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.
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.
The ministry said it was an anti-abuse provision amid growing instances of NRIs shifting their stay in low or no-tax jurisdiction to avoid tax payment in India.
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.
One cannot open a savings bank account, have a fixed deposit or a public provident fund.
Before repeal of Article 370 and Article 35-A in August last year, non-residents could not buy any immovable property in Jammu and Kashmir. However, the fresh changes have paved the way for non-residents to buy land in the union territory.
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.
Left behind after elections will be the Biharis with their stagnant conditions of poor education, poor health infrastructure, poverty, unemployment, division of society and the aftermath of coronavirus. What will remain is the Bihari tenacity, observes Asmita Bihari.
Novak Djokovic said he would do whatever was required to play at the Australian Open but hoped the government could also be accommodating.
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 Modi government finally dropped its big Kashmir bomb on Monday, with Home Minister Amit Shah moving to revoke two key constitutional provisions -- Article 370 and Article 35(A) -- that give Jammu and Kashmir a host of special rights. With the situation now on a knife's edge, here is what the momentous decision would mean for Jammu and Kashmir and for the country in general.
'The kind of tax which will be generated from the second pillar may far outweigh what we may be losing in the first pillar.'
The Mainichi newspaper earlier reported that the government was planning to ban overseas spectators due to worries they would spread the coronavirus, citing multiple unnamed sources.
Japan has been less severely hit by the coronavirus pandemic than many other advanced economies, but a recent surge in cases spurred it to close its borders to non-resident foreigners and declare a state of emergency in Tokyo and major cities.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Chit funds can accept subscription from NRIs on non-repatriation basis
Rejecting news reports, a Commission spokesperson said no such facility has been extended.
In this Budget, too, there were a number of measures aimed at plugging tax leakages and ensuring greater compliance, says Sanjay Kumar Singh.
The regulator typically meets overseas investors in the US and UK in the first half of a financial year, and had opted for a virtual meet last year too.
The increase has been mainly on account of higher FII inflows, deposits by non-residents and short-term credits.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
The group has called for a retaliatory tariff action against India, if New Delhi does not roll back the 'unilateral and discriminatory' equalisation levy or Google Tax.
There has been a decline in foreign direct inflow from China in the last three years, with FDI coming down to USD 163.77 million in 2019-20, Minister of State for Finance Anurag Singh Thakur informed the Lok Sabha on Monday. Giving details of the total foreign direct investment (FDI) inflow from Chinese companies in India, he said, it was USD 350.22 million in 2017-18, while it declined to USD 229 million in the following year.
As protectionism grows from the United States to Australia, Sanjay Kumar Singh draws up a comprehensive financial checklist for those shifting to India.
Touted as the world's largest cricket stadium in terms of seating capacity, the Sardar Vallabhbhai Patel Stadium (also known as Motera stadium) is being readied to host United States President Donald Trump and Prime Minister Narendra Modi. Take a look at the venue which is likely to host the 'Namaste Trump' event.
The black money law provides for tax and a penalty of 120 per cent of assets' value.
Government and private bus transport services, now allowed within districts barring Chennai, its nearby areas and Madurai would cease to be operational from July 1 to 15, the government said.
The government on Monday clarified that transactions involving royalty/ technical services fee would be taxable under income-tax and not be liable for equalisation levy that is paid by foreign companies for conducting business with Indian parties, while explaining what would construe online sale of goods or services.
China has consistently spent more than 2% of GDP on R&D while India's expenditure on R&D has stagnated around 0.7% of GDP. Can our government shore up resources so that we hit the R&D expenditure target of 2% of GDP set out by the Science, Technology and Innovation Policy of 2013, asks Chidambaran G Iyer, Senior Fellow, Pahle India Foundation.
Japan government says no truth to report of possible Olympics cancellation.
A N Shanbhag, investment guru, and his son Sandeep Shanbhag, answer questions on NRI investment.
Besides low interest rates, a reduction in active Covid cases and strong high-frequency macro data have lifted the sentiment of both corporate India and the stock markets.
The rise could be attributed mainly to increase in commercial borrowings, short-term debt, and non-resident Indian deposits.
Sources said about hundreds of companies, including Facebook and Amazon, could seek tax refund because they import software for sale in India.
In simple terms, it refers to a deduction allowed in income tax, irrespective of expenses incurred or investment made by assessees.
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.
A recent pre-election survey suggests that AAP may win 53 seats in the 117-member Punjab assembly and reduce the Congress to just 43.
Exemption limits, standard deduction on radar.
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
West Bengal Chief Minister Mamata Banerjee on Thursday accused Governor Jagdeep Dhankhar of repeatedly interfering in the functioning of the state administration, and asked him to judge who has "crossed the limit of constitutional dharma and decency" between the two constitutional functionaries.
