NRIs / The Economic Times
Though the British Raj concluded 77 years ago, racism remains a persistent issue in the United Kingdom. A social media post offering a glimpse into Londons vibrant Diwali celebrations sparked mixed reactions on Instagram, with some responses turning quite hostile.
Karwa Chauth 2024 Moon Timing: Karwa Chauth, celebrated on October 20, 2024, involves women fasting for their husbands' health and longevity. They break their fast after moonrise, expected between 7:50 PM and 9:05 PM. The festival includes traditional rituals such as Sargi, the main puja, and the moonrise celebration. Recently, some men also join the fast to show mutual love and support.
Karwa Chauth 2024: Karwa Chauth will be celebrated on October 20th this year. Married women across North India will observe a fast from sunrise to moonrise, praying for their husbands' health and longevity. They will eat a pre-dawn meal called sargi, perform pooja, and break their fast after seeing the moon through a sieve. The festival includes listening to Karwa Chauth katha and worshiping Goddess Parvati.
The Shri Ram Janmabhoomi Construction Committee, chaired by Nripendra Mishra, commenced the construction of Shikhar amid technical challenges. Key agencies like Larsen Toubro and TCE are involved. Although small structures are completed and handed over, the entire project is now expected to finish by July 2025.
The report highlighted that the NRI cell, which handles cases related to NRI marriages from women both in India and abroad, saw several serious allegations, including confiscation of passports by in-laws, and women being unable to join their husbands abroad due to the husband's disappearance or unknown whereabouts.
The Supreme Court has dismissed Punjab's plea to expand the NRI quota in medical colleges, emphasizing that distant relatives of NRIs should not receive admission benefits. Meanwhile, Karnataka is seeking approval to introduce a 15% NRI quota in government medical colleges by 2025-26, aiming to generate revenue and improve educational facilities.
North Korea has revealed a secretive uranium-enrichment facility, with leader Kim Jong Un calling for an exponential increase in nuclear weapons. This disclosure aims to pressure the U.S. and its allies. The images released could help estimate North Korea's nuclear capabilities. Kim stressed the need for more centrifuges and new-type centrifuge introduction, citing increased threats from the U.S. and its allies.
Virgin River Season 6 is expected to receive a release date announcement soon. Cast member Alexandra Breckenridge teased upcoming information, sparking speculation. While rumors suggest a late 2024 release, Netflix has yet to confirm the official premiere date.
Iran has further increased its uranium stockpile enriched to near weapons-grade levels, according to a UN nuclear watchdog report. As of August 17, Iran has 164.7 kg of uranium enriched up to 60%. Tehran has also banned experienced inspectors and disrupted surveillance cameras, and has not clarified the origin of man-made uranium particles at undeclared sites.
The North American Punjabi Association condemned the recent attack on NRI Sukhchain Singh in Amritsar as deeply troubling. Singh was shot in front of his family at his home. Executive Director Satnam Singh Chahal emphasized the importance of ensuring safety and security for the diaspora community, urging concerted efforts from authorities and leaders. Police have arrested five individuals in connection with the incident as they continue to search for the assailants.
The construction of Ayodhya's Ram Temple, overseen by Nripendra Mishra, experienced delays due to reduced workers caused by weather conditions. Mishra cited a two-month delay unless more workers join. Since the Pran Pratishtha ceremony in January, the temple has seen over 1.5 crore visitors, with numbers increasing daily.
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.
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.
Budget 2024 proposes a higher TDS on certain capital gains for non-residents on certain assets such as listed equities. The new TDS will apply only on transfers made on or after July 23, 2024. The revision is aimed at bringing parity between resident and non resident taxation structure.
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.
NRIs are increasingly investing in Indian real estate for vacation homes, driven by pandemic-induced priorities. The market is booming with $13.1 billion spent in FY21, expected to rise to $14.9 billion in FY22. State incentives, tech advancements, and NRI confidence contribute to the sector's growth.
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.
India's manufacturing sector is poised for robust growth, targeting a 9.1% CAGR over five years to elevate its GDP share to 20%. Key drivers include strategic reforms, Production-Linked Incentives (PLI), and improved logistics efficiency. The focus on sunrise sectors like solar PV and semiconductors, backed by substantial private sector investments, aims to enhance competitiveness and reduce import reliance amidst global supply chain shifts.
NRIs face high OPD costs if they dont renew Indian health insurance. Comprehensive policies with OPD and consumables cover, up to Rs 100,000, help manage frequent health issues, childrens visits. They include consultations, tests, and cover administrative charges. Given Indias lower healthcare costs, such evolving insurance policies need evaluation for credibility, waiting periods, and co-payments.
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.
NASA astronaut Matthew Dominick's breathtaking photo of a moonrise from the International Space Station (ISS) has left millions in awe. The image, depicting a crescent moon above Earth's atmosphere, has garnered over 5.4 million views and numerous comments. Dominick, part of NASAs SpaceX Crew-8 mission, has been aboard the ISS for four months. The photograph showcases the beauty of space, drawing widespread admiration from social media users.
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.
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.