NRI News

Budget: NRIs receiving gifts from resident Indians have to pay tax

This post was originally published on 9 July 2019. The expensive gift that you kept for your overseas cousin or friend may attract tax from this year with the Budget 2019-20 proposing to impose withholding tax all such transfers, plugging an earlier loophole that allowed its tax-free treatment. The Finance Bill 2019 has imposed tax …

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NRI deposits drop 98% as oil prices remain low: Report

This post was originally published on 15 October 2017 and the content may be outdated. Net deposits by Non-Resident Indians (NRIs) dropped sharply by 98 per cent in April-August this fiscal due to fluctuation in oil prices, industry body ASSOCHAM said. Net bank deposits — the difference between total deposits and not withdrawals — came …

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No second chance for NRIs to deposit demonetised currency: Sushma Swaraj

This post was originally published on 27 September 2017. External Affairs Minister Sushma Swaraj has ruled out any new window of opportunity for NRIs or people of Indian-origin to deposit their high-value Indian currency which was declared illegal after the demonetisation policy, a statement said today. Swaraj made these remarks during her interaction with a …

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NRIs who harass, abandon their wives may get their passports cancelled

This post was originally published on 18 September 2017. Non-resident Indians (NRIs) who harass their wives or desert them could face impoundment or cancellation of their passport if Cental government accepts the recommendations of a high-level panel, Hindustan Times has reported citing an undisclosed source. Once the passport is impounded, the NRI husband — if …

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Thousands celebrate at India Day Parade in New York

This post was originally published on 21 August 2017. Thousands of people from the Indian diaspora converged in the heart of New York, in their traditional finery, to celebrate India’s 71st Independence Day at one of the largest parades outside India attended by ‘Baahubali’ actors Rana Daggubati and Tamannaah Bhatia. The 37th India Day Parade …

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