Page 3 - Nri

NRI deposits see nearly $4 billion inflows in April-June FY25: RBI data

In June, inflows into the various NRI schemes stood at $1.23 billion compared to $1.7 billion in May

HC sets aside assessment proceeding against NRI over faceless issue

It should be noted that the notification by the CBDT carved out an exception for international taxation cases, including NRIs, for reassessment

Five entities enter test phase for 5th cohort of RBI's regulatory sandbox

The banking regulator received 22 applications for this cohort of the regulatory sandbox

80% developers expect increase in housing demand from NRIs in 2024: Report

Overall housing demand in country to increase by up to 25%, it says

SBI announces 11 new initiatives to mitigate risks in agri loan portfolio

The country's largest lender SBI on Thursday announced 11 new initiatives -- including enhancement of its digital banking features and opening of 35 new Agricultural Centralised Processing Cells -- to mitigate risks in its agricultural loan portfolio. On the occasion of the 69th Foundation Day, State Bank of India announced these initiatives to widen the bank's accessibility to address the banking needs of its potential customers, the lender said in a statement. SBI has enhanced its digital payment experience, with the introduction of two exciting features like tap-and-pay on the BHIM SBI PAY app and end-to-end digital loans against mutual funds on the YONO app, it added. The bank has also announced an initiative, which is a fully digital end-to-end journey for SBI Surya Ghar Loan, it said, adding that the users can opt for credit to install solar rooftops under the central government's PM Surya Ghar Scheme, offering loans for up to 10 KW capacity. The entire process will be manage

Watch how ICICI Bank's NRI customers can make UPI payments

If you're an ICICI Bank customer, here's good news for you! You can now use your international mobile number to make instant UPI payments in India. Watch the video to know how

ICICI Bank enables UPI payments in India for NRIs via int'l mobile numbers

ICICI Bank on Monday announced that it has enabled instant payment facility UPI for its non-resident Indian (NRI) customers in India through their international mobile numbers. According to the bank, this will significantly enhance convenience of making everyday payments. "With this facility, the NRI customers of the bank can make payments for their utility bills, merchant and e-commerce transactions with their international mobile number registered with their NRE/NRO bank account held with ICICI Bank in India," a statement released here by the bank said. According to the statement, the bank has made this service available through its mobile banking app iMobile Pay. Earlier, NRIs had to register an Indian mobile number with their bank accounts to make UPI payments across 10 countries, namely, the USA, UK, UAE, Canada, Singapore, Australia, Hong Kong, Oman, Qatar and Saudi Arabia. NRI customers of the bank can make UPI payments by scanning any Indian QR code, send money to a UPI ID

Encouraging investment

New rules aim to improve NRI participation

Bringing them home: Parties rally NRIs in large numbers to vote in LS polls

Kerala is once again leading the way in courting NRIs to return home to vote

LS polls: Kerala accounts for nearly 75% of registered NRI voters

Overseas Indians, who registered to vote in the 2024 Lok Sabha elections, have surpassed 118,000

Flows into NRI deposits up 84.4% to $11.8 bn in April 2023-February 2024

Outstanding NRI deposits up $2 billion in February over January

At nearly 66,00, India is second-largest source country for new US citizens

India is the second-largest source country for new US citizens, with over 65,960 Indians naturalized in 2022 (after Mexico), according to a latest Congressional report.

Flows into NRI deposits up 70.35% in April-January, shows RBI data

Non-Resident Ordinary (NRO) deposits reached a level of $26.74 billion in January 2024, up from $26.40 billion in December 2023 and $23.12 billion a year ago

NRIs should check their tax residency certificates for smoother compliance

Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance

Flows into NRI deposits up 72.7% in April-December 2023: RBI Bulletin

Non-resident external (NRE) deposits were at $97.69 billion in December 2023, up from $96.79 billion in November and $94.46 billion at the end of December 2022

Law panel recommends law to deal with NRIs, OCIs marrying Indian citizens

Describing as a "worrisome trend" the "rising" cases of fraudulent marriages between NRIs and Indian citizens, the Law Commission has recommended a comprehensive law to deal with the situation and compulsory registration of such alliances. While presenting the report "Law on Matrimonial Issues Relating to Non-Resident Indians and Overseas Citizens of India" to the law ministry, panel chairman Justice (Retd) Ritu Raj Awasthi said the Commission is of the opinion that the proposed central legislation should be comprehensive enough to cater to all facets involving marriages of NRIs as well as foreign citizens of Indian origin with that of Indian citizens. "The rising occurrence of fraudulent marriages involving Non-Resident Indians (NRIs) marrying Indian partners is a worrisome trend. Several reports highlight an increasing pattern where these marriages turn out to be deceptive, putting Indian spouses, especially women, in precarious situations," Justice Awasthi said in his covering ...

Time to hail India-UAE partnership: PM Modi at diaspora event in Abu Dhabi

Prime Minister Narendra Modi on Tuesday told the Indian community here that India is proud of them and it was the time to hail the friendship between the two countries. After greeting the thousands-strong audience at the 'Ahlan Modi' event with a 'Namaskar' amid chants of 'Modi, Modi' at the Zayed Sports City Stadium here, Modi said he was overwhelmed by the affection at the community programme. "You have scripted history by coming in such large numbers here here. You may have come from different parts of UAE and from different states of India, but everyone's hearts are connected," Modi said. "This is the time to hail the friendship between India and the UAE. In this historic stadium, every heartbeat echoes the same sentiment- Long live Bharat-UAE friendship," Modi said at the event that began with national anthems of the two countries. "Today's memory will be with me forever because I have come here to meet members of my family," he said. "I have come here with a message of your

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.