sainbu mukul nikhil

7/31/2019 Sainbu Mukul Nikhil

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Presented by:

Sainbu Dutt Gupta

Mukul Mansharamani

Nikhil Bhatia


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A Non-Resident Indian (NRI; Hindi: Prav s Bh rat ya ) is an Indian citizen

who has migrated to another country, a

person of Indian origin who is born outsideIndia, or a person of Indian origin who residespermanently outside India. Other terms with thesame meaning are overseas Indian andexpatriate Indian. In common usage, thisoften includes Indian-born individuals (and alsopeople of other nations with Indian ancestry)who have taken the citizenship of othercountries.
http://en.wikipedia.org/wiki/Hindi_languagehttp://en.wikipedia.org/wiki/Indian_nationality_lawhttp://en.wikipedia.org/wiki/Emigrationhttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Emigrationhttp://en.wikipedia.org/wiki/Indian_nationality_lawhttp://en.wikipedia.org/wiki/Hindi_language


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Ordinary Non-Resident Rupee (NRO)Account.

Non Resident (External) Rupee Accounts

(NRE A/C). Foreign Currency (Non Resident) Account

(FCNR A/C). Non Resident (Non Repatriable) Rupee

Deposit Scheme -NR-NR-RD Scheme.


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NRIs can open NRO account for transactionsin rupees without any approval.

It can be maintained in the nature of current,

savings, recurring or fixed deposit account.NRIs may also open this account jointly withresidents.

After the person returns to India

permanently, this account can be againdesignated as a resident account.


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NRE account may be opened without anyapproval if the funds for this account aretransferred in freely convertible foreigncurrency.

NRIs may jointly open this account withanother NRI.

This account can be maintained in the formof saving or current or recurring or fixed

deposit account. Balances held in thisaccount and any interest earned on thisaccount are exempt from tax.


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FCNR A/C is maintained only in term deposit.The account can be maintained only in Pound Sterling, U.S. dollar, Deutsche Mark

and Japanese Yen. The deposit is acceptedfor a period not below six months and notabove three years. Remittance from abroadis to be made in the foreign currency in

which the account is desired to bemaintained.The balances and the interest on this

account are exempt from tax .


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Remittances to India are money transfersfrom Indian workers employed outside thecountry to friends or relatives in India.

India is the world's leading receiver ofremittances, claiming more than 12% of theworld's remittances in 2007.

Remittances to India account forapproximately 3% of the country's GDP.
http://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/GDPhttp://en.wikipedia.org/wiki/GDPhttp://en.wikipedia.org/wiki/India


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Since 1991, India has experienced sharpremittance growth. Indian remittances totaled 2.1 billion USD; in

2006, they were estimated at between $22 billion

and $25.7 billion. Money is sent to India either electronically

for example, by SWIFT or by demand draft.

many banks are offering Money transfersand this business has grown in to hugebusiness
http://en.wikipedia.org/wiki/Remittancehttp://en.wikipedia.org/wiki/USDhttp://en.wikipedia.org/wiki/SWIFThttp://en.wikipedia.org/wiki/Demand_drafthttp://en.wikipedia.org/wiki/Demand_drafthttp://en.wikipedia.org/wiki/Demand_drafthttp://en.wikipedia.org/wiki/SWIFThttp://en.wikipedia.org/wiki/USDhttp://en.wikipedia.org/wiki/Remittance


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Despite economic recession, Indians workingabroad had sent a record $40 billion as remittances to India in just 9

months of calendar year 2008.

As the last quarter is a festival period, the totalremittances for the year may even exceed $50billion.

way ahead of World Banks prediction of $30

billion for India in 2008.


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In 2007, with $27 billion as remittances,India was placed as the number onerecipient of inward remittances globally byWorld Bank,

with China in close second ($25.7 billion).And the story would be no different this yearas well.

Inward remittances (unlike FII) areconsidered sticky as this money is sent toIndia primarily for savings and familyspending, and hence would remain in the

economy.


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As a policy measure, government is alsopromoting NRI remittances through higherinterest rates on NRI deposits.

could offset the FII outflow to some extent andthus could reduce the dependence of the

economy on FII money.

remittances had not/may not fall due to thefollowing reasons.1. The fear of job loss forces people to save

more, especially in the safer Indian financialmarkets2. Rise in rupee dollar exchange rate wouldfetch more rupee than ever when transferred toIndia

3. Rise in interest rates of FCNR and NREdeposits


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With the advent ofSWIFT and otherinternational inter-bank money transfernetworks, the importance of other retail valuetransfer systems such as Western Union etc.have come down.

the case of any internet based systems, onlinemoney transfer systems also offer convenience,speed, traceability etc. to its customers.

it allows remittances to be done within thecomforts of home.
http://en.wikipedia.org/wiki/Society_for_Worldwide_Interbank_Financial_Telecommunicationhttp://en.wikipedia.org/wiki/Society_for_Worldwide_Interbank_Financial_Telecommunication


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Following is a non-comprehensive list ofvaroius Indian banks offering online moneytransfer to India.

AxisRemit This is a service offered by AxisBank.Money2India This service is offered byICICI Bank.

QuickRemit This service is offered byHDFC Bank.
http://www.axisbank.com/nri/index.asphttp://www.icicibank.com/pfsuser/icicibank/ibank-nri/nrinewversion/m2i.htmhttp://www.hdfcbank.com/nri/default.htmhttp://www.hdfcbank.com/nri/default.htmhttp://www.icicibank.com/pfsuser/icicibank/ibank-nri/nrinewversion/m2i.htmhttp://www.axisbank.com/nri/index.asp


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Citi Online Remit- This service is offeredby Citi Bank.Remit2India - This service is offered by

Times Money

Most of these banks charge a nominalservice fee and allow money to betransferred to any bank in India, not just thebank doing the transfer.

Linkttp://www.tracenotes.com/reports/remittance-india.html
https://www.online.citibank.co.in/portal/newgen/nri/money/nrmoney_transfers.htm?site=PORTAL&creative=NGR&section=nrtpt&agencyCode=XER&campaignCode=RCAO&productCode=RCA&eOfferCode=nrtpthttps://www.online.citibank.co.in/portal/newgen/nri/money/nrmoney_transfers.htm?site=PORTAL&creative=NGR&section=nrtpt&agencyCode=XER&campaignCode=RCAO&productCode=RCA&eOfferCode=nrtpthttp://www.remit2india.com/http://www.remit2india.com/https://www.online.citibank.co.in/portal/newgen/nri/money/nrmoney_transfers.htm?site=PORTAL&creative=NGR&section=nrtpt&agencyCode=XER&campaignCode=RCAO&productCode=RCA&eOfferCode=nrtpt


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