Wooing the NRI depositor

Inflows into deposit schemes for Non-resident Indians (NRIs) are shrinking. They peaked at $38,406 million in financial year 2013-14, with monthly average inflows of $3,200 million in that year (Chart 1). As compared to that, inflows during April to August 2014 or the first four months of the current financial year stood at just $7,168 million or a monthly average of $1,792 million. Continue reading

NRI founded innovation league in Singapore launches mobile app

An NRI founded Singapore Innovation League (SIL), which funds technology start-ups, today launched a mobile chat application on Google Play.

The new mobile app ‘YAY’ is a peer-to-peer communications software and allows the consumer to voice call, chat and share, said the SIL founder and tech billionaire Niraj Goel. Continue reading

NRI company files criminal complaint against Baring Asia

Squabbling between private equity investors and companies often ends up at the doorsteps of regulator and court. Rarely, if ever, do such bickerings boil over and end up at a police station. One such dispute involving Baring Private Equity Asia — one of the most aggressive PE funds in Asia with over $5 billion of assets under management — is an exception to the rule. Continue reading

PIO cards now have lifetime validity, notifies Home Ministry as per PM’s promise

Within hours of an announcement to that effect by Prime Minister Narendra Modi in the US at the Madison Square Garden, the Home Ministry has notified new rules on Tuesday stipulating that all NRIs holding Persons of Indian Origin (PIO) cards will now get lifelong entry to India.

Amending the PIO Card Scheme, 2002 on September 30, the Home Ministry has now notified that PIO Card issued to an applicant shall be valid for his life time from the date of its issue provided that such applicant has a valid passport. Continue reading

Why more NRI’s are looking to spend more time in India

The rockstar reception and electrifying 70-minute speech delivered by Indian PM Narendra Modi at Madison Square Garden last week seems to have electrified the Indianairport1 diaspora everywhere. A huge wave of euphoria, pride, patriotism and nostalgia has washed the diaspora. PM Modi’s speech received standing ovations and applause every now and but the one thing that really got him a thunderous applause was when he acknowledged the difficulties PIO (Person of Indian Origin) card holders faced. Continue reading

NRI cell to be set up in Telangana

Telangana government will soon set up a dedicated NRI cell along the lines of Kerala and Punjab to help the distressed Telanganites working abroad. The cell will be headed by a superintendent of police. On receiving complaints from overseas Telanganites or from the Indian missions in the host countries, the cell will assist the workers in resolving their problems. Continue reading

NRI Doctors Evince Interest in Investing in Bihar

Impressed with Bihar Government’s proposed sectoral incentive policy in the field of health, leading medical practitioners of Indian origin in England have evinced interest in opening quality health institutions in the state.

The interest by medical practitioners was shown during their meeting with Bihar Chief Minister Jitan Ram Manjhi in London last evening, an official statement said here today. Continue reading