Banks advised to Prepare for NRI Week in January

Banks told to Prepare for NRI Week

NRI Week : In New Delhi, the government has urged banks to consider organizing an NRI week in January, coinciding with the annual Pravasi Bhartiya Divas. The objective is to draw increased capital from NRI investors, gain insights into their concerns, and establish a quick resolution platform.

According to the most recent Reserve Bank of India (RBI) data, NRI deposits surged from $349 million a year ago to $2.14 billion in the first quarter of this fiscal year.

NRI Week For Banks

A government official, who preferred to remain anonymous, stated, We’ve proposed this to the banks. Such a gathering could be hosted at Gujarat International Finance Technology (GIFT) City, but the specifics should be worked out by the banks.

They should aim to attract more NRI funds, not just through deposits but also in the capital markets. The government put forth this proposal during a meeting with the top executives of major banks last month, as disclosed by the official.

In a recent development, the finance ministry revised the Income Tax Rules, providing an exemption for non-residents who are opening bank accounts from the mandatory requirement of submitting a permanent account number (PAN).

With this amendment, non-residents who open bank accounts at the International Financial Services Centres (IFSC) will be required to submit a declaration in Form 60, and they should have no outstanding tax liabilities in India.

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