Buying a home in India made easy

The Indian government has considerably eased the restrictions relating to investments by NRIs in house property. There is virtually no restriction or approval required for an NRI to invest in properties in India from funds received in India through normal banking channels or held in Non-Resident External (NRE) account/ Foreign Currency Non-Resident (FCNR) account (B)/ Non-Resident Ordinary (NRO) rupee account.

However, investment in agricultural land / plantation property / farm house is currently prohibited. The recurring rental income earned on letting out of property is also freely repatriable.

For a detailed overview of an overview of the key exchange control and tax implications that should be considered by NRIs while investing in house property in India check this out

New avenue for non-resident Keralites to invest

Thiruvananthapuram: The Kerala government gave the nod for setting up a state-owned company, Infrastructure Kerala Ltd, to step up efforts to channel the remittances and investments of Keralites abroad.

"The state government will have a stake of 26 percent in the new company and the rest of the equity will be offered to private investors, mainly non-resident Keralites (NRK)," Chief Minister V.S. Achuthanandan told reporters after a cabinet meeting here.

Kerala Industries Minister Elamram Kareem said that the initial paid up capital of the new company formed on the lines of the Cochin International Airport Ltd would be Rs.1 billion.
Full story

affordable education to diaspora

India will take necessary steps to extend affordable education for NRI students to reduce disparities in the fee structure in Indian universities, Overseas Indian Affairs Minister Vayalar Ravi said here Tuesday.
"We want to make education in India affordable for our overseas students," Ravi said at the two-day Economic Editors' Conference that began Tuesday.
Ravi said the government was aware that huge disparities existed in the fee structures for NRI students in private professional colleges. "In some colleges it is almost five times more than the general category."
for full story

Who is non-resident Indian (NRI)?

An Indian Citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for anuncertain duration of stay abroad is a non-resident.
(Persons Posted in UN organisations and official deputed abroad by Central/StateGovernments and Public Sector undertakings on temporary assignments are alsotreated as non-temporary assignments are also treated as non-residents).