A prominent Indian Diaspora body, FIIDS, on Monday urged Finance Minister Nirmala Sitharaman to allow non-resident Indians and overseas citizens of India (OCI) card holders to invest in the Indian stock market. Such a move would boost the Indian economy further by attracting investment from the global Indian community, said the Foundation for India and Indian Diaspora Studies (FIIDS) USA. FIIDS is a US-based institute for US-India policy studies and awareness.
The Supreme Court Tuesday asked an overseas citizen of India student seeking parity with Indian citizens on the fees charged by IIT, "why don't you opt for Indian citizenship and serve this country?"
End users should take the plunge despite higher home loan rates as these tend to be cyclical.
Given the prevailing uncertainties, investors must maintain a 10-15 per cent allocation to gold in 2023.
Despite their opposition based on ideology, both the political Right and the political Left possess similar behaviour, observes Shyam G Menon.
'I am a non-resident Indian. I didn't come to India to shine a light on its negative aspects.' 'I came to India to showcase what I think are remarkable aspects of India and Indians on a global scale.'
NRIs can repatriate the proceeds from the sale of a residential property in India, provided they meet a few conditions.
Silver, which is currently trading at Rs 68,453 per kilogram, has appreciated 21.7 per cent over the past three months. Investors, however, shouldn't get carried away by its recent performance and put their money in it. Instead, they should evaluate its pros and cons and then take a considered decision based on their risk appetite.
Much of the the-foreign-media-is-biased hysteria that we see on social media these days is provoked by the bad press the regime is getting in the West, points out Vir Sanghvi.
Last year, in a reply to a question in Lok Sabha, the government informed Parliament that as of 2021, an estimated 13.5 million Indian nationals resided in various countries outside of India. Of these, 8.8 million were in the Gulf countries. Given the pandemic, there hasn't been a significant change in the number of Indians settling abroad, but data between 2015 and 2018 shows that the number of Non-Resident Indians (NRIs) increased 18 per cent in these three years. In 2015, India had 11.4 million Indians settled abroad, which increased to 13.4 million in 2018.
In Kerala, the use of black ranges from such convenience to strictures by community and religion to fashion and personal choice. One would have to be really insecure or too fond of the well settled life to see black solely as a badge of protest, points out Shyam G Menon.
September 15 is the deadline for paying the second instalment of advance tax. This is income-tax (I-T) taxpayers need to pay every quarter, instead of a lump sum at the end of the year. Ashutosh K Srivastava, senior associate, SKV Law Offices, says, "The tax has to be usually paid when income is earned. "Nonetheless, according to the I-T Act, the taxpayer has to estimate his income for the entire financial year. Based on that, he/she pays tax at specific intervals."
This could impact non-resident Indians staying in countries such as UAE which does not impose income tax on individuals under local tax laws.
Former Uttar Pradesh chief minister late Kalyan Singh, often termed as a Hindutva icon, and actor Victor Banerjee were among the 65 distinguished personalities who were conferred with Padma awards by President Ram Nath Kovind on Monday.
Despite its recent underperformance, gold must be a part of your portfolio.
The Delhi Police Cyber Cell has arrested 12 people, including three HDFC Bank employees, for allegedly trying to withdraw money from the account of an NRI, officials said on Tuesday.
All Overseas Citizen of India (OCI) cardholders are required to take a special permission from the central government if they want to be involved in any missionary, 'Tabligh' or journalistic activities in the country.
Finance Minister Nirmala Sitharaman on Monday reduced the time limit for reopening of income tax assessment cases to three years from six years, while for serious tax fraud cases where concealment of income is Rs 50 lakh or more it would be 10 years.
"Through his outstanding performance at the Olympics, Sreejesh has brought joy to Indians around the world. As a fellow-Malayali, I take tremendous pride in his achievement," Vayalil, Chairman and Managing Director of VPS Healthcare, was quoted as saying in a media statement.
India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries.
The draft law also allows courts to send summonses and warrants to the accused through a specially designated website to be hosted by the Ministry of External Affairs.
The primary and immediate impact of a depreciating rupee is on the importers who will have to shell out more for the same quantity and price. However, it is a boon for the exporters as they receive more rupees in exchange for dollars. The rupee depreciation has wiped away some of the gains that would have accrued to India from international oil and fuel prices dropping to pre-Ukraine war levels.
According to central and state officials, omicron cases have been detected in 11 states and union territories -- Maharashtra (54), Delhi (22), Rajasthan (17) and Karnataka (14), Telangana (20), Gujarat (9), Kerala (11), Andhra Pradesh (1), Chandigarh (1), Tamil Nadu (1) and West Bengal (1).
Myanmar's powerful military grabbed power in a coup against the civilian government and imposed a state of emergency after detaining Nobel laureate Aung San Suu Kyi and other leaders of her National League for Democracy in the early hours on Monday.
Congress general secretary and chief spokesperson Randeep Surjewala accused the BJP of pushing India into a dark age of religious polarisation to "subserve its parochial political agenda in the short term".
Highlighting that mutation in a virus is a natural phenomenon, the civic body said citizens should do not panic and appealed to them to follow COVID-19-appropriate behaviour.
They include a woman who came from Nigeria along with her two daughters to meet her brother in adjoining Pimpri Chinchwad area, the official said.
This year, former Japanese Prime Minister Shinzo Abe has been conferred Padma Vibhushan for his achievement in the field of public affairs.
The government on Monday said it proposes to incentivise incorporation of one person companies, a move that will benefit startups and innovators.
'... as has been happening in the last three weeks, then the foreign exchange reserves will not be comfortable to ensure that the rupee does not fall drastically.'
Marking a key milestone in the Indian government's fight against black money allegedly stashed abroad, India will get this month the complete information on flats, apartments and condominiums owned by Indians in Switzerland as also on earnings made from such properties to help it look into tax liabilities associated with those assets.
The government on Wednesday permitted NRIs to invest up to 100 per cent stake in disinvestment-bound Air India. The decision comes at a time when the government has sought preliminary bids for 100 per cent stake sale in the national carrier. "Today's decision on Air India is one milestone decision where NRIs... will get permission to invest 100 per cent in the airline," Union Minister Prakash Javadekar told reporters at a briefing about the Union Cabinet's decision.
As the Tata group inches closer to taking over Air India in January 2022, the $242-billion conglomerate will also inherit a stake in Kerala's Cochin airport. The Tatas would become the only airline to have an operational stake in a major Indian airport. The airport is a strategic hub connecting India to Middle East nations - home to the largest share of Indian migrant workers. In addition to Air India and Air India Express, private carrier Indigo also uses Cochin to ferry the lucrative 'Malayali Gulf traffic' to multiple locations like Jeddah, Riyadh, Sharjah, Dubai, Abu Dhabi, Doha, Kuwait and Bahrain, among others. According to regulatory filings, Air India has a three per cent stake in Cochin International Airport.
Addressing the 10th Pravasi Bharatiya Divas in Jaipur, Prime Minister Manmohan Singh said that Non-Resident Indians would be allowed to vote and participate in the election process.
Remittances growth is muted due to "structural" reasons which will hamper consumption demand locally, a report said on Thursday. "...the muted external remittances growth is more of a structural issue than transitory," India Ratings and Research said in its note. India has been the largest recipient of remittances from its diaspora spread all across the world and received over $70 billion inflows last year. The agency argued that flows had started to moderate even before the COVID-19 pandemic outbreak, pointing out that as a percentage of gross disposable income, the share of remittances fell to 2.5 per cent in FY19 as against 3.5 per cent in FY10.
For the 40 young non-resident Indians, who participated in the Pravasi Bharatiya Divas in Jaipur, their visit to the country has been a bitter-sweet one. They were floored by the vibrant culture and impressed by e-governance projects, but disturbed by corruption and other scams plaguing India, says Priyanka
Kovind, who is on his first visit to Ayodhya after the landmark 2019 Supreme Court verdict paved the way for the construction of the temple, also offered prayers at the Hanumangarhi shrine, about 2 km away.
Rejecting news reports, a Commission spokesperson said no such facility has been extended.
Traders who pay in rupees generate over Rs 50 crore in daily cryptocurrency volumes. Indians actually invest a great deal more in forex-denominated trades, observes Devangshu Dutta, explaining why it is impossible to ban cryptocurrency.
The flow of deposits from non-resident Indians (NRIs) hit a four-year low in the financial year 2020-21 mainly due to contraction in foreign currency deposits, latest data released by the Reserve Bank of India (RBI) shows. Total NRI deposits during FY21 were $7.3 billion as compared to $8.6 billion in FY20 - the lowest since 2016-17, when such deposits had contracted by $12.3 billion. Indian banks have three kinds of deposit accounts where NRIs or PIOs (persons of Indian origin) can park their funds: non-resident external-rupee account (NRE); non-resident ordinary rupee account (NRO); and foreign currency non-resident bank account (FCNR [B]).
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