Remittances from Oman dip post note scrapping in India

 Two money exchange houses in Oman saw a dip of at least OMR1.2 million in Instant Money Transfer (IMT) as recipients in India continue to face difficulty in withdrawing cash following the Indian government’s November 8 decision to scrap Rs500 and 1,000 notes.
Read the full story in Times Of Oman

Simple tips for NRIs selling property in India

The recent boom in the Indian real estate industry has prompted NRIs (Non Resident Indians) to sell their properties in India to take advantage of the hike in land prices. However, NRIs must take note of the special provisions of the Indian tax laws before selling their property in India in order to ensure a smooth transaction and avail maximum benefits.

Find out all the tips here

NRI investment patterns become realistic

Alka Rajpurohit, a non-resident Indian (NRI) from Dubai, wanted to sell her luxury apartment in Gurgaon and instead, buy a premium apartment in Noida. Rajpurohit’s decision, reflects the changing dynamics of NRIs’ investments in Indian property from being investors and speculators, to future end-user buyers.

Read more at link

NRI deposits drive up external debt to $486 bn

India’s external debt at the end of March 2016 stood at $485.6 billion, up 2.2 per cent from over its level at over end-March 2015, largely driven by the increase in long-term external debt, particularly NRI deposits, the Centre government said announced on Monday.
Full Report here

India: The investment hub for NRIs

A list of reasons  reasons why India should feature in a NRI’s portfolio, even though one may not really be contemplating moving back to India. All in all India still seems like an investment opportunity worth evaluating.

• From an investment destination perspective, Indian equities and fixed income are both showing promise over the next two to three years, especially as NRIs may not get the required returns on investments in their home countries.
• Read the rest of the reasons here

Won't interfere with NEET order: HC to NRI students

The Karnataka High Court on Thursday made it clear that it will not interfere with the Supreme Court’s order making it mandatory for NRIs and foreign nationals to clear NEET to obtain medical seats for the 2016-17 academic year. However, the court said the protection granted to genuine candidates already admitted under NRI/foreign national quota up to September 1, 2016 in petitioner institutions shall not be disturbed for two weeks to enable them to approach a superior court.

Full report

Police warn NRIs of phishing

With several non-resident Indians (NRI), especially from the US, complaining to the Cyberabad East police that their banking details were accessed by fraudsters by phishing, police have issued an advisory on Saturday urging citizens not to share passwords on email chats.
Full TOI report

All you wanted to know about FCNR (B) outflows

 FCNR (B) outflows explained

NEET mandatory even for admission under NRI quota: HC

In a setback to private medical colleges, the Karnataka High Court on Thursday upheld the circular issued by the Medical Council of India (MCI), which had asked all medical colleges to fill up seats under the NRI/foreign nationals quota only from the merit list prepared on the basis of marks secured by the candidates in the National Eligibility-cum-Entrance Test (NEET), from the academic year 2016-17.

Full story here

Vacant NRI-quota MBBS seats in Punjab colleges to be given to general category

The aspiring medical students of general category should be happy. Almost 90% of the NRI-quota MBBS seats in three government medical colleges that are set to fall vacant during the separate counselling on September 15 will come to them.
The 15% quota for the NRIs makes it 75 reserved seats in the government colleges — 15 in Faridkot and 30 each in Patiala and Amritsar. And only seven NRIs qualified in the August 9 separate test. So 68 seats might be added to the general pool. Allotment starts September 16.
Full story here

Our diaspora has a lot to offer

A recent UN report says that India now has the largest ‘diaspora’ in the world, with more than 16 million persons of Indian origin living abroad. This Non Resident Indian (NRI) pool represents a little over 1 per cent of India’s population but is a crucial cog in the wheel of India’s development.

How does the Indian diaspora benefit India? The biggest way is through regular remittances. According to a World Bank report released in April, India was the largest remittance-receiving country in the world, with an estimated $69 billion in 2015.

This amounts to a whopping 3.4 per cent of India’s GDP, an amazing multiplier because just 1 per cent of the citizenry, which does not even live in the country, contributes more than three times its fair share to the nation’s wealth.

An interesting Column by RAJKAMAL RAO in Hindu Businessline

Full article here 

Tax queries

I have become a UK citizen now and am staying in London. Can I continue Public Provident Fund’s (PPF’s) till maturity? Can I continue investing in my PPF account even if I come back and stay in India on a British passport?
Find out the answer for this question and more here

NRI plans 32,000km road trip from UK to India

Her passion for driving has fuelled her latest project. British citizen of Indian origin Bharulata Kamble will embark on a 32,000km road trip through 32 countries in approximately 75 days all by herself.
While on the trip, Kamble will also drive down the Silk Route between China and the Middle East. “It will be a rediscovery of this old trade route which played a significant role in the development of the entire region, but has since been neglected due to modern means of trade and transport,” she said.
Read the full article here 

Revamped scholarship for children of NRIs, PIOs

NEW DELHI: A revamped scholarship programme for children of NRIs and Persons of Indian Origin (PIO) to pursue under-graduate courses in Indian universities and institutions was announced by the Ministry of External Affairs (MEA) on Wednesday.
Now, the Scholarship Programme for Diaspora Children (SPDC) has been extended from 40 to 66 countries, including 17 ECR (Emigration Check Required) countries, the MEA said.
Full story here

Countdown to September 30 for tax time bomb for non-resident Indians

September 30 is the deadline for non-resident Indians (NRIs) to declare their Indian assets, ahead of new rules aimed at targeting black money.
After September 30, non-resident Indians will have to pay tax on income generated in India.
Read the complete story here

Dubai NRI gets deals for Karnataka hospital, Jog Falls

B R SHETTY, a wealthy businessman of Karnataka origin and based in Abu Dhabi, will develop a government hospital spread over two acres in Udupi region and develop one of Karnataka’s foremost tourist destinations, the Jog Falls of Shimoga region.
Full story here 

Only genuine NRIs to get medical seats in Gujarat

 Expect an increase in the number of management-quota seats in medical and dental colleges in Gujarat the coming days, because the Gujarat assembly has ratified amendments to admission rules governing NRI-quota seats. With the new amendments in place, the state education department has also warned that management-quota fees could rise by almost 22%.
Full story here

Urjit Patel’s first task is to redeem FCNR(B). But what is FCNR(B)?

Foreign currency non-resident deposits, usually abbreviated as FCNR(B) – the B stands for banks, are term deposits that non-resident Indians (NRIs) can open with banks in India. These deposits are denominated in foreign currencies permitted by the Reserve Bank of India.
Redemption of foreign currency non-resident deposits have been termed as one of the first challenges that new RBI governor Urjit Patel will face upon assuming office. If that sounded gibberish, read on:

Telangana's draft NRI policy ready

The Telangana government said on Friday that it has prepared draft NRI policy to address the problems faced by people who have migrated to other countries especially Gulf nations from the state in search of livelihood.

Full story by TOI here

NRI Checklist Before Applying for a Home Loan

Are you an NRI looking for a Home Loan to finance your dream bungalow in India? Here’s what you need to do to apply for the same.
There’s nothing like owning a home in your motherland. The joy of coming back to your roots and spending time in the place you once called “home”. To make it easy for NRIs to buy a home in India, banks and NBFCs have created special Home Loan schemes, which have been tailored to fit their needs and requirements. 

Find the checklist here

NRI Alert: Bank warns customers against ‘new ATM card’ fraud

Officials of a leading Indian public sector bank and its subsidiaries, both regularly used by overseas Indian customers, have alerted customers to be vigilant about a new fraud involving ATM cards of existing customers.

The State Bank of India, the number one Indian public sector bank, is planning a merger with several subsidiary banks.

“NRIs and their families have to be alert about this new fraud in the name of SBI group merger,” an SBT officer stationed in the UAE told Emirates 24|7.

FULL STORY HERE

NRIs fret post Brexit fallout

Punjabis in India and the UK are also a worried lot with the Brexit fallout.
There are between 8 and 9 lakh Indians of Punjabi origin settled in the United Kingdom, and they expect the Brexit may result in tightening of immigration norms.
Read full report here

Indiabulls to raise Rs1,000 crore from NRIs for real estate fund

Indiabulls Alternative Investments Ltd plans to raise as much as Rs.1,000 crore for a new fund from non-resident Indian (NRI) investors based in West Asia, Asia-Pacific and Europe.

India Opportunities Fund, a real estate-focused, alternative investment fund (AIF), allows NRI investors, along with persons of Indian origin (PIOs) and other foreign investors, to participate in domestic real estate investments.

Full report here

Rs.15 lakh siphoned from NRI’s bank account

Cyber criminals committing fraudulent bank transactions, using forged user IDs and passwords, has come to light when unidentified internet criminals hacked a Non-Resident Indian (NRI) bank account at Paramakudi and transferred Rs. 15.20 lakh in 20 transactions over 10 days.
Full report here

Last date for conversion of PIO cards extended

External Affairs Minister Sushma Swaraj on Sunday said that the government has decided to extend the last date for applying for conversion of Person of Indian Origin (PIO) cards to Overseas Citizens of India (OCI) cards from June 30 to December 31.
Read the full report here

Gujarat abolishes NRI quota in medical education

"NRI quota was not benefiting Gujarat students and most benefits were taken by students from other states. So, to help the state's students, we decided to abolish the NRI quota. Now 15% NRI quota will be merged into the management quota. The new management quota will be 25% from the present 10%. It will give more seats for state's students."

Full story here

No clarity over NRI admissions

Ahmedabad: With National Eligibility cum Entrance Test (NEET) made compulsory by Supreme Court for admissions in medical and dental colleges, there is confusion over the fate of NRI admissions. In Gujarat, 260 seats in medical colleges are reserved for NRI students.
Deans of medical colleges said that in Gujarat, NRI students were given admission on basis of equivalent certificate of HSC. They were exempted from appearing for the Gujarat Common Entrance Test (GujCET). "With NEET now made compulsory at the last minute, the NRI children will not be able to appear for the test. If it is mandated to give admission to NRIs only on basis of NRI score, many of them may not take admission in Gujarat and choose colleges in Russia, Philippines, China etc," said the dean of a leading medical college.
Read the full story here

NRIs shy away from realty market

Nonresident Indians, a key category of property buyers in India, have of late been keeping away from the market. Of the key real estate markets where NRI investment makes a difference, Kerala is the worst affected with a more than 50% drop in sales to this group, according to global real estate consultant Coldwell Banker.

The decline is being attributed to a general slowdown in the Gulf region that has significantly reduced NRIs' disposable income.

Full report here

LIC's Gulf arm tops overseas chart with 80% income

MUMBAI: LIC has had a good run in the Gulf countries with its Bahrain-based arm LIC International that manages the GCC markets becoming the best among its eight international subsidiaries in terms of new business premium collection in 2015.
"We sold 13,120 policies in 2015, which is a growth of over 16 per cent over previous year. In terms of the number of policies, we enjoy over 88 per cent of market share in Bahrain in 2014,"

Read full story here

Federal Bank partners with Oman UAE Exchange for FLASHremit

Federal Bank has partnered with Oman UAE Exchange for FLASHremit, a real-time account credit facility. The partnership enables the non-resident Indian (NRI) customers residing in Oman to transfer money directly to their beneficiary having account with Federal Bank in India.

If you aren NRI from Oman and wants to know more then click here

Taxation and NRE's A few questions answered

Not a comprehensive article on taxation, some basic facts answered in this Mint question and answer section
Read the question and answer here

Rail Budget 2016: Soon NRIs can buy railway tickets using debit, credit cards

Lost in the din of the railways' decision to not hike passenger fares and announcement of additional passenger amenities was a significant decision by the government to allow foreign tourists and non-resident Indians (NRIs) to buy e-tickets using debit or credit cards.

The facility will be implemented in three months, according to the Railway Budget 2016-2017 presented by Railway Minister Suresh Prabhu on Feb. 25.

Story here

Indian businessmen in Gulf welcome budget

Indian businessmen in the Gulf today largely welcomed the Budget, saying the thrust on rural and agriculturesectors will boost several industries but rued that there was "nothing great" in it for NRIs.
Yusuffali MA, Chairman of Middle East's largest retail chain Lulu Group, called it a prudent budget.
"(It) has clearly highlighted the growth pillars of the Indian economy in agriculture, rural, social sector, skills, ease of doing business and tax and compliance reforms," he said.

Read the full Business Standard report here
 

NRIs without PAN not to be subjected to higher rate of TDS

Finance Minister Arun Jaitley in his Budget 2016 speech said that Non-resident Indians (NRIs) without PAN will not be subjected to higher rate of TDS. "Non-residents without PAN are currently subjected to a higher rate of TDS. Budget 2016 proposes to amend section 206AA of the Income-tax Act so as to provide that TDS shall not be deducted at a higher rate in case of non-residents not having PAN, subject to prescribed condition," said FM Arun Jaitley.

"It is proposed to amend the relevant provision to provide that on furnishing of alternative documents, the higher rate will not apply," the Budget says. 

Read the full story here

App launched in Muscat for Indians in trouble

An offline mobile app launched by the Indian mission to provide assistance to Indian workers in the Gulf region, particularly in Oman, has been downloaded by 10,000 expatriates.
'MigCall' has become a handy tool for the workers who do not have access to the internet to seek assistance whenever needed, particularly in emergency situation, the Indian embassy said.

Full story read here

Bandhan Bank launches international debit card, NRI banking

Bandhan Bank, which started full-fledged banking operations five months ago, launched international debit card and NRI banking.
The bank has tied up with Visa International for debit cards. It would offer two variants, Visa Classic and Visa Platinum.
NRI banking would be offered at selected branches and people can open accounts either under premium or standard variants.

Full report here

MEA to handle all NRI affairs, except investment

The merger of the Ministry of Overseas Indian Affairs (MOIA) with the Ministry of External Affairs (MEA) will see all issues, except investment promotion — including foreign direct investment — by non-resident Indians, get assigned to the foreign ministry.

The decision followed Foreign Secretary S Jaishankar’s reiteration that emigrant related issues would be “best looked after by a single organisation”.

Full news here