NRIs will abandon rupee-denominated accounts, causing a deposit crunch and worsening the current account deficit.
Maoist leaders in India have decided to enroll non resident Indians and foreigners living in India as members. This is seen as a first major change in its strategy to widen their support base to intensify the armed struggle. The Communist Party of India-Maoist, a banned outfit, considered powerful and active in several states in India, in its recently released new Constitution made it clear that it is in favour of enrolling NRIs and foreigners as members.
Non-Resident Indians for a Secular and Harmonious India, along with three other organisations of NRIs, have asked the New York Times to disown the remarks made against Congress President Sonia Gandhi in a full page advertisement by the Gandhi Heritage Foundation on Saturday. In a letter sent to the editors of the paper, the organisations said that the advertisement was not only in 'extremely poor taste' but also 'misleading and offensive'.
Ruling out any provision for a Non-Resident Indian nominee in Indian Parliament, Minister for Overseas Citizens Vayalar Ravi has asked the diaspora to make 'intellectual' contribution to their motherland along with financial investments.
For Indians (NRIs) in America, the beginning of 2011 will mean more tax burden. The estate duty, better known as 'death tax', has been re-introduced.
The Centre on Monday told the Supreme Court that the Election Commission's recommendation to extend voting rights to NRIs through postal ballots has been accepted in letter and spirit.
In a landmark move, India may allow its expatriates to trade in commodities. The decision is aimed at expanding the country's $750-billion futures market.
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This means individuals like Vikram Pandit, former Citibank chief, can be a promoter only if he comes back to the country permanently.
Breaking more walls for non-resident Indians, Minister for Overseas Affairs announced that Indians abroad could take active part in the development process of the country.
With the government clearing the decks for direct listing at the Gujarat International Finance Tec-City (GIFT City) International Financial Services Centre (IFSC), issuers will wait for the ecosystem to develop further before firming up their listing plans. In the meantime, most companies may continue to prefer listing in the onshore market, even as the new avenue provides key benefits such as tax waivers and reduced foreign exchange risk. Sources said that a few key things need to be ironed out further.
"I agree that there might be some lapses, but the problem does not lie with the law itself, it lies with the way it is being implemented," she told PTI.
Even as global investors were pulling out their money from India, Non-Resident Indians (NRIs) deposited $1 billion in bank deposits (net of withdrawals) during the three month period of October-December 2008. There was a net outflow of $0.9 billion in the same period a year ago, according to the Economic Survey.
The flow of money into Non-Resident Indians (NRIs) deposits witnessed a substantial increase, touching $2.14 billion in the first quarter of this financial year (Q1FY24), compared with $349 million in the same period in FY23. The outstanding NRI deposits rose by $2.5 billion, standing at $141.28 billion at the end of June 2023, up from $138.77 billion in May 2023, according to Reserve Bank of India (RBI) data. RBI released the updated data in the bulletin after almost three months.
'A democracy cannot mean the rule of just two people,' said one audience member, who recalled that he too had chanted 'Modi, Modi' when the PM had visited the USA. Many of those gathered admitted to having been Modi supporters. What had changed them was the growing concentration of power. Jyoti Punwani reports from New York.
Kotak Mahindra Bank on Monday launched its online remittance service - FundstoHome - for non-resident Indians.
Prime Minister Manmohan Singh on Sunday told the ongoing Pravasi Bharatiya Divas at Jaipur that Non Resident Indians should be allowed to vote and participate in the election process. Some NRIs at the event tell A Ganesh Nadar what the PM's statement means to them
rediffGURU T S Khurana answers readers' personal income tax queries.
It's time India re-visited its Western alliances for the attitude and approach that the West reserves for the nation when it comes to security cooperation of the kind that they might not have visualised outside of China, India's bug-bear, asserts N Sathiya Moorthy.
Canada has taken a serious note of NRIs from Canada duping Indian women after marrying them in India.
Entry of top chief executive officers of large MNCs and Non-Resident Indians into the boards of leading domestic companies will help India integrate with the prevalent global corporate culture, says a survey.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The Uttar Pradesh chief minister is on an overseas tour to woo investors.
With the rise of ultra-luxury housing in India comes ultra-customised marketing. Developers selling high-end homes, priced above Rs 20 crore, are moving away from traditional marketing for these homes to newer methods, such as painstaking profiling of customers before showing them the property, augmented reality for visualisation of interior decor, virtual tours, and closed-door international shows. There is also marketing through online ads, social media influencers, and exclusive memberships.
The helpline, Open 24x7, could be used by NRIs in distress to address their problems to the concerned officials in the ministry.
The State Bank of India, ICICI Bank, HDFC Bank, IndusInd Bank, ABN Amro and others are all set to hardsell themselves to pravasis in the Gulf at the two-day 'NRI Money Show 2003' beginning June 27 in Dubai.
Eight cheetahs from Namibia were released into the park in September last year as part of an ambitious project to revive the extinct cheetah population in the country.
The Non-Resident Indians (NRIs) living in the US, UK, Canada and Singapore can now avail the benefit of a lesser tax deduction on their Non-Resident fixed deposit with ICICI Bank, a top bank official said in Mumbai. The NRO FD Plus offers the benefit of concessional rate of tax deducted at source (TDS) under the Double Taxation Avoidance Agreement (DTAA) of India with these countries, ICICI Bank General Manager and Head NRI Services Manish Mishra said.
There has been an upsurge in hiring of Non-Resident Indians and expats by companies in the country in the past two years, thanks to improved infrastructure and competitive compensation levels, experts say.
People of Indian Origin and NRIs should tap the country's huge youth potential to create valuable knowledge links that can catapulate the country into a global innovation hub, Union Minister of Science and Technology Kapil Sibal has said.
NRIs remittances jumped 19 per cent to $66 billion in the last fiscal compared to the previous financial year because of a sharp decline in the rupee value against dollar, Assocham said in a study.
Non-Resident Indians will now be able to book the popular range of Maruti vehicles in the Gulf states and receive their delivery at a place of their choice in Kerala.
Karimnagar, which had been in the news for reelecting the Telangana Rashtra Samithi president, K Chandrasekhara Rao, with a thumping majority, has also entered the radar of Maruti Udyog Limited.
The programme enables Indians residing overseas to gift a car to anyone residing in India and had found very few takers since its inception.
