Monthly e-newsletter of OIFC |
| Dear Reader, |
February 2012 |
This edition of 'IndiaConnect' focuses on the topic of Returning Indians. In recent years, India's growth story and availability of myriad opportunities have encouraged an increasing number of Indians settled abroad to return to their homeland. However, it is also imperative for Returning Indians to understand and be completely aware of the new environment and varied facets of changing India.
To help Returning Indians understand these aspects, Overseas Indian Facilitation Centre (OIFC) and Deloitte Touche Tohmatsu India Pvt Ltd. have compiled a new publication 'Returning Indians – All that you need to know'.
The publication was released by the Hon'ble Prime Minister, Dr Manmohan Singh during the 10th Pravasi Bharatiya Divas - PBD 2012 at Jaipur. The book has been developed keeping all aspects that would impact an Indian wanting to return home. From the rules and regulations to the softer aspects like culture, it is a single publication that a returning Indian can refer to for guidance. You may order the hard copy of the book by sending a request at oifc@cii.in.
In this edition, our Premium Knowledge Partners Axis Bank and Punjab National Bank provide insight on Resident Foreign Currency (RFC) Account. Also do not miss the article by our Premium Knowledge Partner, Kotak Mahindra Bank on "Investment opportunity for NRI's knocking on the doors of Indian Banks" in our Investment Trends section.
Read our regular features, "Economy Watch" and "IndiaUpdates", to remain updated on the emerging political, economic and sectoral environment in India.
Stay Connected with OIFC! |
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Sujata Sudarshan
CEO
Overseas Indian Facilitation Centre |
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ourservices
Our investment consultation and facilitation services have been steadily attracting numerous queries from Overseas Indians across geographies, round the clock. These include queries for guidance on tax, legal, investment, education, human resource (HR) services and pre-entry market exploration. Register and avail of our investment consulting and facilitation services.
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infocus
Returning Indians – All that you need to know
A handbook with a repository of practical information for Returning Indians, providing them information on rules and regulations to softer aspects like culture that returning Indians can refer to for guidance.
Click here for more information about the publication. To book your copy, please send a request to oifc@cii.in.
Contributions from our Premium Knowledge Partners
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discussionforum
We have recently formed a group for 'Now-Returning Indians'.
This group is for all those who are seeking to return to India. It is specifically for all Non-Resident Indians (NRI's) and People of Indian Origin (PIO's) who want to or have come back to their roots. Not just for "Returning Indians", this group is also for "Returned Indians".
Join this group and this enables you to: Interact with Overseas Indians who are seeking to relocate to India and Returned Indians; Share views and experiences; Make vital contacts and much more.
Click here to join this group.
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investmenttrends
During the past month, banks have witnessed a steady growth in deposits from Non-Resident Indians (NRIs). In fact, the aggregate inflows under various NRI deposits schemes (Outstanding and Inflows/Outflows) touched US$ 52.4 billion as at end-December 2011-12 (Provisional), according to the figures released by the Reserve Bank of India (RBI) in February 2012.
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Contributions from our Premium Knowledge Partner
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yourquery
Q: "For how long can I maintain Non-Resident External (NRE) and Non-Resident Ordinary Rupee (NRO) accounts after returning to India permanently? If I return to India after a year of opening a Fixed Deposit Receipt (FDR), will the interest accrued for the period after my return till its maturity, be treated as tax free?"
A: In both the cases, the bank will issue a demand draft along with source of funds and the same can either be deposited in your resident savings account or you can open Resident Foreign Currency (RFC) Account and deposit into the same. No, the taxation will remain same till the maturity of NRE deposit. We are premium knowledge partner of OIFC and the fourth largest private sector bank in India. We thank you for choosing us and have a host of banking products for NRI's to choose from.
(Answered by Premium Knowledge Partner Kotak Mahindra Bank)
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policy&newsupdates
India and Israel sign a joint Declaration on Cooperation and Exchange between the Two Countries in the Field of Water Technology
India-Israel bilateral relationship has become increasingly extensive and broad-based in the last 20 years. Relations have deepened and progressed in all areas of activities including political, economic and cultural relations, cooperation in agriculture and water management.
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| OIFC is a not-for-profit public-private initiative of the Ministry of Overseas Indian Affairs (MOIA) and the Confederation of Indian Industry (CII) aiming at expanding the economic engagement of the Indian diaspora with India. |
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