Mutual funds (MFs) are the investment options availed to NRIs as well as natives. It is an investment scheme to trade off in diverse equities, like shares, bonds, debentures and other securities.
NRIs, including PIOs and OCIs, hold the right to trade off in repatriable & non-repatriable MF. It implies that the invested security is convertible as well as inconvertible in foreign currency. Like every citizen, these services for NRIs are allowed to invest in this scheme as per the FEMA Act. The applicant NRI can appoint any POA (Power of Attorney) who can open & document on his behalf. The responsible authority should open the a/c at the point of application submission. By inputting complete details, he ought to enclose the payment in favour of the scheme. The noteworthy fact is that it should be notarized and attested by the NRI & the POA. The non-resident must mention his overseas address on it. It should be identical to the address mentioned on the immigration form. Clearly define whether or not it’s repatriable/non-repatriable. Enclose a KYC form as well. Such securities are redeemable as well. The investor can get in NRE/NRO/FCNR a/c. The new securities are taxable but one year old or more would be non-taxable.
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