What is the procedure for making investments under the PIS scheme?
• You (NRI) should open a PIS account with a designated bank branch, which is approved by the Reserve Bank of India, for this purpose. It is also advisable to maintain a NRE/ NRO bank account with the same designated branch for administrative convenience. • You should apply for RBI approval through your designated bank branch, for investment in Indian Stock Markets, by completing the prescribed forms. Reserve Bank issues general permission for a period of 5 years that can be renewed further. • You should open Demat Account/s with a Depository Participant to hold your shares. Separate Demat accounts have to be opened for maintaining Repatriable and non-Repatriable investments. • Payment for purchase of shares and / or debentures has to be made out of inward remittances / funds held in NRE / FCNR account maintained in India, if the shares have to be purchased on repatriation basis. The share can also be purchased on non-repatriation basis for which the investments can be made from inward
