November 22, 2013 11:19 pm
I know as an NRI a person cannot buy new purchases or start SIP. But is it possible to do STP instead, since it doesn’t involve a NRO/NRE bank account?
Thanks Ashal for your quick responses. I guess redeem is the only transaction available then 🙂
Dear Vimal, when you are doing STP, there may be Tax on your redemption from one fund, so you like it or not but some AMCs may not offer even STP to you due to this Taxation thing. 🙂
Thanks for your quick response. That’s why I was confused with the STP as that doesn’t involve a bank transaction. Any thoughts?
And sorry as I didn’t mention about the US NRI earlier 🙂
Dear Vimal, Now I got the background of your query. Due to US and some other countries’ Tax laws, Indian AMCs restricts investments from these locations. So this is not due to your basic NRI statuds but due to your actual residence – country specific.
I have been told by many NRI consultants that once I convert my savings account into NRO I wont (or I’m not supposed to) be able to do fresh Buy on mutual funds. I’m an avid investor in PPFAS fund even they have mentioned that NRI based in US/Canada are not eligible for investments. So I’m totally confused and seeking advice.
Dear Vimal, what is the problem to you? Being NRI, there is no restriction in investing fresh money? Be it SIP or STP or lump sum?
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