RBI suggests more curbs on VC funds

Thu, 18 Oct 2007 22:53:51 -0700

The Reserve Bank of India (RBI) has recommended to the finance ministry a series of measures to curb investment flows from venture funds and into real estate india .

These measures are expected to help check part of the huge inflows of foreign capital, particularly since the last week of July, and plug loopholes in ...

NRI plan to invest in Haryana industries

Fri, 12 Oct 2007 00:08:00 -0700

US-based Spectrum International LLC, a company owned by an NRI , has announced plans to invest Rs. 2,000 crore in Haryana in the food preservation and processing industries.

An official spokesperson of the Haryana Government said here on Wednesday that this was announced at a reception organised in honour of visiting Haryana Chief Minister Bhupinder Singh Hooda at Royal Albert Palace, New Jersey, in the United States. The reception was organised ...

Govt clears 13 FDI proposals

Fri, 05 Oct 2007 04:15:23 -0700

The government has cleared 13 foreign direct investment (FDI) proposals worth Rs 393.36 crore, including Maruti Udyog’s proposed joint venture (JV) with Japanese Futaba Industrial and Rural Electrification Corp’s proposed public offer.

MUL’s proposal to set JV with Futaba Industrial has been approved with foreign equity of up to 51% amounting to Rs 45.9 crore, an offic ...

NRIs backing off from real estate deals

Fri, 28 Sep 2007 00:19:24 -0700

When Shivram Iyer returned from the US, he was shocked to find that his money couldn’t buy him the flat he wanted. Reason: not only had property prices shot up, but every dollar he had come back with was giving him less rupees.

“I was planning to invest in some property in Navi Mumbai but I realised that I did not have enough money. I have now invested my money in shares,” says Iyer.

Like Iyer (name changed), many recently-returned NRIs are finding the combi ...

Realty peg gets a punch

Mon, 17 Sep 2007 03:09:14 -0700

Famous for its Peg, Pagree, Paranda and Jutti, symbolising joy, respect, feminity and aristocracy, Patiala presents a heady cocktail of lifestyle blended with people of various shades giving a near cosmopolitan look to the city.

The city, with the ambience of a princely state, is considered to be one of the most organised cities of Punjab. And this has become the selling point for realtors who are flocking to the city, which has been witnessing unprecedented urbanisation ...

NRI remittance: How it is invested

Mon, 10 Sep 2007 23:49:03 -0700

About 13 per cent of the funds remitted by Non-Resident Indians (NRIs) in 2006 were invested in equity and real estate. While 20 per cent of the funds are parked in bank deposits, 54 per cent of remittances are used to meet family expenses, according to a Reserve Bank of India [Get Quote] (RBI) survey.

The remittance flows to India rose 25 per cent to $25 billion in 2005-06 from $20 billion a year earlier. Of this, $13.5 billion was used by the migrant's family to meet ...

India difficult place for new biz ops, but returns high

Mon, 03 Sep 2007 02:23:40 -0700

India received three times more FDI last year than in the previous year. That pace of growth has continued in the first quarter of this financial year. FDI magazine of Financial Times publication shows the Commerce and Industry Minister, Mr Kamal Nath as the 'FDI Personality of the Year'.

But the World Bank has ranked India at 134 among 175 countries on ease in doing business.

Excer ...

Indian property builders targeting NRIs

Mon, 27 Aug 2007 03:58:09 -0700

Imagine this, you are thousands of miles away from India. But with just a click of the button on your computer, you can own a property in a posh neighborhood in an Indian city at a reasonable price without ever stepping foot on the property. Well, you don’t have to imagine it anymore, thanks to KRC Horizon Real Estate.

The company specializes not only in providing residential real estate for Indians living outside of India, but also, in building a platform for inter ...

Work abroad, invest in India

Sun, 12 Aug 2007 22:06:57 -0700

Are you an NRI or about to become one?

And if so, have you been investing in Indian equities and mutual funds, and want to continue investing?

NRIs and even those of you Indians who have taken up foreign citizenship, can invest in Indian markets

THE NRI EYE: Great opportunity for MF investments

Mon, 06 Aug 2007 03:29:24 -0700

Non-resident Indians in Qatar have reason to rejoice as Doha Bank has tied up with Birla Sun Life Assets Management Company of India at a time when the gains from Mutual Funds have outstripped even those from direct equity participation. This is at a time when the 30-share Sensex is flirting with the 15,000-mark.
One is sure that the financial exp ...

NRIs may contender MNCs as investors in Indian economy

Sun, 22 Jul 2007 23:55:52 -0700

The single-largest source of foreign capital into India, non-resident Indians, may one day become the prime source of investment in the domestic economy. A new report on remittances to India says "NRIs now see India as an investment destination" and are already leaving their mark in real estate and the stock market.
The ...

NRI Sabha To Open NRI Grievances Counter at Raja Sansi

Sun, 08 Jul 2007 22:38:53 -0700

The NRI Sabha would soon open a counter at Raja Sansi Airport in Amritsar to deal with the grievances of Punjab NRIs.
At a recent meeting, Deputy Commissioner Amritsar KS Kang had taken up with the airport authorities the complaints forwarded by NRI Sabha Punjab and NRI legal cell Chandigarh, a release from the Sabha said Jalandhar on Friday.
Airport Authority director VS Malekar, who was present at the meeti ...

Indian Banks Expanding Abroad to Capture NRI Remittances Market

Tue, 03 Jul 2007 02:17:58 -0700

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.
The Government plans to review the policy on Foreign Direct Investment (FDI) in a couple of weeks and sectors such as nuclear energy, civil aviation, petroleum and commodity exchanges are likely to be the major beneficiaries of this exercise.
According to reports, the Department of Industrial Policy and Promotion (DIPP), the nodal arm entrusted with the task of framing FDI policy, ...

Demand For Interest Rate Hike On NRE Deposits

Wed, 20 Jun 2007 02:43:52 -0700
The demand of Non Resident Indians for a hike in the interest rates on NRE (Non Resident External) deposits has evoked support from various quarters.
Minister for Overseas Indian Affairs Vayalar Ravi has described the demand justified. “The federal government has decided ...

Plea To Increase NRI Deposit Interest Rate

Tue, 19 Jun 2007 04:17:52 -0700

Union Minister for Overseas Indian Affairs Vayalar Ravi has said that he would take up the demand for hiking the interest rates for the deposits of the Non Resident Indians (NRIs) in Indian banks in the wake of the rising value of rupee, with Prime Minister Manmohan Singh and Finance Minister P. Chidambaram.
The Minister said he welcomed the move of the Union Government to exten ...

NRI Sikh Honoured By US Magazine

Wed, 13 Jun 2007 23:20:17 -0700

A young Indian American Sikh entrepreneur has been awarded the Rising Star award by a US magazine for his contribution in the area of political consulting in the country.
Ravi Singh, CEO of ElectionMall, a top campaign and election technology company, was honoured June 8 by the Campaigns & Elections magazine.
"We expect great things from the 2007 Rising Stars," said Morgan E Felchner, editor of Campaigns & Elections said.
"Through ...

NRI Centre City By City Square in Tamilnadu

Mon, 11 Jun 2007 23:17:21 -0700

Thanks to Tamil Nadu Government's decision to construct a new airport, Sriperumbudur is the most happening place with real estate developers making a beeline to the place.

Joining the bandwagon is the "City Square" which will be con ...

University For Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs)

Thu, 07 Jun 2007 01:39:01 -0700

Wanted: a university interested in educating members of the Indian diaspora in their homeland.
That's the bottom line of an advertisement being run by the ministry for overseas Indian affairs. It has begun asking foreign trusts and societies in higher education to submit applications to establish a university for ...

NRI Pitch For Tax Removal

Mon, 04 Jun 2007 23:15:23 -0700

Non-Resident Indians have made a strong case for withdrawing the controversial Fringe Benefit Tax in the upcoming budget, besides liberalising insurance, pension and the FDI regime especially in the retail sector.
"I expect the Finance Minister to heed to the industry plea and withdraw the Fringe Benefit Tax, which was the major irritant in an otherwise well received Budget ...

NRIs Launch $7mn Investment Fund

Wed, 30 May 2007 03:05:45 -0700

According to the Andhra Pradesh Investment Fund, a new angel investment company with a corpus of $7 million is investing and targeting companies in the state.
Venkatesh, CEO of Andhra Pradesh Investment Fund, told journalists that the fund was being financed by philanthropic NRI investors who want to give back to their state and country.
He said the fund would be created in two phases. While $2 million would be raised by the end of the cu ...

Kerala To Benefit From NRI Community

Mon, 28 May 2007 01:59:04 -0700

Kerala government had set up a joint working group with the United Arab Emirates (UAE) to streamline investments and NRI Deposit in Kerala touches the heights of sky. An organisation of expatriate Keralites in Qatar is planning to extend its activities to its core area of interest in Th ...

NRI Docs Lose Battle Over Flawed UK Job Application System

Thu, 24 May 2007 21:10:40 -0700

Junior doctors in the UK, including NRIs, have lost their high court battle to get a controversial job application system scrapped and declared an "abuse of power."

However, justice Goldring admitted that the premature introduction of the Medical Training Application Service (MTAS) by the government had "disastrous consequences" for junior doctors.

The introduction of the system allocating specialist t ...

NRI Scholar From Bihar Conferred With Glory of India Award

Thu, 24 May 2007 00:21:05 -0700
Noted scholar and linguist from Bihar M J Warsi has been selected for the prestigious 'Glory of India' award for this year by the London based India International Friendship Society (IIFS).

Hailing from Darbhanga district in north Bihar, Dr Warsi migrate ...

THE NR EYE: Indian Mutual Funds Set For Huge Growth

Mon, 21 May 2007 01:30:39 -0700

The Indian government's decision to allow the ‘big boy' public sector units to invest in mutual funds and its invitation of pension fund managers to administer a new pension scheme for its employees are sure to bring further cheer to the robust mutual funds sector and, indeed, the promise of better returns to small investors as well.
A few days back, the government announced another important decision - to allow public sector units to invest in mutual funds after a ga ...

Cells for Non Reliable Indian husbands soon

Fri, 18 May 2007 00:04:46 -0700

Government proposes to set up cells to redress the plight of Indian women deserted by
their NRI husbands, Rajya Sabha was informed today.

Replying to supplementaries during Question Hour, Minister for Overseas Indian Affairs Vayalar Ravi said the government is considering s ...

Gulf Investors Keen on Kerala, Says Minister

Tue, 15 May 2007 23:46:30 -0700

The Kerala government will set up a joint working group with the United Arab Emirates (UAE) to streamline investments, Kerala's Industries Minister Elamaram Kareem said here.
Industries Principal Secretary T Balakrishnan and former chief secretary and Infrastructure Kerala Limited (InKel) managing director John Mathai will represent the state in the working group.
"The UAE is expected to announce their nominees soon," Kareem, who is back from an extensive tour of t ...

Plan & Invest in Advance To Avoid Shocks On Return

Mon, 14 May 2007 22:08:40 -0700

Anurag Sharma is a 30-year-old Indian IT professional working in the United States. Anurag plans to return to his homeland someday, but before his return, he wants to invest some of his savings in India so that he can lead a comfortable life and secure his family's future.

While planning investment in India, NRIs should keep in mind the Reserve Bank of India's (RBI's) foreign exchange control regulations and tax implications as per the Income Tax A ...

SIB Express Launched For NRIs

Mon, 14 May 2007 00:11:55 -0700

An Indian bank which is now fully online following the completion of a major technological upgradation project has entered into a tie-up with a local money exchange firm to offer its customers in Oman a new facility allowing them to transfer funds instantly to any of its 475 branches across India.
Kerala-based South Indian Bank (SIB) said with the launch of its 'SIB Express' NRIs could transfer money back ho ...

NRI Financial Issues - Better Deal

Thu, 10 May 2007 01:23:33 -0700

Investments by Non-Resident Indians (NRIs) in India have increased greatly post liberalisation and the softening of the repatriation norms by the Reserve Bank of India (RBI). However, a major concern still remains in respect of the NRI taxation under the Income-Tax laws in India. An NRI’s income is subject to certain hardships and controversies during taxation and is not as simple as it appears ...

Tharoor honoured with Pravasi Bharatiya Samman Award

Wed, 09 May 2007 02:17:23 -0700

Writer and former UN under Secretary General Shashi Tharoor has been honoured with the Pravasi Bharatiya Samman Award, the highest award for overseas Indians.
The award was conferred on Tharoor by the Indian Ambassador to the United States Ronen Sen at his official residence in Washington on Tuesday evening.
The official citation of the award recalled not only Tharoor's "brilliant record as an international civil servant&quo ...

NRI husband's passport no could be stamped on wife's passport

Mon, 07 May 2007 02:33:19 -0700

New Delhi: In a bid to curb cases of women getting duped or harassed in marriages to NRIs, the Government is considering a proposal to make it mandatory for the husband's passport number to be stamped on the wife's passport.
The proposal has been made by the Ministry of Women and Child Development in the wake of a rise in complaints about women getting abandoned, harassed or cheated by their NRI husbands.
The Ministry is of the view ...

NRI's offer to invest in education sector in Punjab

Fri, 04 May 2007 01:27:53 -0700

CHANDIGARH: The NRI Punjabis Thursday offered "large scale investment in improving academic standards and educational infrastructure in the state".
An assurance to this effect was given by a delegation of the NRI Sabha which called on the Punjab Chief Minister Parkash Singh Badal here Thursday morning. The delegation was led by the NRI Sabha President Giani Resham Singh Hayer and General Secretary Kamaljit Singh and compr ...

University for NRIs approved by Indian Govt.

Wed, 02 May 2007 22:50:42 -0700

The government of India approved a policy framework to establish a university in India to provide affordable and quality education for children of NRIs/PIOs. The university will be a deemed university under the University Grants Commission (UGC) Act as an Institution of Excellence and will come up in a special economic zone (SEZ).
The university will be set up by overseas Indian trusts or societies with credible standing and experie ...

Corporates benefit from taxpayer but shy of social duties

Wed, 02 May 2007 02:41:37 -0700

New Delhi, May 1 (IANS) Madhu Goud Yaskhi, often dubbed an 'NRI MP' as he left a flourishing law practice in New York to enter parliament, has criticised corporates for enjoying 'all kinds of benefits from taxpayers' money' while shying away from extending even basic facilities to poorer sections of society.
Pointing out that the much talked about GDP growth was restricted only to a few major cities, Yaskhi, Congress MP from Andhra Pradesh's Nizamabad, said: ...

NRI Deposits in Kerala Banks on a High

Wed, 25 Apr 2007 03:50:48 -0700

Thiruvananthapuram: NRI deposit in Kerala banks touched a new high of Rs.329 billion on Dec 31, 2006.
NRI deposits in 3,539 branches of various banks grew from Rs.288 billion in December 2005 to Rs.329 billion, constituting 38.42 percent of all deposits in the state's banks, said figures released at a bankers' committee ...

NRI Facilitation Cell Set Up in MP

Thu, 19 Apr 2007 20:57:16 -0700

Bhopal, April 19 (indianMuslims.info): An NRI Facilitation Cell has been set up at Madhya Pradesh Chief Minister's Office in Bhopal here to establish coordination between non resident indians and the Government of Madhya Pradesh, according to an official Press release..
A secretary level officer nominated by the Chief Minister would be incharge of the Chief Minister Cell. While the Executive Director, TRIFED would be holding the post o ...

Law to Protect Properties of NRI Goans

Wed, 18 Apr 2007 01:23:04 -0700

After the reforms like setting up of "Overseas Employment Agency" in NRI Sector, The Government of Goa has initiated yet another move towards having a remedy of 'summary trials' in case of civil disputes with regards to the immovable properties of NRG's in the state.
"Major concern of the NRI Goans, is the security of their property whilst they work abroad. For protection of these properties as well as the safeguard ...

NRI Group to Raise $5 mn for Hillary

Mon, 16 Apr 2007 04:03:58 -0700
Confident of topping the list of fund-raisers among ethnic groups, an Indian-American grouping has aimed to raise at least USD five million for Hillary Clinton's presidential campaign.

Having already raised a sum around USD one million, 'Indian American for Hillary 2008 (IAFH)', which mainly consists of community leaders, prominent businesspersons, physicians and investment bankers, is confident of surpassing its target.

As part of the efforts, it plans to ...

Encyclopedia of Indian Diaspora

Thu, 12 Apr 2007 23:51:21 -0700

"Encyclopedia of Indian Diaspora" - A book which was launched by Planning Commission Deputy Chairman Montek Singh Ahluwalia in october 2006. The book, launched in Singapore illustrate world’s great diasporic movements. History, growth, and development of Indian communities around the world highlight ...

US wants India to extradite NRI

Wed, 11 Apr 2007 22:31:03 -0700

US police want to extradite Avtar Grewal, a Canada-based NRI who they suspect flew in to Arizona from Canada to kill his estranged wife and then fled to India.

A spokesman of Arizona's Maricopa County Attorney's Office said they want to return Grewal to Phoenix where the crime took place to face first-degree murder charges.

It takes 60 days to file extradition documents, Barnett Lotstein said. "These things of ...

FIIA - A Body to Implement FDI in India

Tue, 10 Apr 2007 20:59:49 -0700

FIIA - Foreign Investment Implementation Authority -
Government of India has set up the Foreign Investment Implementation Authority (FIIA) to facilitate quick translation of Foreign Direct Investment (FDI) approvals into implementation, to provide a pro-active one stop after care service to foreign investors by helping them obtain necessary approv ...

NRI Investments in Equities Rejuvenate

Tue, 10 Apr 2007 02:55:18 -0700

After a pretty long time since Investment by NRIs has become more difficult as after overseas corporate bodies or OCBs were banned after the last stock market scam. However, letting 20 or more NRIs set up a sub-account on a disc ...

Man cheats NRIs, lands in police net

Mon, 09 Apr 2007 04:17:06 -0700

A 56-year-old man was on Saturday arrested for allegedly luring NRIs in the name of a charitable medical trust and siphoning off nearly Rs 8 crore supplied by his victims for construction of a hospital in Dwarka.
The Economic Offences Wing arrested Naresh Chandra following a complaint by NRI Dr Sanjay Khurana. The complainant alleged that Chandra lured him and his friends to join a medical trust under the name of Human Care Medical Charitable Trust ...

NRI Deposit Fuels Debt Surge India

Thu, 05 Apr 2007 21:46:13 -0700
The country’s external debt has increased by $6.2 billion to $142.7 billion at the end of December 2006. The rise is attributed mainly to the surge in multilateral debt, external commercial borrowings and deposits by non-resident Indians (NRIs). However, there has been a marginal decline in short-term debt, a finance ministry release said. ...

PNB revises interest rate on non-resident deposits

Tue, 03 Apr 2007 20:42:22 -0700
Punjab National Bank (PNB) said that the bank has revised the interest rates on deposits made under the foreign currency non-resident (FCNR ) (B) schemes for Dollar, Pound, Euro, Australian and Canadian Dollars effective from Apr.2, reports Economic Times.

The interest on US Dollar deposits has been cut by two basis points to 4.97% for ...

RBI notification on NRI, PIO investments

Thu, 29 Mar 2007 20:34:24 -0700
MUMBAI: The Reserve Bank of India (RBI) on Thursday notified that no further purchases of shares of Rajesh Exports Ltd should be made through domestic stock exchanges on behalf of NRIs and Persons of Indian Origin (PIOs).

This follows the aggregate share holding of NRIs and PIOs in the company reaching the ...

NRI �Facilitation Centre� to Come up in India

Mon, 26 Mar 2007 22:26:21 -0700

The Cabinet has approved the construction proposal of a facilitation centre for Non Resident Indians (NRIs). It is to come up as a trust, and will be a product by the Ministry of Overseas Indian Affairs (MOIA) in partnership with the Confederation of Indian Industry (CII).
The facilitation centre envisions accomplishing several goals including promotion of

NRIs Bullish on the Indian Real Estate Market

Sun, 25 Mar 2007 20:35:48 -0700

While the retail investor in India is increasingly becoming sceptical about investing in the volatile equity market at current levels, NRIs are taking a contrarian view on the same.

The NRI community, which till a few months ago was pulling out money, appears to have undergone a change in mindset. NRIs have invested nearly Rs 100 crore, in less than two months of the current calendar year (CY07). Albeit a smal ...

Latest Information, News, Updates for Non Resident Indians Living Abroad

Destination Bangalore for foreigners

RBI suggests more curbs on VC funds

NRI plan to invest in Haryana industries

Govt clears 13 FDI proposals

NRIs backing off from real estate deals

Realty peg gets a punch

NRI remittance: How it is invested

India difficult place for new biz ops, but returns high

Indian property builders targeting NRIs

Work abroad, invest in India

THE NRI EYE: Great opportunity for MF investments

NRIs may contender MNCs as investors in Indian economy

NRI Sabha To Open NRI Grievances Counter at Raja Sansi

Indian Banks Expanding Abroad to Capture NRI Remittances Market

Demand For Interest Rate Hike On NRE Deposits

Plea To Increase NRI Deposit Interest Rate

NRI Sikh Honoured By US Magazine

NRI Centre City By City Square in Tamilnadu

University For Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs)

NRI Pitch For Tax Removal

NRIs Launch $7mn Investment Fund

Kerala To Benefit From NRI Community

NRI Docs Lose Battle Over Flawed UK Job Application System

NRI Scholar From Bihar Conferred With Glory of India Award

THE NR EYE: Indian Mutual Funds Set For Huge Growth

Cells for Non Reliable Indian husbands soon

Gulf Investors Keen on Kerala, Says Minister

Plan & Invest in Advance To Avoid Shocks On Return

SIB Express Launched For NRIs

NRI Financial Issues - Better Deal

Tharoor honoured with Pravasi Bharatiya Samman Award

NRI husband's passport no could be stamped on wife's passport

NRI's offer to invest in education sector in Punjab

University for NRIs approved by Indian Govt.

Corporates benefit from taxpayer but shy of social duties

NRI Deposits in Kerala Banks on a High

NRI Facilitation Cell Set Up in MP

Law to Protect Properties of NRI Goans

NRI Group to Raise $5 mn for Hillary

Encyclopedia of Indian Diaspora

US wants India to extradite NRI

FIIA - A Body to Implement FDI in India

NRI Investments in Equities Rejuvenate

Man cheats NRIs, lands in police net

NRI Deposit Fuels Debt Surge India

PNB revises interest rate on non-resident deposits

RBI notification on NRI, PIO investments

NRI �Facilitation Centre� to Come up in India

NRIs Bullish on the Indian Real Estate Market