Page 3 - Nri

Flows into NRI deposits double to $7.3 bn in April-November 2023

Non-Resident External (NRE) deposits stood at $96.79 billion in November 2023, sequentially up from $96.56 billion in October and $95.31 billion in November 2022

PM Sunak pledges action in Post Office fraud impacting many British Indians

British Prime Minister Rishi Sunak on Sunday said that the government is reviewing the compensation process in an accounting scandal that wrongly accused hundreds of sub-postmasters of fraud, many of them of Indian heritage. During an interview with the BBC, Sunak was asked about the historic scandal involving a faulty IT system named Horizon dating back to the late 1990s and confirmed that his justice minister is looking at how the process of overturning wrongful convictions and providing compensations can be speeded up. The government, which formally owns Post Office Ltd, has paid out millions in compensation to many of the sub-postmasters impacted but there are many others still waiting for years. "Obviously it's something that happened in the '90s but actually seeing it and hearing about it again just shows what an appalling miscarriage of justice it is for everyone affected and it's important that those people now get the justice they deserve, and that's what the compensation .

56% to shut bank lockers due to rising rentals, KYC requirement: Survey

Under the RBI guidelines for banks, revised locker agreements, defining responsibilities and liabilities, must be signed and submitted to the bank branch by account holders before December 31, 2023.

NRIs likely to get bigger play in local equities through GIFT City FPIs

At present, the combined holdings of NRIs and OCIs in a global fund have to be less than 50 per cent, while that of a single NRI or OCI is capped at 25 per cent

Net claims of non-residents on India rise to $379.7 bn in Q1: RBI

Net claims of non-residents on India increased USD 12.1 billion to USD 379.7 billion in the June quarter on account of higher rise in foreign-owned financial assets, according to RBI data released on Thursday. Increase in reserve assets, at USD 16.6 billion, was the largest contributor to the rise in Indian residents' foreign assets during the April-June period, followed by direct investment, loans and trade credit, as per the data on India's international investment position' for June-end. "The rise in net claims of non-residents during the quarter was on account of higher rise in foreign-owned financial assets in India (USD 36.2 billion) when compared with Indian residents' overseas financial assets (USD 24.1 billion)," the Reserve Bank of India (RBI) said. "Inward portfolio investment (USD 15 billion) and foreign direct investment (USD 8.9 billion) together accounted for two-thirds of the rise in foreign liabilities of Indian residents," it added. As per the data, reserve assets

SBI introduces digital opening of NRE/NRO account setup through YONO

State Bank of India (SBI) has introduced a digital facility for Non-Resident Indians (NRIs) to effortlessly open NRE and NRO accounts (both savings and current accounts) through its mobile app YONO. This service is designed for NTB or 'new to bank' customers, providing them with ease and efficiency in the account opening process, SBI said in a statement on Monday. This initiative fulfils a long-standing demand from NRI customers for a hassle-free way to open and manage their accounts in India, it said. An Non-Residential External (NRE) account is a bank account opened in India in the name of an NRI, to park his foreign earnings; whereas, an Non-Resident Ordinary (NRO) account is opened in India in the name of an NRI, to manage the income earned by him/her in India. These incomes include rent, dividend, pension, interest, etc. The bank has leveraged technology to create a seamless, digitized account opening process that ensures efficiency and accuracy, making it a one-stop solution

Turning the tide on brain drain

Addressing this issue could have a big payoff for the government

More than 66% of 1.34 crore NRIs live in Gulf countries: RTI reply

Of the estimated 1.34 crore Non-Resident Indians, more than 66 per cent are in the Gulf countries of UAE, Saudi Arabia, Kuwait, Qatar, Oman and Bahrain, the External Affairs Ministry has said in an RTI reply. The data is as of March 2022, said the ministry. AnI is an Indian citizen who is ordinarily residing outside India and holds an Indian passport. Nagpur-based banker Abhay Kolarkar said he had sought the data pertaining toIs and Persons of Indian Origin (PIOs) under Right to Information (RTI) a few months ago and the ministry's reply reached him in the last week of June. In its RTI reply, the ministry said that an estimated 1.34 croreIs live in 210 countries. Of these, 88.8 lakh overseas Indians live in six Gulf nations. While 34.1 lakhIs live in the United Arab Emirates, 25.9 lakh live in Saudi Arabia, followed by 10.2 lakh in Kuwait, 7.4 lakh in Qatar, 7.7 in Oman and 3.2 lakh in Bahrain. Kolarkar said he wanted the data to get a sense of the number ofIs who might be affect

NRIs asked to approach tax officers with residential status proof for PAN

The Income Tax Department on Tuesday said Non-Resident Indians (NRIs) and foreign citizens whose permanent account numbers have become inoperative due to non-linking with Aadhaar should submit proof of their residential status to the jurisdictional assessing officer for operationalising the PAN. The department said concerns have been raised by certain NRIs/Overseas Citizens of India (OCIs) regarding their PANs (Permanent Account Numbers) becoming inoperative. In a tweet, the department said it has mapped the residential status of NRIs in case they have filed ITR in any of the last three Assessment Years (AYs) or have intimated their residential status to the Jurisdictional Assessing Officer (JAO). The PANs, according to the department, have become inoperative in cases where NRIs have not updated their residential status or have not filed returns in the last three AYs. "The NRIs whose PANs are inoperative are requested to intimate their residential status to their respective JAO alo

Indian Americans back India at US consulate after Khalistani attack

Scores of Indian Americans held a peace rally in front of the Indian Consulate here to express solidarity with India following a recent attempted arson at the diplomatic facility by Khalistan supporters. A video by Khalistan supporters, dated July 2 posted on Twitter, showed the act of arson at the Indian Consulate in San Francisco. It was the second such act of violence within months. A large number of Indian Americans from in and around San Francisco came out in support of India as they held a peaceful rally in front of the Indian Consulate in San Francisco against the recent act of violence. The protesters described it as an act of terrorism act and demanded that those responsible for violence be brought to justice. India's Ambassador to the US, Taranjit Singh Sandhu visited the Consulate here on Thursday and met Indian diplomats and officials at the mission. India has asked its partner countries such as Canada, the UK and the US not to give space to extremist Khalistani ideolo

SC says land scams persistent issue, cancels pre-arrest bail of accused

Observing that land scams have been a "persistent issue" leading to an erosion of "public trust", the Supreme Court on Friday cancelled the anticipatory bail of a person who is accused of creating fake documents to usurp land worth more than Rs 60 crore of an NRI couple. A bench comprising justices Surya Kant and C T Ravikumar set aside a May 31 order of the Punjab and Haryana High Court granting anticipatory bail to a person accused of creating fake general power of attorney (GPA) in 1996 to take away the land of NRI Pratibha Manchanda and her husband in a village at Gurugram. "Land scams in India have been a persistent issue, involving fraudulent practices and illegal activities related to land acquisition, ownership, and transactions. Scammers often create fake land titles, forge sale deeds, or manipulate land records to show false ownership or an encumbrance free status," the bench said. "Organised criminal networks often plan and execute these intricate scams, exploiting ...

Ignoring NRI economists helped India recover post-Covid: Bibek Debroy

Ignoring suggestions from non-resident Indian economists helped Indian economy to recover after the Covid pandemic, Bibek Debroy, chairman of Economic Advisory Council to the Prime Minister (EAC-PM) said on Thursday. Delivering the D R Gadgil Memorial Lecture here, Debroy said India did not open up the "fiscal tap" in response to the crisis and is relatively better than some of the developed economies which indulged in "fiscal profligacy". "Evidence also shows that there were a lot of people from the West, including non resident Indian economists who lectured us on the economic policies that India should follow. The government of India did not pay any attention," he said. "And it is no exaggeration to say that we are in this comfortable position today relative to what is happening in the rest of the world because the fiscal tap was not thrown open. It is no exaggeration to say that many of the developed countries are in trouble because of the fiscal profligacy," he added. Debroy di

India calling: NRI investments in Indian real estate have doubled

The share of NRIs in the sales of premium and luxury products has more than doubled to 20 per cent, industry experts said

Flows into NRI deposits jump 2.5x in April-February to $6.4 billion

Outstanding deposits decline in Feb 2023 over Jan 2023

Share of NRIs, overseas investors in mutual fund assets declining

Accounted for a larger share in the years leading up to Covid-19

Canara Bank, Bharat BillPay tie up for cross border bill payments in Oman

Canara Bank and NPCI Bharat BillPay Ltd (NBBL) have announced the launch of cross-border inward bill payment services for Indians based in Oman. NRIs can now leverage the robust platform offered by the Bharat Bill Payment System (BBPS) to make bill payments on behalf of their families through the Musandam Exchange, a statement said on Wednesday. This initiative signifies a milestone for Canara Bank as the first public sector bank in India to offer inbound cross-border bill payments through BBPS, it added. With the development, it said, Indians living in Oman will now be able to make quick, simple and secure payments of bills for services back home. Musandam Exchange, managed by Canara Bank, is also the first exchange house in Oman to go live on cross-border inbound bill payments, the statement said. The cross-border bill payment service is already live in Kuwait, facilitating inbound remittances across utilities like electricity, water, mobile phone, gas, credit card bills, and ..

NRIs must be aware: Income generated in India is taxable here

Many deductions available to resident Indians are not available to NRIs

NRIs' deposits touch $134 billion in November 2022: RBI bulletin

Old data for October 2022 had shown that outstanding amounts in NRI deposits had broken the streak of continuous fall for the first time in the fiscal year

NRE/NRO accounts with international mobile numbers can now use UPI

The UPI ecosystem members have to comply with NPCI's directions by April 30, 2023

PM Modi to inaugurate Pravasi Bharatiya Divas in Indore on Monday

The theme of Pravasi Bharatiya Diwas is "Diaspora: Reliable partners for India's progress in Amrit Kaal"