NRI taxpayers allowed manual filing for nil TDS certificate

The income tax department on Monday allowed manual filing of form by resident and NRI taxpayers wanting to apply for deduction of taxes at a lower or nil rate on total income.

The Income Tax Act, 1961, provides that if a taxpayer considers that her total income warrants deduction of income tax at lower/ nil rate, she may apply to the assessing officer (AO) requesting for lower withholding certificate.

Full report here

No tax implication for NRIs buying a car in India

Car can be purchased in India by making withdrawals from non-resident external (NRE) account

LiveMint answers some of your financial queries

Financial checklist for a returning NRI

While living far away in a strange country and in a different environment, home evokes nostalgia and warmth. However, the reality after one returns might be different.

Non-resident Indians (NRI) want to return to India after working for years in the Middle East. How will the move affect their finances? What should they look out for?
Here is a checklist by Economic Times

Government cancels passports of 33 NRIs for abandoning wives

The government has cancelled passports of 33 non-resident Indians or NRIs for abandoning their wives, the women and child development ministry said Wednesday.

The Integrated Nodal Agency (INA) made to look into the matter has been issuing Look-Out Circulars to absconding husbands in cases of NRI marriages and till now, 8 LoCs have been issued and 33 passports have been impounded by the external affairs ministry, a senior official said. The agency is chaired by secretary in the women and child development ministry, Rakesh Srivastava.

You can read the full report here

Remitting money from NRO account to foreign bank account

You are allowed to remit up to $1 million per FY outside India from NRO account. Remittance exceeding $1 million will require special permission from the Reserve Bank of India.

Here is a question answer session about the same

Bill against NRI men abandoning wives in next Parliament session: Minister

The Union government will introduce a Bill in the coming winter session of Parliament for more stern measures against Non-Resident Indian (NRI) husbands abandoning their wives in India.

External Affairs Minister Sushma Swaraj said in Hyderabad on Wednesday that the Centre already launched an institutional mechanism and the passports of 25 NRI men have been revoked recently for abandoning their wives in India and more measures were in the offing.

Full report in The Hindu

FAQ on registration process for Indians holding ECNR passport

The Indian External Affairs Ministry has answered most doubts of expatriates through an FAQ published on the emigrate website.

As per the FAQs its is clarified that those who are already working in one of these countries will have to register the next time you visit India, not immediately.

From January 2019 onwards all Indian travelling on employment visa to 18 countries including Qatar needs to register on a government website at least 24 hours before departure.

Previously only people with ECR (Emigration Clearance Required) category passports needed to register while travelling to Afghanistan, Bahrain, Indonesia, Iraq, Jordan, Kuwait, Lebanon, Libya, Malaysia, Oman, Qatar, Kingdom of Saudi Arabia, Sudan, South Sudan, Syria, Thailand, United Arab Emirates and Yemen.

Now, even people with ECNR (Emigration Clearance Not Required) category passports need to register through the website (www.emigrate.gov.in),” an advisory issued by the Indian government said.

Full report here

Indians on employment visa must register online before leaving country

Government of India has notified a major change for Indians with ENCR passport who are travelling for work to 18 countries.
Indians on employment visa in 18 countries will have to register with a government website, at least 24 hours prior to their journey, if they don’t want to be offloaded. This applies to all passport holders, irrespective of their emigration status vis-à-vis ECR or ECNR.
The countries are: Afghanistan, Bahrain, Indonesia, Iraq, Jordan, Kuwait, Lebanon, Libya, Malaysia, Oman, Qatar, Kingdom of Saudi Arabia, Sudan, South Sudan, Syria, Thailand, United Arab Emirates and Yemen.
The full report here

2 cells set up to assist investors, NRIs in Andhra Pradesh

Andhra Pradesh has set up Safety and Security Cell and AP NRI Grievance Redressal Cell in police HQ at Mangalagiri. The investment cell caters to law and order requirements of investors and NRIs so as to provide a safe investment atmosphere in the State.

Full report here

Plummeting INR has NRIs pumping cash into realty

With the rupee plumbing new lows against the dollar, one man's loss is another's gain — if they reside abroad and invest in realty in India.

With the INR sinking to a historic low of 72.69 against the US dollar last week, real estate markets in Mumbai and Delhi are seeing a spurt in inquiries and purchases by non-resident Indians (NRIs).

According to global and local real estate observers, NRIs are mostly interested in buying properties in metropolitan cities such as Mumbai, Pune and Delhi.

DNA report

India wants to let NRIs vote by proxy, experts are concerned

The Ministry of External Affairs pegs the number of overseas Indians at over 3 crore. It’s not clear how many of these people would be eligible to vote.

SK Mendiratta, a former legal counsel to the Election Commission of India for over five decades said the proposal was a positive move to “enable legitimate voters to exercise their franchise”.

But permitting a proxy to cast a vote on behalf of an NRI has raised concerns regarding the secrecy of the ballot. “The secrecy of the vote will be lost,” former Chief Election Commissioner TS Krishnamurthy told BloombergQuint in an interview.

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Fly-by-night NRI grooms' passport to be impounded

Tightening the noose around fly-by-night non-resident Indian (NRI) grooms, the regional passport authorities in Chandigarh have cancelled the passport of at least 50 such NRIs who deserted their spouse after marriage.

Read the Deccan Herald report here

Sebi mulls allowing NRIs through FPI route after meeting specific KYC norms

The move could open a new source for foreign inflows into the country, as NRIs are currently not big investors because of regulatory curbs.

NRIs usually take the mutual fund route. However, this does not allow them to make company-specific investments.

Although Indian capital market activity is regulated by Sebi, NRI investments coming into the country are administered by the RBI through Foreign Exchange Management Act (Fema). Some of the existing provisions in the Act place NRIs at a disadvantaged position both compared to domestic investors and foreign portfolio investors.

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Govt plans NRI bonds: How will they help?

The RBI does have a number of instruments it can use to support the currency, including selling dollars in foreign-exchange markets and by raising interest rates.

Another tool at its disposal is to raise capital through NRI bonds, a measure implemented by the RBI during 2013 when rupee fell to 67.85. It has become a go-to in times of currency stress.

Find out what they are and how it will help here