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Report Dated March 26, 2017 6:50 PM
India received a whopping $235 billion in remittances in the last three-and-a-half years, as per government data.
In 2013-14, India received $69.64 billion in remittances, while the figure in 2014-15 was $69.82 billion and $65.60 billion in 2015-16.
The volume of remittances in the first six months of the current fiscal was $30.43 billion.
The figure of overseas Indians is 3.08 crores spread over 208 countries.
Indians in the U S are estimated at 44.6 lakh which includes 12.80 lakh NRIs and 31.80 lakh Persons of Indian Origin.
A total of 1.65 lakh Indian students were studying in the US in 2015-16 while a total of 18,320 Indian students were enrolled in educational institutions in the UK in 2014-15.
Report Dated March 21, 2017 7:26 PM
India is home to world’s fourth highest number of billionaires with Reliance Industries chief Mukesh Ambani leading the club of more than 100 super rich Indians, according to a new list released by Forbes magazine. The Forbes list of the ‘World’s Billionaires’ 2017 consists of 2,043 of the richest people in the world who have a combined net worth of USD 7.67 trillion, a record 18-per cent increase over the past year.
The list has been topped by Microsoft co-founder Bill Gates for the fourth year in a row. He has been the richest person in the world for 18 out of the past 23 years. Gates has a fortune of USD 86 billion, up from USD 75 billion last year, followed by Berkshire Hathaway chief Warren Buffet with a net worth of USD 75.6 billion.
Amazon’s Jeff Bezos added USD 27.6 billion to his fortune; now worth USD 72.8 billion, moving into the top three in the world for the first time, up from number five a year ago. US President Donald Trump is ranked 544th on the list with his net worth of USD 3.5 billion.
India is home to 101 billionaires, the first time it has has more than 100 super rich individuals.
There are nearly 20 people of Indian-origin who have made fortunes in various nations across the world, led by UK-based Hinduja brothers ranked 64th with USD 15.4 billion net worth, Indian-born tycoon Pallonji Mistry, who controls the 152-year-old Mumbai-headquartered engineering giant Shapoorji Pallonji Group at the 77th spot with USD 14.3 billion net worth and petrochemicals major Indorama co-founder Sri Prakash Lohia at the 288th spot with USD 5.4 billion net worth.
Next on the list of Indian billionaires is ArcelorMittal chairman and CEO Lakshmi Mittal on the 56th spot with a net worth of USD 16.4 billion.
The list includes only four women billionaires from India, led by Savitri Jindal and her family at the 303rd position with a net worth of USD 5.2 billion. “After declining last year, the fortune of steel and power clan, whose matriarch Savitri Jindal chairs the OP Jindal Group, rose as steel prices recovered,” Forbes said.
Smita Crishna-Godrej from the Godrej clan is ranked 814th followed by Biocon founder Kiran Mazumdar-Shaw (973) and Leena Tewari (1030), chair of USV India which specialises in diabetic and cardiovascular drugs.
Also making the list is Wipro chairman Azim Premji (72), Adani group founder Gautam Adani (250), Bajaj Group chair Rahul Bajaj (544), investor Rakesh Jhunjhunwala (939), Infosys co-founder NR Narayana Murthy (1161), chairman emeritus of Dabur Vivek Chand Burman (1290), Infosys co-founder Nandan Nilekani (1290), Wockhardt chair Habib Khorakiwala (1567), Mahindra group chief Anand Mahindra (1567), property tycoons Niranjan and Surendra Hiranandani (tied at 1678) and Yes Bank head Rana Kapoor (1795).
Founder of mobile wallet Paytm Vijay Shekhar Sharma is ranked 1567 with his net worth of USD 1.3 billion. Forbes said Paytm was “one of the biggest beneficiaries of the government’s decision to demonetise 86 per cent of India’s rupees and move to a cashless economy”, notching up 200 million registered users and five million transactions daily.
Making his debut on the list at 814th spot is Acharya Balkrishna, friend of yoga guru Baba Ramdev, who holds 97 per cent stake in the fast-growing consumer goods firm Patanjali Ayurveda. His net worth is USD 2.5 billion.
Report Dated March 16, 2017 6:28 PM
The changing global scenario has seen many Indians returning to the country. This amounts to change of status from Non-Resident Indian (NRI) to Resident Indian as far as money matters are concerned.
When an NRI comes back to India and becomes a Resident Indian, he is required to inform his bank about the change of status. The NRE and NRO accounts that he holds will have to be redesignated to resident savings account.
One also has the option to convert an existing NRE account to a Resident Foreign Currency (RFC) account, where one can maintain funds in foreign currency and the funds (principal + interest) are fully repatriable. The RFC account allows credits from overseas in foreign currency from sale of assets outside India or income received outside India (in the form of employment, assets, investments) as the case may be.
A declaration for redesignation of NRE/ NRO account to Resident Rupee Savings account or the RFC account is required to be filled up by the returning NRI. Details such as account number, joint holder details (if any), and customer ID should be filled up and signed by all account holders. The form may be submitted at the local branch of the bank.
Once the declaration is received by the bank, the NRE/ NRO/ FCNR accounts are redesignated to Resident Rupee Savings account or to Resident Foreign Currency account as the case may be. Once the NRE account is converted to Resident Savings account, the interest earned thereon becomes taxable.
Report Dated March 12, 2017 5:56 PM
The bill will amend a 49-year-old law to invalidate the claims of succession or transfer of property of those who left India. The opposition, including Congress, the Left, SP and JD(U), is against the bill on the grounds that it disadvantages Indian successors. But the government has countered this by pointing out that rights to properties lost by those who went to Pakistan, as is mostly the case, decades ago could not be restored now.
It wa s passed by voice vote in the RS despite the opposition demanding that the passage be deferred to next week, when more MPs would be present. There were very few opposition MPs in the House on Friday afternoon, all of whom walked out after the government insisted on taking up the bill for discussion.
Explaining the urgency to get the bill passed, FM and Leader of the House Arun Jaitley said the ordinance effecting amendments in the Act would lapse on March 14, 2017, and this was also a security issue also. He said it was a principle that the government not allow commercial interests or properties of an enemy country or its citizens.
The bill was passed by the Lok Sabha in March last year. After this, the RS sent it to a select committee, following which the government moved a number of amendments to it. After the amended bill was passed by a voice vote by the RS on Friday, it was returned to the LS for final passage just before the House was adjourned for the day.
Report Dated March 11, 2017 1:48 PM
VW’s Skoda unit will lead the project to develop components and vehicles.
VW is looking for new markets as it recovers from its diesel emissions scandal.
Tata Motors, which is India’s largest vehicle company and owns Jaguar Land Rover, is also hoping to claw back domestic market share.
Guenter Butschek, chief executive and managing director, Tata Motors, has put in place a restructuring programme to help build up Tata’s lost sales for passenger and commercial vehicles by improving efficiencies, cutting production delays and building economies of scale.
VW pleaded guilty to three criminal charges in the US in January this year, and would pay fines totalling $4.3bn (£3.5bn) to settle charges over the scandal.
In November last year Volkswagen announced plans to cut 30,000 jobs worldwide with about 23,000 of the losses to be borne in Germany.