A Non-Resident Indian is allowed to open a Demat & Trading account with Swastika by obtaining a Portfolio Investment Scheme (PIS) permission letter from the Reserve Bank of India (RBI). They also have to link their Non-Resident Ordinary (NRO) or Non-Resident External (NRE) savings bank account. However, an NRI is not permitted to trade in the currency or commodity market in India.
A PIS permission letter can only be provided after submitting the following documents:
Copy of PIS permission letter
Copy of FEMA declaration
Copy of PAN card
Indian address proof, if any
Passport size photograph
Overseas address proof which can be
Copy of Driving License
Foreign Passport
Utility Bills
Bank Statement (up to 2 months)
Notarized copy of rent agreement
Leave & License agreement
Sale Deed.
Copy of a valid passport,
For an Indian Passport:
The passport should state the place of birth as India
Copy of Valid Visa
In the case of a Foreign (Not Indian) Passport:
Copy of Valid passport
Copy of PIO or OCI card.
Proof of Bank account (a cancelled cheque from your NRE or NRO savings bank account)
Declaration of P.O. Box in your residing country; and FATCA Declaration Form
All the above documents should be sent to Swastika, printed and thoroughly filled.
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