Banking laws for NRIs allow for the following deposit schemes, or simply put, accounts with authorized dealers -- banks and financial institutions authorized by Reserve Bank of India to deal in foreign exchange -- to be maintained in Indian rupees and in foreign currency.
Domestic I-T laws require you to deduct tax on software, e-books and music albums; must report every such transactions while filing returns.
A longstanding demand for voting rights in India by millions of Non Resident Indians may finally see the light of the day with a group of ministers clearing a draft bill on the issue, paving way for its consideration by the Union cabinet.
Non-resident Indian businessman C Sivasankaran's Sterling Infotech group is in talks with the Seychelles government to lease an island for 99 years, on which it plans to build an integrated mega township and tourism project.
The move, he said, would enable the Authority for Advance Rulings set up under the Income Tax Act 1961 to also function as the Authority for Advance Rulings for Indirect Taxes. The AAR was established to address the taxability issues of NRI assessees. The assessees can put in an application to the authority and seek judgement on their tax issues.
In another example of the growing focus on security in the telecom sector, the Foreign Investment Promotion Board has asked whether US-based Verizon Wireless operates in Pakistan, while deferring its proposal for transfer of equity shares.
A look at what constitutes as Income on Indian soil and what is not from the viewpoint of the income tax department.
Non-Resident Indian billionaire Lakshmi Mittal has said he does not want a cricket team in the Indian Premier League, and was "glad" for not having bought one already, given the recent controversy shrouding the twenty-twenty format of the game.
Ramesh Chauhan's Bisleri comes out with a new brand of natural mineral water sourced from a spring in Uttarakhand to take on Tata Tea's Himalayan.
Experts said the tensions have added to a sense of apprehension in the United States, Europe and parts of Asia that China will engage in more aggressive behaviour in pursuit of its territorial interests, which in turn has raised the possibility of a serious and coordinated pushback by leading global players.
The Reserve Bank is likely to continue buying dollars from market to add to its reserves in the coming months, which has crossed $300 billion, says a report.
Christmas is a perfect time for most NRIs to travel back to India and include property buying in their schedule. Ahmedabad, Kochi, Ludhiana and Chandigarh are some cities that witness generous investments from NRI investors.
Non-Resident Gujaratis can claim formidable achievements in most fields.
Leading non-resident Indian entrepreneur Maneck Dalal, who has played a major role in promoting Indian art and culture in the UK, has been awarded the Asian Leadership Award for his contribution towards heritage.
Gold only beats inflation. It fares poorly when compared to real estate or shares when compared on the basis of real inflation adjusted returns. Any serious investor, however, is advised to have a certain percentage of investment in gold to hedge inflation.
The new Income Tax return forms are much simpler in many respects.
Welcome to the world of Desi Adda, Sony India's latest brainchild to attract gamers with six made-in-India games.
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.
Amrita Chowdhury, Newly Returned Indian, discusses her debut novel, .
According to the decision, such entities can now first operate through e-commerce and then open brick-and-mortar stores.
Over 15,000 NRI resumes have accumulated in the inboxes of headhunters, and the number is set to increase, say HR executives.
In a pre-Budget memorandum to finance minister Pranab Mukherjee, the IndusInd International Federation said selective benefits may be offered to NRIs enabling them to make India the hub for their global activities.
Reduced hiring in the US market due to the lingering impact of the global financial crisis has resulted in a spike in the number of non-resident Indian resumes received by Indian human resources (HR) companies. Over 15,000 NRI resumes have accumulated in the inboxes of headhunters, and the number is set to increase, say HR executives.
From the Gulf countries to Malaysia and the UK to the US, the multi-agency operation christened 'Vande Bharat Mission' will see the state-owned AI operate 64 flights till May 13 in the first phase to ferry around 15,000 Indian nationals from 12 countries.
After foreign institutional investors lapped up realty stocks in the recently concluded equity placements by property majors, India-focused private equity players and Non-Resident Indians are loosening their purse strings in the real estate space.
NRIs cannot claim tax benefits on home loans in India as they have to pay tax in the nation where they work and earn. However, they need to file tax returns to become eligible for home loans. But if they pay tax in India for income earned in India, they can claim tax rebate for the home loan.
Deputy leader of the opposition in Parliament Gopinath Munde told rediff.com he would seek the help of Right to Information Act to find out who was responsible for according the Padma Bhushan Award to non resident Indian hotelier Sant Singh Chatwal.
New TDS-related law comes into force from April 1.
After the Satyam scam, the role of chartered accountants has come into focus again. This time the Income Tax Department has found that CAs have given false certificates, enabling Non-Resident Indians and foreign nationals to evade taxes in India.
However, being Indians we still feel the need to stay connected to the place of our birth and therefore, we try to make investments in India through different avenues. Let's take a look at how Non-Resident Indians (NRIs) can make investments in India.
Inaugurating the eighth edition of the Pravasi Bharatiya Diwas, Dr Singh said: "I recognise the legitimate desire of Indians living abroad to exercise their franchise and to have a say in who governs India. We are working on this issue and I sincerely hope that they will get a chance to vote by the time of the next regular general elections."
It has rejected a proposal by Subash Chandra-promoted Wire and Wireless India, which has sought permission to issue partly paid-up equity shares, pursuant to its rights issue. WWIL is in the cable network business. The shares were to be issued to non-residents, which also included FIIs, venture capital funds, multilateral and bilateral development financial institutions, and eligible NRIs for cash aggregating up to Rs 450 crore (Rs 4.5 billion).
DIAL has filed four cases in June 2012 against Mallya over KFA's cheques totalling Rs 7.5 crore not being honoured.
Soma Textiles & Industries Ltd will seek holders nod for purchase of the companys equity shares non-resident Indian, overseas corporate bodies and foreign institutional investors.
Indians living abroad are equally eligible for housing loans from banks here but with some riders.
Rashmi Sinha, Indian-born CEO of American company SlideShare, has been named by Playboy magazine as one of America's '10 Sexiest CEOs'.
Participating in the 150-minute long debate on Thursday, Chairman of the UK-India Business Council Lord Karan Bilimoria congratulated Lord Paul on his appointment as the Deputy Speaker of the House and said that Non-Resident Immigrants in Britain were now reaching the top positions in every field.
In a controversial turn to the election to a top Commonwealth parliamentary post involving high-profile Labour peer Swraj Paul and a Malaysian minister, the British delegation on Thursday alleged that India and the host country were involved in "shocking deals".
Real estate majors, who had lined up projects in Punjab to woo non-resident Indians, have put on hold their plans indefinitely with most NRIs no longer keen to invest in these properties.
