).
**SMC provides a one stop shop for NRI’s and can take care for all these steps for you; for no additional charges.
What is a PAN card? Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department.
It is mandatory to quote PAN on return of income, all correspondence with any income tax authority. From 1 January 2005 it is mandatory to quote PAN on challans for any payments due to Income Tax Department. Since the bank deduct TDS on your income it’s mandatory to have this PAN card prior to any investment in Indian Stock Market.