You have not clarified about your residential status i.e.you are a resident Indian or NRI. If you are resident Indian,your global income is taxable in India.But,if you are NRI then only your income earned or accrued in India shall be taxable in India.
You can refer our detailed post on the same http://fintrakk.com/nri-tax-and-itr-which-income-of-nri-is-taxable-in-india-and-how/ If you are NRI and want to invest your overseas earnings back in India, NRE Account is a good option, the interest on NRE is tax free.
For details on NRE/NRO Account you can refer http://fintrakk.com/nre-account-vs-nro-account-facts-you-need-to-know/
If you want to send money to your family in India, there are other convenient ways like wire transfer through banks or branches of Western Union Money transfer or send money through Xoom,Remitly etc.But,please do check their charges/fees and customer support for better results.
General Queries About NRI/OCI Investments in India
An OCI card holder is treated at par with Non Resident Indian or NRI for financial and educational matters. Only few mutual fund houses allow NRIs from US to invest in mutual funds.While investing in mutual funds you need to comply with KYC requirements as well as FATCA Compliance is required.For investment options, you can check our detailed posts for NRIs : http://fintrakk.com/best-investments-for-nri/ and http://fintrakk.com/how-can-nri-invest-in-mutual-funds-in-india-us-canada-other-nris/
For NRIs global income is taxable in India. As far as paying taxes in US is concerned, it is better to check the same with some International taxation expert.
There are a lot of restrictions on NRIs investing in securities market in India. In most cases, NRIs can invest in IPOs except for NRIs staying in USA and Canada. You need to close the existing Demat account that you had when you were resident. You have to open a new Demat account once you become NRI.
I don't understand why it is not made easy for NRIs to invest back in the country of their origin. If one moves to another country but still wishes to retain some investments back in home country, the process should be simplified. Hope we get to see some relaxations.
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