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NRI INVESMENTS IN MUTUAL FUNDS

GUIDELINES

1) It is mandatory for an NRI investor to have an NRE or NRO bank account in India.

2) Invesments made from an NRE a/c can be on fully repatriable basis,while payments from an NRO
   a/c will be on non-repatriable basis. Please state the bank and account details clearly on the application
   form as it facilitates & easy credit of dividends declared or redemptions.

3) In case the remittance of funds is made through an overseas DD (Demand draft), it should be
   supplemented with evidence of the source of funds overseas i.e. it should be from your overseas bank
   a/c.It should be in rupees & payable in India.

4) Your overseas address should be stated clearly on the form for correspondence and in case you have a
    : local address for correspondence,kindly state the same if indicated for quicker correspondence.

5) As per SEBI (Securities & Exchange Board of India), it is now mandatory for all NRI investors to get
   the PAN (PermanentAccount Number) CARD and KYC (Know Your Customer) procedure complied with,
   prior to investing in Indian Mutual Funds. 

6) The tax implication for investments in Mutual funds is as follows  :
   Equity based funds
   Dividend received–Tax Free
   Long term Capital Gains (i.e. more than 1 year holding) Tax Free.
   Short term Capital Gains (i.e. less than 1 year holding) - 15% Taxable. 

   Debt based funds:
   Dividend received-Tax Free 
   Long term & Short term Capital Gains-As there is a TDS (Tax deducated at source), we advise that
   the investors consult us or read the offer document carefully before investing. 

7) In case of redemptions required or any Mutual Fund portfolio query or amendment required, the Investor
   can contact his Investment Advisor or get in touch with the Mutual Fund house directly.
   
8) NRI investors residing in USA & Canada are not eligible to invest in the following Indian Mutual Funds -
   JP Morgan, Franklin Templeton, Fidelity and HSBC. 

9) Indian Mutual Funds are now more transparent and stable. The SEBI (Securities & Exchange Board of
   India) monitors governs the Mutual Funds. The Reserve Bank of India & the Ministry of Finance
   also regulate the industry on a continuous basis. 

10) It is always desirable to take the guidance of a Mutual Fund / Investment Advisor while investing in
     Mutual Funds.


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