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.

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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.

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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”.

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India becomes No.1 in recieving NRI deposits

India has become the largest remittances receiving country at USD 72 billion this year followed by China at USD 64 billion, as per a World Bank report.

The US emerged as the largest remittance source country with an estimated USD 56 billion in outward flows in 2014.

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Don’t sell your Indian immovable properties fearing FATCA

There are disconcerting reports about the US based Non-resident Indians (NRIs) selling their immovable properties in India in panic.

Don't rush, it's all good/ Reuters

Some are selling to their relatives in the sobering belief that the discount on account of distress sale would at least go to their kindred souls. The panic stems from Foreign Accounts Tax Compliance Act (FATCA) of the US pursuant to which India, as indeed other countries, is committed to furnishing all the information about Indian properties and Indian income of residents of the US.

There is however no need for panic because FATCA hasn’t altered the Indo-US Double Taxation Avoidance Agreement (DTAA). 

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Advantages of the policy change and the ‘fine print’

According to a July 2014 report by the Migration Policy Institute, 2.6 million Indian immigrants live in the US, making it the third largest immigrant population in that country. The report added that remittances from migrants form a relatively small part of the GDP of India (about 3.7%) but constitute the world’s largest inflow in absolute terms with inward remittances of around $67 billion (in 2013 alone).

In its diaspora, India has assets which can contribute immensely to economic growth. However, till some time ago, the regulatory framework was not the most conducive. For example, if an NRI was to invest through his company based in the US, such investment would be considered as foreign investment, and would need to comply with restrictions imposed under exchange control laws.

But the NDA seems to have done its bit in shaking up the regime. The two questions that emerge are, what are the advantages of the policy change and what is the ‘fine print’?

Find out here

Dos and don’ts for NRIs who apply for home loans

Buying a home 'back in India' is every NRI's dream. Thankfully, it can be fulfilled due to availability of easy home loan facilities, relaxed rules by the RBI and online transacting options.
So if you've shortlisted a property and want to approach a bank, it will be a good idea to ensure that you meet certain criteria.
Check out the criteria here