NRI Worldwide > NRInterest
India sixth in global ranking of 'ultra rich'
Report dated 24/11/2014 @ 2:35 PM
A recent Wealth-X and UBS World Ultra Wealth Report 2014 found that with $1.01 trillion in assets, 8595 Indians together have taken India to sixth position in a global ranking of high-net worth individuals ie those with a net asset value of more than $30 million, increased to 9.5 percent over the previous year.
India has the third largest population of ultra-rich individuals in Asia, after Japan and China.
India also has more ultra-rich people than Switzerland, Canada, France, Hong Kong, Singapore and Saudi Arabia. Those countries ahead of India are the US, Germany, the UK, Japan and China.
The report also stated there are some 5000 NRIs on the global list, a majority of whom are settled in Europe or North America, and noted that promising policy and political changes such as the election of Narendra Modi as Prime Minister, has resulted in growing confidence in the region's prospects.
India scores high on Happy Planet Index
Report dated 24/11/2014 @ 2:25 PM
India has scored high on the 'Happy Planet Index' that ranks nations on life indicators rather than wealth, and highlights their disparities in the levels of contentment.
Costa Rica, Colombia and Vietnam were ranked among the happiest countries to live in, followed closely by India in a global measure of sustainable well-being for 151 countries around the world.
Although the UK lags behind, it placed higher than other European countries like Germany, France and Spain. The US ranked way low on the Index.
The three measures used to rank countries are life expectancy, environmental factors and happiness. The poll was conducted by researchers who asked people in each country how they felt, and measured environmental and health factors.
Non-Resident Goans get NRI commission help
Report dated 23/11/2014 @ 6:52 PM
Many cases have been reported on Goans facing various degrees of hardships. The NRI commission has taken up these cases and has been able to solve problems and get compensation for victims' families,
NRI commissioner Wilfred Mesquita said pursuing claims of legal dues and death compensations remain the most challenging task of the Commission, considering various legal hurdles, but with the help and active intervention of Indian missions abroad, the commission has succeeded in settling many cases resulting in financial help to the affected families in Goa.
Director of NRI affairs U D Kamat said other cases reported before the commission are transportation of mortal remains of deceased emigrant workers and seamen on board ships.
The NRI commission is also pursuing claims of legal dues payable to emigrant works on retirement from companies in which they were employed, and death compensation claims of Goan expatriates who are victims of accidental deaths on behalf of their legal heirs in Goa.
US President Obama's immigration plan disappoints Indian techies
Report dated 23/11/2014 @ 6:16 PM
According to analysts and experts, President Barack Obama's immigration plan to shield 5 million people from deportation and retain skilled immigrants, falls short of expectations.
An important announcement by the President concerns thousands of Indians who are in America waiting in long green card queues and their families. According to the new guidelines, portable work authorisation will now be provided to lawful permanent resident status or green cards - and their spouses. Under the current system employees with approved LPR applications often have to wait many years on non-immigrant visas for their green cards to become available. The department of homeland security will make regulatory changes to allow these workers to move or change jobs more easily.
Meanwhile news may not be good on the L-1 visa or intra-company transfer front, with steps proposed to streamline the process for foreign workers and their employers, while protecting American workers.
Commenting on the plan The Council on Foreign Relations (CFR) said the plan will have moderate benefits for the technology industry, as Obama agreed to increase the number of foreign graduates of American Universities with science, technology, engineering and mathematics - STEM - degrees' stay in the US to ease employment pressures and enable qualified students to stay in the country.
CFR pointed out the plan does not address industry hopes of keeping these individuals here on a long-term basis as it does not increase the number of H-1B visas for highly skilled persons, currently capped at 65,000. Media reports agreed that the rule changes would make it easier for people from abroad to get a toehold in the US tech industry, but it will not address one of the tech industry's top policy priorities which is an increase in H-1B visas.
India is the fourth source country with 450,000 people living in the country without papers, according to a new Pew Research Centre report. While around 8.1 million authorised immigrants make up 5.1 percent of the US labour force, many are engaged in low paying jobs that Americans do not want to do, Indians cornered nearly two thirds of the total permits for skilled workers in 2012.
NRI to receive Rs 8 million compensation from truant developer
Report dated 22/11/2014 @ 6:32 PM
The State Consumer Disputes Redressal Commission, Chennai, has directed a Coimbatore property developer R. Rajaram, managing director of Sri Renga Property Developers Pvt Ltd to pay US NRI couple Sajan Thandasery and his wife Madhulatha Dharma a compensation of Rs.83 lakhs, including a refund of Rs.72.52 lakhs, for failing to construct a flat even after collecting the entire amount in advance.
The couple availed a home loan of Rs.40 lakhs from ICICI Bank, Coimbatore and paid an advance of Rs.10 lakhs to the company. Their power of attorney Suraj Tandasserry, Sajan's brother, entered into an agreement with the company in 2008. As per the construction agreement the developer proposed to accept the transfer of funds in a phased manner.
ICICI Bank however released Rs.40 lakhs, the entire loan amount to the company in advance. The company was to complete construction and hand the property over to the couple, but later informed them of their inability to proceed with the project. The NRI couple then filed a petition before the Commission seeking a direction to the company to refund Rs.74.52 lakhs with interest towards the loss of rental income and Rs.11 lakhs for causing mental agony and hardship.
The Commission said Sri Renga Property Developers cannot shirk their responsibilities and liabilities on a false pretext and directed the company to refund Rs.72.52 lakhs to the complainants and pay Rs.10.50 lakhs for causing them financial loss and mental agony.