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.
Sales of electric vehicles (EVs) in July touched 178,948 units, marking the highest monthly sales this financial year. This represents a 27.9 per cent increase from June, which saw 139,905 units sold, according to the Vahan data from the Ministry of Road Transport and Highways. The strong performance in July contributed to more than one million being sold in the first seven months of the calendar year.
As on April 1, income tax arrears have increased to Rs 43 trillion from Rs 24 trillion on April 1, 2023.
The NRI businessman Amarjit Chohan, his mother-in-law, wife and two children were victims of a plot to hijack a firm and turn it into a front for drug smuggling.
rediffGURU T S Khurana answers readers' personal income tax queries.
Deposit schemes for non-resident Indians could become unattractive as part of attempts to check foreign exchange inflows.
If you see 'Made in India' apparel at any of the IOC's retail channels, it may have well come from Tiruppur, manufactured by a firm, which is owned by a mother-daughter duo, called Back Bay India.
With hike in deposit rate for expatriates, RBI has reversed the trend of fall in NRI deposits and ensured that banks have additional funds to lend to needy sector of the economy.
Shami Chakrabarti, leading NRI human rights lawyer and director of prominent civil liberties group -- Liberty, has been appointed as the chancellor of Oxford Brookes University.
The inflow of Non-Resident Indian deposits shot up to $3.99 billion at the end 2008-09 as against mere $179 million at the close of the previous year, according to Reserve Bank of India data.
The Securities and Exchange Board of India (Sebi) may allow non-resident Indians (NRIs) and Overseas Citizens of India (OCIs) greater exposure to domestic equities if their investments are sent through foreign portfolio investors (FPIs) registered at the GIFT City International Financial Services Centre (IFSC). The proposal will be taken during Sebi's board meeting on Saturday along with other key agenda items such as easing of voluntary delisting mechanism and introduction of a regulatory framework for real estate fractional ownership platforms, said people in the know. At present, the combined holdings of NRIs and OCIs in a global fund have to be less than 50 per cent, while that of a single NRI or OCI is capped at 25 per cent.
Forex inflows may slow down and banks may be deprived of cheap funds if the government accepts Reserve Bank of India's suggestion to tax non-resident Indian deposits, bankers warned on Wednesday.
An NRI entrepreneur has successfully converted an old court house in the heart of London into a five-star hotel, providing a luxurious haven for those wishing to enjoy the best that the capital has to offer.
The Union Cabinet has approved the policy framework for establishing a Non-resident Indian/Person of Indian Origin (NRI/PIO) university in India.
The launch of a range of electric motorbikes (e-bikes) by Bengaluru-based Ola Electric, a first for the company, has disconcerted the industry because the low price the firm claims to be offering has the potential to disrupt the market. On August 15, Ola unveiled its Roadster series e-bike with a starting-price at Rs 74,999. This new pricing undercuts the previous lowest price in the category, which was Rs 110,000.
On Wednesday, rupee depreciated to an all time low of 60.72 against dollar.
A Dubai-based NRI businessman is planning to start a new airline in India. Aniyan Kutty, managing director of Dubai-based Clarion Shipping Services, said initially the airline will connect smaller cities, followed by operations all over India.
NRI entrepreneur Sourabh Sen has been awarded the prestigious Global Green Award in recognition of his leadership and success in promoting renewable energy solutions in emerging markets such as India.
Indian real estate market remained buoyant in January-June this year, with housing sales hitting an 11-year high at 1.73 lakh units and office demand at a record 34.7 million square feet across eight major cities, according to Knight Frank. On an annual basis, housing sales rose 11 per cent to 173,241 units while leasing of office space grew 33 per cent to 34.7 million square feet during January-June this year across eight major cities. Shishir Baijal, chairman and managing director, Knight Frank India, said, "India's real estate market has been buoyant in the last few quarters owing to the strong economic fundamentals and stable socio-political conditions."
In a major security breach at the Wagah-Attari border crossing with Pakistan, an NRI crashed his SUV into the security gates at the Attari Joint Check Post in the wee hours of Monday and reached the Zero line at the International Border.
So far this year, around 839,545 electric vehicles have been sold, accounting for approximately 6.69% of the total 12,541,684 vehicles sold.
Jaitley presents NRI award to G P Hinduja.
Leading NRI industrialist Rami Ranger was on Saturday made a member of the British Empire by Queen Elizabeth II for his services to business and to the British Asian community.
The accident took place at around 5.50 am on Wednesday, when Saini, 68, was riding a bicycle along with fellow cyclists on the Palm Beach Road in Nerul area, an official said.
The flow of NRI funds witnessed a substantial increase of about 40 per cent in the year 2003-04 against the previous financial year
While Chandrasinh's name has also come in connection with Satish Rugani assault case too, the other four do not have any criminal records as such, he said.
All categories of NRI deposits saw net inflows in July.
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment.
The India Investment Centre, at present under the finance ministry, will find a new home with the newly constituted non-resident affairs ministry.
rediffGURU T S Khurana answers readers' personal income tax queries.
The actor-turned-politician has been allotted Panchayat Raj and Rural Development, Environment, Forests, and Science and Technology portfolios.
A N Shanbhag, the highly respected investment guru, and his son Sandeep Shanbhag, answer your questions on NRI investment
A leading US daily has questioned Democratic leader Hillary Rodham Clinton's choice of NRI businessman Sant Chatwal, who faced allegations of forfeiting tax, as a fund-raiser.
There would be an increase in NRI investment in India post elections.
