Bank announces Financial Results for quarter/year ended, 31st March 2023.
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No.
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Yes. However, Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property in India for their bona fide residential purpose. They are, therefore, not required to obtain separate permission of Reserve Bank.
The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels, or out of funds from NRE/FCNR accounts maintained with banks in India.
They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid.
Yes. Reserve Bank has granted general permission for the sale of such property. However, where the property is purchased by another foreign citizen of Indian origin, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.
In respect of residential properties purchased on or after 26/05/1993, Reserve Bank considers applications for repatriation of sale proceeds up to the consideration amount remitted in foreign exchange for the acquisition of the property for two such properties. The balance amount of sale proceeds, if any or sale proceeds in respect of properties purchased prior to 26/05/1993, will have to be credited to the ordinary non-resident rupee account of the owner of the property.
Applications for repatriation of sale proceeds are considered provided the sale takes place after 3 years from the date of final purchase deed or from the date of payment of the final instalment of the consideration amount, whichever is later.
Applications for necessary permission for remittance of sale proceeds should be made in form IPI 8 to the Central Office of Reserve Bank at Mumbai within 90 days of the sale of the property.
Yes. Reserve Bank has granted general permission to foreign citizens of Indian origin to acquire or dispose of properties up to 2 houses by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin whether resident in India or not, provided gift tax has been paid.
Yes. Under the general permission granted by Reserve Bank properties other than agricultural land/farmhouse/plantation property can be acquired by foreign citizens of Indian origin, provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchaser's NRE/FCNR accounts maintained with banks in India, and a declaration is submitted to the Central Office of Reserve Bank in form IPI 7 within a period of 90 days from the date of purchase of the property/final payment of purchase consideration.
Yes.
Yes. Repatriation of the original investment in respect of properties purchased by foreign citizens of Indian origin on or after 26/05/1993 will be allowed to be remitted up to the consideration amount originally remitted from abroad, provided the property is sold after a period of 3 years from the date of payment of the final instalment of the consideration amount, whichever is later. Applications for the purpose are required to be made to the Central Office of Reserve Bank within 90 days of the sale of property in form IPI 8.
Yes. Reserve Bank has granted general permission for letting out any immovable property in India. The rental income or proceeds of any investment of such income has to be credited to NRO account.
Reserve Bank has granted general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd., etc. to grant housing loans to NRIs for acquisition of a house/flat for self-occupation subject to certain conditions.
Authorised dealers have been granted permission to grant loans to NRIs for acquisition of house/flat for self-occupation on their return to India subject to certain conditions. Repayment of loan should be made within a period, not exceeding 15 years out of inward remittance through banking channels, or out of funds held in the investor's NRE/FCNR/NRO accounts.
Reserve Bank permits Indian firms/companies to grant housing loans to their employees deputed abroad and holding Indian passport subject to certain conditions.
Yes, NRIs are freely permitted to invest their funds in Government securities or Units of UTI through authorised dealers Units can also be purchased directly from UTI.
Yes. Investment in National Savings Certificate can be made by NRIs subject to the terms and conditions applicable to the sale/issue of such certificates. However, NRIs are not permitted to invest in bearer securities like Indira Vikas Patra/Kisan Vikas patra.
Yes, provided the transfers/sales are arranged through an authorised dealer. Units can, however, be repurchased directly by UTI.
If such securities were purchased out of funds remitted from abroad or out of NRE/FCNR accounts, sale/maturity proceeds can be repatriated. Sale/maturity proceeds of securities purchased out of funds in NRO accounts can only be credited to NRO accounts and cannot be remitted abroad. Interest earned during the financial year 1994-95 and onwards can however, be remitted to the extent permitted by Reserve Bank.
No. Reserve Bank has granted general permission to NRIs to invest by ways of capital contribution in any proprietary or partnership concern in India on a non-repatriation basis, provided the investee’s concern is not engaged in any agricultural/plantation activity or real estate business. This facility is, however, not available to OCBs.
No. Indian companies have been granted general permission to accept investments on no-repatriation basis, in shares/debentures by way of new/rights/bonus issue provided the investee company is not engaged in agricultural/plantation activity or real estate business (excluding real estate development i.e. development of property and construction of the house) or a chit fund or is not a Nidhi company.
No. However, the firms/companies concerned are required to file declarations with Reserve Bank in form DIN giving particulars of the investments made, within ninety days from the date of the investment.
OCBS can make such investments only in domestic public/private sector mutual funds. They can also make investments in money market mutual funds.
Yes. Applications for necessary permission should be made to Reserve Bank (Central Office) by the concerned Indian company in the form ISD.
Yes. Reserve Bank permits NRIs, on application in form FNC 7, to purchase shares/debentures of existing Indian companies on a non-repatriation basis. An undertaking about non-repatriation is to be given in form NRU.
No. Reserve Bank has granted general permission to companies in India to enter the overseas addresses of the shareholders in their books, in such cases provided the companies obtain undertakings from the holders that they will not seek repatriation of any income or sale proceeds of the security.
Yes. Income/interest accruing during the financial year 1994-95 and onwards on bank deposits and investments held by NRIs with non-repatriation benefits will be eligible for repatriation as under :(a) Up to US$ 1,000 or its equivalent in full and one-third of the balance income earned during the financial year 1994-95; (b) Up to US$ 1,000 or its equivalent in full and two-third of the balance income earned during the financial year 1995-96; (c) The entire income earned during the financial year 1996-97 and onwards; Note: The investment/principal amount of deposits made/held on a non-repatriation basis will, however, not be allowed to be repatriated abroad.
NRIs should designate a branch of an authorised dealer through whom the remittance of income is to be made and make an application in form RCI to the designated branch giving details of incomes earned during the previous financial year along with a Chartered Accountant's Certificate. The designated branch will allow the remittance of net amount (i.e. after payment of tax) or credit it to the NRE/FCNR account of the applicant.
NRIs can make investments in new issues of shares/convertible debentures of Indian companies under direct investment schemes such as 24% scheme/40% scheme/100% scheme. They can also invest in the schemes of domestic mutual funds floated by public/private sector institutions/companies and bonds issued by public sector undertakings. Non-Resident investors are not required to apply for permission to invest but the company concerned will have to obtain permission from Reserve Bank.
Under the 24% scheme, Indian companies engaged or proposing to engage in any activity including finance, hire purchase, leasing, trading or other services, the establishment of schools/colleges, etc. (except agricultural/plantation activities) are allowed by Reserve Bank to issue shares/debentures to NRIs with repatriation benefits to the extent of 24% of the new issue.
Under the 40% scheme, Indian companies engaged or proposing to engage in the following activities are allowed by Reserve Bank to issue share/debentures to NRIs with repatriation benefits to the extent of 40% of the new issue. 1. Industrial and manufacturing units 2. Hotels with 3, 4 or 5-star categories. 3. Hospitals and diagnostic centres 4. Shipping companies 5. Development of computer software 6. Oil exploration services.
Yes. There is no ceiling or restriction on the amount of remittable dividends. Remittance of interest/dividend to NRI investors will be allowed by authorised dealers under the powers delegated to them.
Under the 100% scheme, NRIs are permitted to invest in high-priority industries listed in Annexure III to the Statement on Industrial Policy dated 24/07/1991 of the Government of India up to 100% of the new issue.
Dividend/interest can be remitted freely except, in the case of consumer goods industries where the outflow on account of dividend is required to be balanced by export earnings of the company either in the year of declaration of dividend or in the years prior to the declaration of dividend. This requirement is enforced for a period of seven years from the commencement of commercial production.
The NRI investor need not apply to Reserve Bank. Application for necessary permission under the schemes should be made by the Indian company/firm to the Central Office of Reserve Bank in Mumbai in form ISD/ISD(R).
Yes. NRIs are permitted to undertake the revival of sick industrial units by making bulk investments in them to the extent of 100 % either by way of purchase of existing equity shares or in the form of subscription to new equity shares.
Application for necessary permission should be made by the Indian company to the Central Office of Reserve Bank in Mumbai in form RSU.
Yes. Investment up to 100% in the new issue of equity shares/convertible debentures of Indian companies engaged in the following areas is allowed:
Applications for the purpose should be made by the concerned Indian company to the Central Office of Reserve Bank in Mumbai in form ISD(R).
Yes. Repatriation of the original investment will be permitted after a lock-in period of 3 years from the date of issue of the equity shares/convertible debentures. In addition, OCBs will be permitted to repatriate net profit (up to 16%) arising from the sale of such investment after the lock-in period of 3 years. Annual dividend/interest on equity shares/debentures can, however, be freely remitted subject to payment of tax.
Yes. Investments up to 100% equity participation for carrying on air taxi operations are permitted in terms of the guidelines issued by the Director General of Civil Aviation for Air Taxi operations. Applications for the purpose should be made to Reserve Bank (Central Office) in the form ISD(R) by the concerned Indian company.
No. However, repatriation of the investment and/or remittance of the dividend will be permitted only after the expiry of five years of operation and only out of accumulated net foreign exchange earnings.
Yes. Application for necessary permission should be made to Reserve Bank (Central Office) by the concerned Indian company in form ISD(R).
The concerned fund/public sector undertaking should obtain the necessary permission from Reserve Bank for the issue of units/bonds to NRIs. Applications for the purpose are required to be made to the Central Office of Reserve Bank in form ISD(R).
Yes. NRIs will be permitted to invest up to 100% in 100% export-oriented units, subject to obtaining approval from the Government of India, Ministry of Industries (SIA) for setting up the EOU. In the case of units located in Export Processing Zones approval from the Development Commissioner of the concerned zone is required to be obtained. Thereafter, an application should be made to the concerned regional office of Reserve Bank in form ISD along with the copy of Government approval for necessary clearance under FERA 1973.
Yes. Reserve Bank has granted general permission to NRIs to acquire shares of PSEs on their bids being successfully provided the holding of a single NRI invested does not exceed 1% of the paid up capital of the PSE concerned, the purchase consideration/bid money is paid by way of remittance from abroad or by debit to his NRE/FCNR accounts.
The concerned company should approach the Reserve Bank for the issue of rights entitlement to NRIs in the prescribed form, if on repatriation basis. However, rights entitlement on a non-repatriation basis would be covered by the general permission.
NRIs can make an application to Reserve Bank by a letter detailing therein the folio number of the shares held and the manner in which the rights are being sold.
The concerned Indian company should approach Reserve Bank for the issue of bonus shares to NRIs, if the original investment is on a repatriation basis. issue of bonus shares in respect of investment on a non-repatriation basis is covered by general permission.
Yes. Authorised dealers have been permitted to grant loans/overdrafts abroad to NRIs through their overseas branches and correspondents against the collateral of the shares/debentures of Indian companies held by them, provided the concerned shares/debentures were acquired on a repatriation basis.
Yes, subject to payment of Income Tax, capital gains tax, etc. payable, if any.