Currency Notes of Rupees 500 & 1000 ‘Banned’!
Non-residents of India (NRIs), Person of Indian Origin (PIO) and Overseas Citizen of India (OCI) must be at unrest these days. The sudden declamation from PM Narendra Modi interprets that denomination of INR 500 and INR 1000 would no more be a legal tender since 9th November, 2016.
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Are NRIs permitted to hold their assets abroad?
Many questions echo in the core of Non Residents of India (NRIs). Some of the questions are-“If I would be able to hold my foreign assets? ; What will happen to my foreign accounts? ; Should I close them all?” and many more….
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Repatriation of Pension in the US
Repatriation of pension amount stands for returning the annuity. The US is hugely populated with Indian diaspora. India terms them as NRIs. Many of these have spent their life in government jobs. And later after retirement, they settled in the US with their children.
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Be it birth certificate, death certificate, school certificate, passport, visa and other immigration papers, address proof is a mandatory. Dreams of prospective emigrants can’t be true until they have authentic proof of residency. All in all, this credential is vital.
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Overseas Citizens of India (OCIs) and Persons of Indian Origin (PIOs) are individuals whose father or forefathers migrated to foreign country before 26th January 1950. Some emigrants (except Pakistan and Bangladesh) want to acquire Indian citizenship. Its prominent reasons can be attaining education, career and resettlement.
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An investor always loves to choose the bank that offers more rate of interest on deposits. It implies higher interest rate always attracts more investors. Non-residents of India (NRIs) are no bar from such intensions.
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Indian diaspora is scattered across the globe in big count. Alone, Germany houses 35000 NRIs. In Switzerland, this count is estimated around 13,500. And this figure jumps upto 2,226,585 in the US while in UK, it’s 1,051,800. A mammoth part of Indian population lives abroad. Many of them are still connected to their roots here. Property investment, their capital investment in shares, NPS and other finance schemes paint the apparent picture of their firm connectivity.
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