Relief in Sight for Failed NRI Marriages
The Minister of Overseas Indian Affairs, Vyalar
Ravi and Minister of State for Women and Child Development, Renuka Chowdhury
have agreed to set up a six-member sub- committee to deal with the issue of
harassed wives of NRIs and beleaguered maids working overseas.
Nirmal Singh, Secretary, Ministry of Overseas Indian Affairs would head the
committee, which would draw a member each from the Ministries of Law, Home
Affairs and Women and Child Development.
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NRIs in US have Right to Information
The efforts of RTI activists in the US and India
since November 2006 have been rewarded with the Indian Embassy in Washington DC
being brought under the purview of the RTI Act, 2005. A Public Information
Officer has accordingly been appointed to facilitate the service at the embassy.
Non-resident Indians (NRIs) in the US can exercise their right to information by
filing an RTI at the embassy. The query would be forwarded to the department in
India and a response is assured within 35 days.
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Interest hike means twin benefits for
NRIs
The hike in interest rates in India gives NRIs
an opportunity to reap twin benefits.
The Reserve Bank of India (RBI) jacked up
interest rates March 30 to control inflation since this is the number one
priority of the government. The unexpected increase in interest rates sent a
Tsunami to the Indian stock market when it opened April 2 as it plummeted by
over 600 points in a single day. The market recovered quickly but the yo-yo
effect has scared the investors.
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NRIS CAN NOW SAVE TAX ON HOMES BOUGHT ABROAD
The tax rate on long-term capital gains earned
on sale of property is 20%. In case, the value goes over Rs 10 lakh, the tax
rate increases to 22.66%. The rule remains same for both Non Resident Indians
(NRIs) and India residents.
Serving as a savior, Section 54 of the Income
Tax Act exempts those capital gains which are invested in a residential house
within a year before to two years after the sale. In case, an investor wants to
build a house, the time limit is increased to within three years of the date of
sale.
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Swiss NRI parents upset over new law
India is exploring ways to resolve an issue
arising from a new Swiss law that insists on non-resident Indians (NRIs)
presenting their original birth and marriage certificates issued in India to
register the birth of their children born in this country.
Visiting Overseas Indian Affairs Minister Vayalar Ravi assured Indian community
representatives during a meeting here that the government would consult state
chief ministers to find a solution to the matter.
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NRI Investments in Real Estate Stocks
NRIs are being bullish on parking funds they
inherit in India into stocks and are least interested in taking money out of the
country.
For the past few years, NRIs have been seen selling their ancestral land or any
other property acquired in India followed by bringing the money abroad. Also,
they preferred to save the money in banks. However, the trend has been changing
now.
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PANEL RECOMMENDS MEASURES TO PROTECT NRI
MARRIAGES
All Indian marriages, irrespective of religion, are required to be registered as
proof of marriage. The parliamentary panel recommendations come in the wake of
rising cases of desertions by NRI husbands. A marriage registration certificate
validating the marriage would enable embassies to keep tabs on erring NRI
husbands.
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RBI PERMITS OVERSEAS REMITTANCE UPTO USD
100,000
The Reserve Bank of India has taken fresh
measures to suck out excess foreign capital, by allowing resident Indians to
open accounts abroad and transfer up to USD 100,000 without seeking its approval
under the Liberalised Remittance Scheme (LRS).
This measure follows the restriction imposed by
the Central Government on the External Commercial Borrowings (ECBs) to check the
rupee’s appreciation. Alongside, the RBI and the Centre have been encouraging
overseas investments to flush out excess foreign capital.
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NRIs remitted over $24 billion back home
in 2006
There are two types of NRI remittances. The
'inward remittance' or money sent by NRIs to relatives in India. The 'private
transfer' which is NRI deposits of foreign exchange in rupee accounts spent
within India.
The rise in private transfers has grown to some $13 billion last year, with the
US being the largest source of remittances, 44 percent of the total. The Arabian
Gulf that once dominated remittances is now the source for 24 percent.
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Emigration from India started over 2,500
years ago !
The emigration of people from India has been
recorded as starting over 2,500 years ago when adventurers travelled by sailboat
to the shores of Africa, South East Asia and the Far East. The voyagers
negotiated the ocean waters to venture to Java, Sumatra, Cambodia, Vietnam, Bali
and the Philippines tackling the monsoon winds and taking with them to their new
lands, a rich contribution of culture, calligraphy, methods of cultivation,
handicrafts and new industries, all in the calmness and peace of the time.
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Indian Banks Expanding Abroad to Capture
NRI Remittances Marketd
Sources in the US government have told that
ICICI Bank and State Bank of India (SBI) could get clearance to open a US branch
within a month's time. The approval process is reportedly in its final stages
and is awaiting clearance from the US Federal Reserve.
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Marriage certificate should be issued
immedietly: HC
The struggle of a woman to get a marriage
certificate from the authorities came to an end with the Delhi High Court
directing the city government to issue the document to her at the earliest.
Charanjeet Kaur Nagi, who was allegedly denied the marriage certificate by the
issuing authority as her husband Jaspal Singh is settled abroad and could not
appear before the competent officer, approached the Court in early July this
year.
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