NRI

In 1970, there were 0.5 million Indian Americans, a number that had risen to about 1.6 million by 2000

The raids are part of an ongoing investigation into the alleged manipulation of NRI quota admissions, a practice that reportedly involves substantial financial transactions, fraudulent documentation

They are subject to Indian tax rules for such investments and may get benefits under bilateral treaties

'We must stop this NRI quota business now. This is complete fraud and this is what we are doing to our education system', said the Supreme Court of India

The Supreme Court on Tuesday dismissed the Punjab government's appeal against a high court verdict quashing its decision to expand the definition of NRI quota' for admissions in undergraduate medical and dental courses in the state. "This fraud must come to an end now," the apex court said. On September 10, the Punjab and Haryana High Court trashed the AAP-led state government's August 20 move extending the ambit of the NRI quota to include distant relatives "such as uncles, aunts, grandparents, and cousins" of NRIs for admissions under 15 percent quota for this group in admissions in medical colleges. "This is nothing but a money spinning machine, observed a bench of Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra. "We will dismiss all the petitions. This NRI business is nothing but a fraud. We will put an end to all this.... now the so called precedents must give way to primacy of law," said the bench. Terming the high court verdict "absolutely right", th

Owing to tax-related changes in India, Rajasthani NRIs face difficulties related to investment provisions in India, Vijay Garg, founder and general secretary of MIF, said

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

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

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

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

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

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

New rules aim to improve NRI participation

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

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

Outstanding NRI deposits up $2 billion in February over January

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.

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

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