The programme enables Indians residing overseas to gift a car to anyone residing in India and had found very few takers since its inception.
Non-Resident Indians (NRIs) are one of the key contributors to the growth of the real estate industry and considering the immense potential in India, they are likely to step-up the investment in future.
But due to SEC diktats, funds that are US-based -- like Templeton, Fidelity and HSBC -- do not accept investments from NRIs.
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment.
India's rupee woes seem to have worked in favour of non-resident Indians (NRIs). Last week, the Reserve Bank of India increased the cap on foreign currency non-resident (FCNR) and non-resident external (NRE) interest rates.
It's baffling that highly trained professionals who have migrated in search of better incomes and creature comforts, and whose number includes some 200,000 millionaires, should still feel so vehemently about the landscape they have abandoned.
Non-resident Indians with wealth stuck in real estate in India have reason to rejoice.
Intermediaries, TPAs will also benefit, but investments will be under 26% FDI cap
The company has plans to open offices in the US, Singapore and other parts of West Asia such, such as Oman and Qatar in the next couple of years. "The NRI community is totally underserved. We want to tap the vast business potential arising from 2.5 crore (Rs 25 million) NRIs working abroad,'' said Kapil Wadhawan, vice chairman and managing director, DHFL.
There always will be more India products than you can count! Here's a suggested product strategy. . .
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
On June 4, Rahul Gandhi will hold a rally of about 5,000 NRIs in New York's Madison Square Garden, added the sources.
The 'Overseas Friends of BJP' in the United States has made an elaborate plan to make more than 25 lakh calls to people across India urging them to vote and re-elect Prime Minister Narendra Modi.
Standard Chartered's India strategy will focus on wealth management while credit card will remain core to its business though will avoid competition with the country's private banks, said a senior executive of the British lender. "Our focus on wealth management and affluent clients are central to our existence. "We are strong in these areas and we want to grow in these areas.
SBI Life Insurance is in the process of seeking permission from foreign regulators to sell its products to Non-Resident Indians through the overseas branches of the State Bank of India.
Underlining the contribution of non-resident Indians, Union Finance Minister Nirmala Sitharaman on Tuesday said remittances sent to the country by overseas Indians were about $100 billion for the year 2022, an increase of 12 per cent in one year. Speaking at a session during the Pravasi Bharatiya Divas (PBD) convention in Madhya Pradesh's Indore city, she described NRIs as the "real ambassadors of India" and appealed to them to use made in India products and services as far as possible so that the country's individual brand can be promoted across the globe. Sitharaman also said that after the "China plus one" policy, the world is now talking about the "European Union (EU) plus one" policy.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
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The minister, who is in New York to attend high-level meetings of the UNGA, assured INOC that while he was aware of some of the concerns of the non-resident Indians, he did not know the extent of the problems and that the government will address the issues as soon as possible.
If the view is that rupee will depreciate, hedge your exposure by using forward cover
The Budget has changed the rules for Indian citizens and persons of Indian origin visiting India. Instead of 182 days, the number of days has been reduced to 120. You will be treated as a resident of India for tax purposes if you stay in the country for more than 120 days in a financial year and 365 days in the past four years. One consequence of the change will be that people of Indian origin who reside outside India will be able to spend a smaller number of days in the country if they wish to keep their non-resident status intact, points out Sanjay Kumar Singh.
'Shooting with Pankaj was a delightful experience because he was a charming, easy and effortless singer.'
More than 11 million Non-Residential Indians and 20 lakh defence and paramilitary personnel will soon be enrolled in electoral rolls with the government on Wednesday setting the ball rolling for exploring ways for facilitating electronic voting for them.
The 54-page document tabled in Parliament detailed how the Modi-government pull the economy from being counted among the most fragile-five in the world to being the fasted growing and the most attractive investment destination.
'The situation is so bad that they are now sleeping on bridges or footpaths.' 'Therefore, they want to go and die before their parents or wife in case they get infected with COVID-19.' 'Workers don't want to die a dog's death in cities.'
Non-Resident Indians and Indian nationals abroad can deposit up to Rs 25,000 of the demonetised currency during the 3-6 month grace period, but only if they show the junked notes to Customs officials at the airport and get a declaration form stamped.
After inaugurating development projects worth nearly Rs 5,000 crore for boosting the agri-economy in the Union territory, Modi said he was "elated to be among the wonderful people of Srinagar".
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Money exchangers and bankers in Muscat said that non-resident Indians have started resorting to personal loans as rupee touched an all-time low of 62.03 against the US dollar on Friday, Times of Oman reported.
A bill to amend the Citizenship Act, one of the six items on which government had issued ordinances, was on Monday passed by the Lok Sabha.
There are no great emotional highs or lows in Dono. It is just made up of little moments of normal interactions between young people, observes Deepa Gahlot.
Fans wearing the India jersey, carrying the Indian flag, laughing, joking and anticipating an India win are moving towards the Narendra Modi stadium. There are families, friends, children, adults, teenagers, middle aged and the senior citizen who have all painted the city blue.
Continuing his attack on the Congress, he said efforts to stop the 'leakage' could have been made earlier as well but there was no intention and will power.
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, declined by 11 per cent in 2022 to 3.42 billion Swiss francs (nearly Rs 30,000 crore), annual data from Switzerland's central bank showed on Thursday.
Over 1,300 people signed the open letter within 48 hours, which was submitted to the Prime Minister's Office on Monday.
The surprise victory of the Aam Aadmi Party in the recent Delhi assembly elections has brought to the fore the crucial role played by the party's Non Resident Indian supporters across the globe.
In his address at the event organised in London by the Institute of Directors India, he emphasised that for too long India has been burdened with an old, cosy, family-and- favourites, under-the-table style of doing and managing business.
