InvestorQ : What is the PIS scheme for NRIs?
Abhisha Yadav made post

What is the PIS scheme for NRIs?

Answer
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2 years ago


Under this scheme, NRIs are permitted to acquire shares/debentures of Indian companies or units of domestic Mutual Funds through the stock exchange(s) in India.
Investment can be made both on repatriation or non-repatriation basis. For making an investment on a repatriation basis, it will be necessary to make payments by way of inward remittance or by debit to the NRE / FCNR account of the NRI / PIO. Investment on non-repatriation basis can also be made by way of inward remittance or by debit to the NRE / FCNR / NRO accounts.
The sale proceeds of the Repatriable investments can be credited to the NRE / NRO accounts of the NRI / PIO at the option of the investor, whereas the sale proceeds of non-Repatriable investment can be credited only to NRO accounts. The sale of shares will be subject to payment of applicable taxes. The application is to be submitted to a designated branch of an authorized dealer in India in the prescribed form. No permission is required from RBI.