India budget 2019 presented by Finance Minister Nirmala Sitharaman on Friday brought relief to Indians abroad or Non-Resident Indians to some extent as government simplified the rules and regulations pertaining to investment pattern to encourage more NRI Investments with a sole intention to boost the economic growth of India.
NRIs have shown great interest in parking their funds in Indian Investments over the past few decades.
As the NRI investment in the Indian capital market is less, the Finance Minister has proposed to merge the NRI portfolio investment scheme route with FPI (Foreign Portfolio Investment) route.
Foreign Portfolio Investment refers to the grouping of assets including bonds, equities, and cash equivalents. These portfolio investments are held directly by an investor or managed by financial professionals.
Aadhar Card for NRIs
In addition to this, the Union Budget 2019 also made a big move to issue Aadhar Cards for Non-Resident Indians with Indian Passports. This will be issued to NRIs on arrival. NRIs need not have to wait for 180 days which was a mandatory wait earlier. The issue of Aadhar card to NRIs on arrival to India will help NRIs to a great extent as aadhar card acts as both identity card as well as proof of address as it consists of both demographic and biometric data.
By Sowmya Sangam