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What is a PIS Letter and how do I get it?
A PIS (Portfolio Investment Scheme) Letter allows NRIs to buy and sell shares of an Indian company on a recognized stock exchange. It facilitates these transactions through their NRE account with a designated bank branch.
To participate, you need to submit a PIS application in the prescribed format to designate a savings account as PIS. This can be done on either a repatriation or non-repatriation basis with the designated bank.
- Repatriation means funds can be transferred back to the NRI’s home country.
- Non-repatriation means the funds must stay within India and cannot be transferred abroad.
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