ProStocks - Unlimited Trading Plan and Flat Fee Plan

#92
Can I open NRO Non-PIS Trading and Demat Account?
Yes.
Your investment in India through the Stock Market is governed by the following regulation:

  1. Foreign Exchange Management Act (FEMA) supervised by RBI
  2. Income Tax Act, 1961 supervised by Income Tax Department, Govt. of India
  3. SEBI regulation for Exchanges, Stock Broker and Depository
You can invest on Repatriable Basis (NRE) or Non-Repatriable Basis (NRO) or both.
When you open NRE PIS Bank Account: Your Bank provided you with the following THREE services besides usual banking Services:
  1. Applying to RBI and taking PIS (Portfolio Investment Scheme) permission. This is a one-time activity. This is a requirement under FEMA.
  2. Reporting all your transaction routed through PIS Bank Account to RBI on a regular basis. This is a requirement under FEMA.
  3. Calculating, Deducting and Depositing you tax liability arising out of shares sold through PIS Trading Account and proceeds credited to PIS Bank Account. This is required due to Section 195 of the Indian Income Act,1961.
FEMA has been amended in Feb 2016, and NRI investing through Non-Repatriable Basis (NRO) route are not required to take PIS permission and hence no requirement of reporting transaction to RBI.
In a nutshell, Service Number 1 and 2 mentioned herein-above are no longer required for NRO Account. However, Service Number 3 is still applicable.
Banks are willing to provide Service Number 3 as mentioned herein-above for NRO Account BUT at the same taking charges which they are taking for NRE PIS Account. In such case, your Banker will open your normal NRO Saving Bank Account, will insert Dummy PIS permission Number, so their software will behave as if this is PIS account and will rename this as NRO Investment Account and will provide you Tax Deduction Service.
ProStocks is now bring to you NON PIS NRO Trading Account.
ProStocks will do compliance of Section 195 of Indian Income Tax Act, 1961 for a fixed fee of Rs 1k p.a (waived for account opened before 1st July, 2020) and you would be able to trade in equity segment just like Resident Indian. No Custody Account, No hassle of dealing with Custodian or PIS Banker besides Stock Broker. No PIS Bank Account required.
 

soft_trader

Well-Known Member
#93
I don't understand one thing. Why don't NRIs operate trading and bank account like we do. They are Indians but not residing here currently. So if they have a resident savings account and trading/trading account and have the login credentials, they can sit in any corner of the world and trade peacefully. Like we Indians do when we go abroad for few week. Only difference is NRIs stay for longer term, that's it. No sarkari babu is going to cross check ever whether one is trading sitting in India or abroad. Income tax filing can also be done online. What's the need to go through the hassle of all these PIS Tis miss whatever the terminology are. :confusedd::madi:
 
#94
I don't understand one thing. Why don't NRIs operate trading and bank account like we do. They are Indians but not residing here currently. So if they have a resident savings account and trading/trading account and have the login credentials, they can sit in any corner of the world and trade peacefully. Like we Indians do when we go abroad for few week. Only difference is NRIs stay for longer term, that's it. No sarkari babu is going to cross check ever whether one is trading sitting in India or abroad. Income tax filing can also be done online. What's the need to go through the hassle of all these PIS Tis miss whatever the terminology are. :confusedd::madi:
We have launched NRO NON PIS Trading and Demat Account where we are allowing them FNO also that too without clearing fee.
 

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