NRIS
Hurun reveals the top 10 richest NRIs in the world; check full list
The 2024 Hurun India Rich List, released on Wednesday, features 102 NRIs, with nearly 79% being self-made. The USA is the top country for NRIs, followed by the UAE and the UK. Gopichand Hinduja & family is the richest NRI with Rs 192,700 crore, and LN Mittal & family is the wealthiest NRI in the UK with Rs 160,900 crore.
Understanding GST benefits for NRIs buying health insurance in India
Many NRIs migrate from India for better opportunities and living standards but ensuring their family's financial health remains crucial. Indian insurance providers and the government offer incentives like GST refunds on health insurance purchases for NRIs, making it a beneficial option for securing their and their families' health globally.
Govt eases cross-border share swap rules to woo foreign money
India updated its foreign investment regulations to facilitate cross-border share swaps and exclude certain OCI investments from being considered as indirect foreign investment. The amendments aim to attract more investment, particularly in startups, and streamline rules, aligning them with other regulations and requiring government approval for FDIs from neighboring countries.
LTCG rules for unlisted shares for NRIs changed; tax rate hiked 25% & foreign currency adjustment removed
LTCG tax for NRIs on unlisted shares: The finance minister has amended the budget proposals to remove the benefit of foreign currency adjustment for long-term capital gains arising from the sale of unlisted shares. The Budget, when introduced in the Parliament, proposed to allow the benefit of foreign currency adjustment.
How will the Budget 2024 changes affect NRIs?
Finance Minister Nirmala Sitharaman, in the first full Budget under the Modi 3.0 government, unveiled several initiatives aimed at enhancing economic engagement with NRIs. The highlights include easing FDI norms, promoting investment in Indian Rupee, and various reforms in taxation and real estate to encourage NRI investments in Indian markets.
Budget 2024: Increased deductions, new tax regime tweaks and everything NRIs need to know
Finance Minister Nirmala Sitharaman's Budget 2024 includes significant tax reforms for NRIs. Key changes involve adjusting tax slab rates, introducing new standard deductions, and revising capital gains taxes. Additionally, the budget addresses FEMA residency, updates rules for bonds and debentures, and removes indexation benefits. Effective from July 2024, these reforms aim to ease cash flow issues and refund claims.
- Go To Page 1
Job and consumption prospects in union budget enthuses Gulf NRIs
Modi 3.0's budget provisions Rs 2 lakh crore for job and skill programs, rural development including natural farming, MSME support, and gold duty reduction. Kamal Vachani appreciates Mudra loan increase and customs duties reduction. Gaurav Malhotra, Hansgrohe India, commends fiscal discipline and technological support, gaining praise from NRI businessmen in the Gulf.
Income tax guide for NRIs as ITR filing deadline looms
NRIs must adhere to specific tax regulations under the Income Tax Act, 1961, including residency criteria and income classification. Key aspects include special tax rates for long-term capital gains, advance tax obligations, and the impact of Double Taxation Avoidance Agreements.
401(k) Retirement Plans: A comprehensive guide for NRIs in the US
A 401(k) enables workers in the US to save for retirement, offering employer matches and investments in mutual funds. Contributions can be pre-tax (Traditional) or post-tax (Roth), with a $23,000 IRS limit. Early withdrawals incur penalties and taxes. NRIs face varying tax implications. Employees can adjust contributions anytime.
Managing your 401(k) after returning to India: Options and tax implications
As NRIs return to India from the US, the dilemma of managing 401(k) funds arises. Options include leaving the account untouched, rolling over to a Traditional or Roth IRA, each with tax implications. Understanding the Double Taxation Avoidance Agreement is crucial.
Looking to switch citizenship? Try Vanuatu. It's fast & cheap
Citizenship-by-Investment programs like in Vanuatu are attracting Indians seeking quick and inexpensive passport switches to avoid tax scrutiny and protect offshore wealth. Vanuatu's program offers visa-free access to many countries, making it popular among NRIs looking to escape the Indian tax net.
Looking for comprehensive insurance that covers OPD charges? What NRIs should know
NRIs face high OPD costs if they don’t renew Indian health insurance. Comprehensive policies with OPD and consumables cover, up to Rs 100,000, help manage frequent health issues, children’s visits. They include consultations, tests, and cover administrative charges. Given India’s lower healthcare costs, such evolving insurance policies need evaluation for credibility, waiting periods, and co-payments.
Virat Kohli, Anushka Sharma skip Ambani wedding, attend a kirtan event in London
There has been ongoing speculation about Virat Kohli and his wife Anushka Sharma settling in London. While much of Bollywood was seen celebrating at Anant Ambani and Radhika Merchant’s wedding, the star cricketer and former actress were spotted attending a kirtan in London.
Seven things NRIs should keep in mind when choosing a wealth manager back in India
NRIs remain a key segment for wealth managers due to India's growing economy and attractive investment opportunities. Wealth managers must offer robust products and services, hold proper licensing, provide knowledgeable relationship managers, have dedicated NRI service desks, a physical presence in NRI corridors, advanced digital infrastructure, and organize informative webinars and seminars for NRIs to ensure optimal returns and financial security.
Residents can open foreign currency a/cs at GIFT City under LRS
Resident Indians can now open foreign currency accounts (FCAs) at Gift City under the liberalized remittances scheme (LRS) for a wider range of purposes. This includes sending gifts to friends abroad, buying property overseas, purchasing insurance, making fixed deposits, paying for education loans, and funding international travel. The Reserve Bank of India (RBI) has expanded the LRS rules at International Financial Services Centres (IFSCs) like Gift City, aligning them with global financial centers.
NRIs, Indian tourists can now make QR code-based UPI payments in UAE
NIPL and Network International have teamed up to introduce QR code-based UPI payments in the UAE, offering Indian visitors a secure and familiar payment method. The collaboration aims to enhance the payment experience for tourists and NRIs in the region.
Income Tax filing: Do NRIs need to file ITR if they have no income in India?
Non-resident Indians (NRIs) are required to file Income Tax Returns (ITRs) if their income in India exceeds ₹2.5-3 lakhs, facing penalties, including potential imprisonment, for non-compliance. Exceptions apply if NRIs have no income in India, yet filing can facilitate tax refunds and support visa applications. FEMA mandates closing or converting Indian accounts upon acquiring NRI status, underscoring the importance of consulting tax professionals for compliance.
NPCI international partners with Network International to expand UPI acceptance in UAE
The introduction of UPI payments in UAE through NPCI International and Network International aims to provide seamless payment experiences for Indian travelers and NRIs. The initiative reflects the growing global acceptance of UPI, with partnerships established in various countries for faster digital payments.
Sebi permits up to 100% aggregate NRI corpus contribution for FPIs based out of GIFT IFSC
Sebi allows up to 100% NRI, OCI, and RI contribution in FPIs at IFSC to boost Indian investment. Declarations and PAN card submissions are required, with provisions for contributors lacking PAN or taxable income. Existing FPIs must submit declarations within six months for renewal review.
Sebi allows full NRI, OCI participation in IFSC-based FPIs to boost Indian investments
Sebi approves new rules to boost FPI investments from IFSCs by allowing aggregate contributions from NRIs, OCIs, and RIs up to 100%. The move aims to attract more investments from these groups, aligning with Finance Minister's call to increase NRI participation in Indian capital markets.
HSBC taps metaverse to win business from India’s rich diaspora
HSBC expands offerings for India's affluent diaspora through a virtual bank in GIFT City, leveraging the metaverse. The bank aims to capture a share of the $112.5 billion remittances to India from non-residents. With the hiring of a UBS executive, HSBC eyes the potential $5.5 trillion wealth management industry in India by 2025.
Sebi amends FPIs' registration rules
Sebi has tweaked the guidelines for registration of Foreign Portfolio Investors (FPIs) pertaining to non-resident Indians, overseas citizens of India and resident Indians as participant of such foreign investors.
PM Modi had already predicted this: Kiren Rijiju takes a jibe at Congress over re-appointment of Sam Pitroda as overseas chief
Parliamentary Affairs Minister Kiren Rijiju on Wednesday commented on the Congress party's re-appointment of Sam Pitroda as Chairman of the Indian Overseas Congress. Rijiju pointed out that Prime Minister Modi had already anticipated this move. In a post on X (formerly Twitter), the Union Minister wrote that Prime Minister Modi had predicted this development and took a jibe at Rahul Gandhi's adviser.
NRIs of the world, keep on depositing
Non-resident deposits in India are growing steadily due to various positive factors, including the impact of the pandemic on savings patterns and stable remittances. Factors such as interest rates and exchange rates have made NRI deposits more rewarding.
Explained: Adoption procedure for NRIs, OCI cardholders, and foreign nationals
Non-resident Indians (NRIs), Overseas Citizen of India (OCI) cardholders, and foreign nationals have equal priority in adopting orphaned children in India. A detailed guide outlines the eligibility, registration, document requirements, and post-adoption formalities for NRIs and foreign prospective adoptive parents.
Aadhaar Card for NRIs: Details you can update if you live abroad & a guide on how to
Updating Aadhar card details is crucial for NRIs to maintain access to services. This guide helps NRIs update their Aadhar information for identity proof, government services, financial transactions, and PAN linking.
RFC account for NRIs: What is it, eligibility, how to open and more
For non-resident Indians (NRIs) planning to return to India, managing foreign earnings and assets efficiently is crucial. One effective way to do this is by opening a Resident Foreign Currency (RFC) account.
How NRIs can extract maximum value from voluntary deductible in their health insurance
Indian software engineer Ravi moved to the US for a career opportunity but overlooked his health insurance policy in India. After realizing the importance of coverage during visits, he reinstated his Indian policy for financial security and peace of mind.
Look a GIFT IFSC horse in the mouth
Tax benefits can be denied on issue of beneficial ownership for ODIs issued abroad. Treaty abuse conditions don't apply to ODIs issued in IFSC.
Load More
