subject: Nri Depository Services Are Highly Useful [print this page] Smart planning and careful research will ensure that you earn an additional income in return which will enable you to live a grand and opulent lifestyle. There are a number of NRI depository services available and you can benefit from indulging in them.
To avail NRI depository services, the NRI have to keep a few guidelines in mind and follow a couple of routine procedures before these services become functional to them. It is mandatory for the NRIs to buy and sell shared on the very same day. Also, if they purchase shares it is non-transferable under any circumstances and they cannot gift it to anybody else either. Yet, if they wish to do this, they will need to take a written permission from the reserve bank of India to carry on these transactions. They necessarily have to own a PINS account and it is not permissible to hold accounts in a number of various banks. The PINS account gives them the approval to indulge and carry out trades in the India stock market. The RBI recently stated that NRIs must have a separate PINS account and a separate account to carry out various personal transactions.
NRIs who wish to avail NRI depository services, have to procure a couple of documents which are mandatory like the PAN card, overseas address proof, passport and visa copies. Also, the broker whom they register to undertake the sale of shares and purchase on their behalf need to have a power of attorney too. NRI depository services has benefited a large number of NRIs living abroad as they can invest in the Indian stock market and get good returns which are highly beneficial in return.
