Here are 10 recent updates in finance for Non-Resident Indians (NRIs) in India:
Taxation Changes: India has introduced several changes in taxation laws affecting NRIs, including amendments in tax rates, rules regarding tax residency, and reporting requirements for foreign income.
Relaxation in NRI Investment Rules: The Reserve Bank of India (RBI) has eased regulations on NRI investments in various sectors, allowing NRIs to invest in certain sectors without prior approval, fostering more investment opportunities.
Digitization of Financial Services: There has been a significant push towards digitization of financial services in India, making it easier for NRIs to manage their finances remotely through online banking, investment platforms, and mobile apps.
Changes in NRI Banking Services: Indian banks have introduced new services tailored to NRIs, such as special NRI savings accounts, NRI fixed deposits, and digital banking platforms designed to cater to the needs of NRIs.
Introduction of NRI Bonds: The Indian government has issued NRI bonds as a means to attract foreign investment and provide NRIs with an additional investment avenue. These bonds offer attractive returns and can be a viable investment option for NRIs.
Updates in Real Estate Regulations: There have been changes in regulations governing the purchase and sale of real estate by NRIs in India, including amendments in foreign exchange management regulations and property taxation laws.
Expansion of NRI Investment Options: NRIs now have access to a wider range of investment options in India, including mutual funds, stocks, government securities, and alternative investment funds, allowing them to diversify their investment portfolios.
Enhanced Remittance Facilities: Indian banks have improved their remittance services for NRIs, offering faster and more cost-effective ways to transfer funds internationally, along with competitive exchange rates.
Updates in Estate Planning and Inheritance Laws: There have been revisions in estate planning and inheritance laws affecting NRIs, including changes in regulations governing wills, trusts, and succession planning, aiming to provide NRIs with more clarity and flexibility in managing their assets in India.