The Lilavati Kirtilal Mehta Medical Trust (LKMMT), which runs Mumbai's Lilavati Hospital, has accused its former trustees and related individuals of misappropriating over Rs 1,500 crore. The trust has filed complaints with the Enforcement Directorate (ED) and the Bandra Police Station, alleging that the misappropriation, uncovered during a forensic audit, has impacted the trust's operations and healthcare services. The trust has also claimed that black magic was performed in the hospital premises by former trustees and related individuals. The Bandra Magistrate Court has ordered an inquiry against these individuals. The current trustees have identified large-scale irregularities in the hospital management body's affairs and appointed forensic auditors who found that over Rs 1,500 crore has been siphoned and misappropriated by the former trustees. The Mumbai police's Economic Offences Wing (EOW) has initiated a probe into an alleged cheating case of Rs 85 crore registered against three former trustees of the hospital.
The Congress president will be the state guest of the Kingdom of Bahrain and will address NRIs settled there on January 8.
The Supreme Court on Tuesday dismissed the Punjab government's appeal against a high court verdict quashing its decision to expand the definition of 'NRI quota' for admissions in undergraduate medical and dental courses in the state. "This fraud must come to an end now," the apex court said.
The share of non-resident Indians (NRIs) and overseas investors in Indian mutual funds has been declining over time, despite adding half-a-trillion rupees to holdings over the last five years. Mutual fund holdings for the segment went up from Rs 0.95 trillion as of December 2018 to Rs 1.54 trillion as of December 2022, shows Business Standard analysis of data from the industry body Association of Mutual Funds in India (Amfi). Their share in overall mutual fund assets has fallen from 4.2 per cent to 3.9 per cent during the same period.
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.
With real estate -- NRIs's favourite investment vehicle in the past -- unlikely to do well in the near future, there is a strong case for NRIs to shift to equity and debt mutual funds, says Prateek Mehta.
'Any earnings, regardless of location, will be subject to Indian income tax.'
Overseas Indians deposited around $4 billion in non-resident Indian (NRI) deposit schemes in April - June FY25, up 79 per cent over the amount deposited in these schemes in the same period last year, data released by the Reserve Bank of India (RBI) on Monday showed. In April - June FY25, inflows into the NRI schemes stood at $3.95 billion, compared to $2.21 billion during the same period a year ago. With this, the total outstanding NRI deposits as of June stood at $155.71 billion.
Here's what you must know about the new rule, its implications, and whether it affects taxpayers' rights and privacy.
What does this mean for you? Ramalingam Kalirajan explains.
Many of my NRI friends agree that America's Immigration & Naturalisation Service, because of its immigration criteria, has created a highly selective and narrow population of NRIs in terms of capability .
NRI demand would help offset the liquidity problem, which is presently affecting realty sales.
Indians living abroad are equally eligible for housing loans from banks here but with some riders.
'Many non-resident taxpayers faced issues in filing Form 10F since the portal didn't allow those who didn't have PAN to file the form.'
An international convention of people of Indian-origin in the US has demanded voting rights for Indian citizens living outside India and Rajya Sabha seats for Non-Resident Indians.
The Union Finance Ministry on Friday announced key amendments to foreign exchange (forex) regulations, including mandating government approvals for all investments originating from countries that share land borders with India. The latest amendments also seek to simplify cross-border share swaps and streamline key definitions, such as "control". The updated regulations have aligned the treatment of downstream investments made by overseas citizen of India (OCI)-owned entities with those owned by non-resident Indians (NRIs) on a non-repatriation basis.
Chit funds can accept subscription from NRIs on non-repatriation basis
Rejecting news reports, a Commission spokesperson said no such facility has been extended.
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.
A N Shanbhag and Sandeep Shanbhag answer the queries of the readers on investment issues
NRIs must be given business priority in India.
Such a legislation, the panel said, should be made applicable not only to the NRIs but also to those individuals who come within the definition of 'Overseas Citizens of India' as laid down in the Citizenship Act, 1955.
Despite the slowdown, property investments can give them good returns over the long term
The exodus of foreign investments from Indian equity markets continued unabated, with FPIs pulling out nearly Rs 20,000 crore in the last five trading sessions on higher valuations of domestic stocks and shifting their allocation to China. As a result, foreign portfolio investors (FPIs) have turned net sellers in the equity market, with total outflows reaching Rs 13,401 crore for 2024 so far. Going ahead, the FPI selling trend is likely to continue in the near term till data indicate the piossibility of a trend reversal.
It's too bad Viijay 69 does not let the viewer feel Anupam Kher's despair or his triumph. The most forgettable 'zero to hero' films at least managed that much, notes Deepa Gahlot.
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Nearly 40 developers participating in HDFC Indian Homes Fair in London would showcase thousands of property.
Targetting Non Resident Indians in the United States, Bharti Airtel on Thursday launched its 'CallHome' service at the price of 7.9 cents per minute.
NRIs can lock into NRE/NRO fixed deposits, buy real estate and invest in long-term equity investments.
NRIs could run into difficulties if they possess discontinued currency notes amounting to a high value.
HDFC Bank on Tuesday launched an online remittance facility for NRIs in the US, UK and Singapore.
Shiv Sena chief Bal Thackeray has criticised Prime Minister Manmohan Singh's statement that the government was working towards granting voting rights to NRIs by the time of the next general elections.
The Indian diaspora remain bullish despite single-digit equity market returns since May 2014, says Pavan Burugula.
As Swades turns 20, Aseem Chhabra looks back at the film that spoke to him.
Even an investor with an appetite for risk can consider investing in fixed deposits to hold a complete and well-diversified portfolio across asset classes.
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As returns decline, with extent and time horizon uncertain, some of these investors look to shift to safer zones
The new service, Pravasi, will offer banking solutions for NRIs in India and Oman, with services ranging from basic remittance service, investments in international and Indian funds, wealth management solutions to demat accounts in India and Oman for trading in shares and retirement solutions, the bank said.
Interest on NRE accounts is tax-free, but the I-T department creates hurdles to tax these accounts.
