Non Resident Indians

Net claims of non-residents on India declined by USD 19.8 billion during the second quarter of the current financial year to USD 348.5 billion in September 2024, according to RBI data released on Monday. Higher rise in Indian residents' overseas financial assets (USD 66.5 billion) compared to that in the foreign-owned assets in India (USD 46.7 billion) led to a decline in net claims of non-residents during the quarter. Net claims of non-residents on India is the difference between the assets and liabilities held by non-residents in India. "Over 80 per cent of the increase in overseas financial assets during July-September 2024 was due to the surge of USD 53.8 billion in the reserve assets," said data on 'India's International Investment Position (IIP), September 2024'. RBI further said the rise in inward portfolio investment (USD 16.5 billion) and loans (USD 15.4 billion) together accounted for over two-thirds of the rise in foreign liabilities of Indian residents during the ...

Eighty-six Indian nationals were attacked or murdered in various countries in 2023, the government informed the Parliament on Thursday. Minister of State for External Affairs Kirti Vardhan Singh shared the data in a written response to a query. In his response, he shared country-wise data for the the last three years. The figures were -- 29 in 2021, 57 in 2022 and 86 in 2023. In 2023, out of the 86 Indian nationals who were attacked or murdered, the figures for the US stood at 12, while it was 10 each for Canada, the UK and Saudi Arabia, as per the data shared. "The safety and security of Indians abroad is one of the foremost priorities for the government of India. Our Missions and Posts remain vigilant and closely monitor any untoward incident. Such incidents are immediately taken up with the concerned authorities of the host country to ensure that the cases are properly investigated and the perpetrators are punished," he said. These issues are also raised during meetings with t

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

The trend is expected to continue especially among the non-resident Indians (NRIs) and certain category of millennials with high disposable income

Currency fluctuations could affect value of premiums and claims

Govt officials aware of the matter said that the I-T department was taking cues from its 'insight' database to gather information on these individuals

The income tax department on Friday invited comments from stakeholders on rules for valuing non-resident investment in unlisted startups. The Central Board of Direct Taxes (CBDT) has issued a draft notification inviting comments on the draft rule 11UA of Income-tax Rules, 1962, pertaining to the method of computation of fair market value (FMV) of unquoted equity shares for the purposes of section 56(2)(viib) of Income-tax Act, 1961. Suggestions/Comments have been invited from stakeholders & general public on the draft rules, which can be sent to ustpl2@nic.in, latest by June 5, 2023, the CBDT tweeted. The rules would be effective from April 1, 2023. The CBDT was expected to come out with valuation guidelines for valuing non-resident investment in unrecognised startups for the purpose of levying income tax. Under the existing norms, only investments by domestic investors or residents in closely held companies were taxed over and above the fair market value. This was commonly ...

Guyana President Mohamed Irfaan Ali and renowned Canadian scientist Dr Vaikuntam Iyer Lakshmanan are among 27 recipients of the 2023 Pravasi Bharatiya Samman Award

But it will lose sheen if the world economy achieves a soft landing

No proposal is under consideration of the government to provide proxy voting facility to NRIs, Lok Sabha was informed on Friday. "...no such proposal is under consideration," said Law Minister Kiren Rijiju in a written reply while responding to a question on whether the government is considering to provide the facility of proxy voting to Non-Resident Indians (NRIs). In August, 2018, the previous Lok Sabha had passed a bill to allow proxy voting rights to eligible overseas Indians. But the bill could not be brought in Rajya Sabha. In 2020, the Election Commission had proposed to the Law Ministry to extend the Electronically Transmitted Postal Ballot System (ETPBS) facility, so far available only to service voters, to eligible overseas Indian voters as well. It would require changes in the election rules. But the government has so far not taken a call on the issue. The EC had told the government that it has been receiving several representations from the Indian diaspora residing abr

The form 10F is signed physically by the Non resident taxpayers and furnished along with the tax residency certificate to the resident payers for the purpose of determining withholding tax implication

NRIs based in the US, the UK and Singapore are investing in larger housing units in their hometowns, having learned from the painful experience of living in space-tight units during the lockdown in India, and as the Work from Home (WFH) mode has become a requirement, according to experts. The real estate experts, who took part in a Singapore property show held from November 19 to 20, also said that the Non Resident Indians are also settling down with extended families, another lesson from the pandemic that living together with family members is much helpful in facing another COVID-19 wave type development in the future. There has been a paradigm shift in the residential market in terms of living and lifestyle, said Isha Kotwal, head of international sales at Total Environment, Bangalore, who presented a sustainable residential development concept at the show. Chetan Sharma, senior general manager for sales and market at Emami Realty Ltd, a pan-India property firm of Emami Group, sai

Nearly one in six people living in England and Wales last year were born outside the country and Indians constituted the largest chunk at 1.5 per cent of residents, according to latest statistics based on the country's 2021 census data. The UK's Office for National Statistics (ONS) found that India remained the most common country of birth outside of the UK last year at 920,000 people, followed by Poland at 743,000 people or 1.2 per cent of residents and Pakistan at 624,000 (1 per cent). One in six usual residents of England and Wales were born outside the UK, an increase of 2.5 million since 2011, from 7.5 million (13.4 per cent) to 10 million (16.8 per cent), the ONS said in a release. India remained the most common country of birth outside the UK in 2021, it said. The top three countries of birth outside the UK for England and Wales remain unchanged as India, Poland and Pakistan since the last census 10 years ago, with the numbers rising across all categories India from 694,000

For property bought as resident or inherited, up to $1 mn can be sent each year

Outstanding NRI deposits declined to $134.68 billion at the end of August 2022 from $141.52 billion a year ago

The crucial issue is what should be the interest rate to attract overseas investors, mainly Indians to take part in it

As number of NRIs increased, the number of unskilled workers and low-skilled workers emigrating from India declined

The clarification has been issued by Reserve Bank of India (RBI) following queries received at its various offices with regard to acquisition of immovable properties by Overseas Citizens of India

Should we not stop uncritically celebrating NRIs' elevation without regard to what kind of companies they are getting to run, and the nature of their products or business practices, wonders T N Ninan

Mishra is also the youngest person to achieve the International Master title at 10 years, 9 months, 3 days