NRK Sandesham: 2007

Friday, December 28, 2007

Fresh News

Reserve Bank of India (RBI) proposed to make automated teller machine (ATM) transactions free of cost w.e.f April 1, 2009.

The government on Monday cautioned small investors against misleading advertisements of companies looking to tap the capital market and advised them to verify their credentials before putting in their money.

Indian Council of Agricultural Research (ICAR) has developed a new health drink based on Beetroot which can be used by all and sundry.

Import of palm group of oils through any port in Kerala has been banned. Move aimed at promote Coconut Oil in the state.

It is expected that Gold is all set to scale new heights in the next year as well putting it on track to break the magical figure of $ US 1000 an ounce for the first time in history.

SKS Microfinance Pvt. Ltd,, the new generation microfinance company, has launched operations in Kerala. SKS Microfinance, a registered NBFC, aims to empower masses.

SBI Chairman Shri O P Bhatt has been named as "Banker of the Year" by Business Standard.

David Verghese, a 10-year-old Indian boy has emerged as the youngest champion in the history of a BBC quiz show, Junior Mastermind .

Houseboats, which have become the mascot of Kerala Tourism are overpriced with the tariff reportedly in the range of Rs. 14000 to Rs. 17000 for a night.

Visit visa only for immediate relatives

The Abu Dhabi Naturalisation and Residency Department (ADNRD) took new measures this month to stop issuing visit visas to bring friends and workers to the emirate, according to a senior official at the department.
Colonel Nassir Al Awadi Al Minhali, Director of ADNRD, told Khaleej Times yesterday in an exclusive interview, “The ADNRD allows issuing of visit visas only for immediate relatives, such as parents, brothers, sisters, wives and children.”
The ADNRD would not issue visit visas for the firms because they were allowed to obtain only employment visas after getting temporary mission permits from the Ministry of Labour (MoL).
The new protective measures were aimed at weeding out the phenomenon of illegals from the country.
Meanwhile, the Ministry of Interior (MoI) has completed a study, after the 2007 amnesty period that ended on November 3, to find out the factors that contribute to the problem of illegals in the country.
The study showed that about 25 per cent of the illegals entered the UAE on visit visas.
“The ADNRD has taken the new measures also to curb begging by people entering the county on visit visas. Both the people found begging and their sponsors would face stiff penalties for violating the country’s law,” added Al Minhali.
The visitors found begging in the streets would face penalties such as deportation with life ban. “For the sponsors, the officials will transfer the case to the General Prosecution after imposing stiff penalties on them such as suspension of issuance of visit visas on the sponsor’s code number in the ADNRD’s system,” he said.
“Moreover, we are preparing a database to register all the absconding cases filed by sponsors and the number of visit visas they had applied for. Further, the MoI will launch intensive campaigns to find illegals,” added Al Minhali.
The companies could apply for visit visas only for delegations. This was a special case and the ADNRD would demand bank guarantees ranging between Dh2,000 and Dh5,000, depending on the applications.
“We will also not accept any applications to bring workers on businessmen visas unless the sponsor provides proof that they are really businessmen such as the contracts they have signed, copy of visa card and bank account sheets,” said Al Minhali.

Wednesday, December 26, 2007

Fresh News

All IT dealers have announced 2 day hartal (strike) beginning from 24 Dec. 07 against the raids conducted by Microsoft in Trichur and Trivandrum district. Microsoft conducted these raids without prior notice to the dealers.

The Uday Samudra Leisure Resort in Kovalam has claimed to set a world record with 29.1-feet tall Christmas cake. Claimed to be world's largest.

Kerala has been declared as a total banking state by Union Minister of State for Finance Pawan Kumar Bansal in the State- Level Bankers Committee providing at least one bank account for every household.

Boards of six associate banks of the State Bank of India slated to meet on January 25, 2008 to consider in-principle nod for their merger with State Bank of India, India's largest commercial bank.

Canada should put in place a new visa regime as the current one is "discriminatory" especially against Indians as per NRI politicians.

In order to overcome the acute shortage of tree climbers and farmhands in the state, the Kerala Government is planning to set up a school for training climbing coconut trees & plucking coconut.

Saturday, December 22, 2007

Fresh News

1. Bollywood superstar Shah Rukh Khan's Om Shanti Om stayed in the UK top ten for two weeks, and collected a record $19 million in its opening week. At least five other Bollywood films made it to the UK top ten.

2. Kerala Tourism Development Corporation (KTDC) is in the process of developing a three-star hotel at Ponmudi in Kerala.

3. Akshaye Khanna is presently shooting in Alleppey, Kerala with one of his favorite directors Priyadarshan for his forthcoming Untitled film.

4. Liquor sales in Kerala are heading for an all time high of Rs.20.3 billion by end of November, up from Rs.20 billion during the same period last year.

Friday, December 21, 2007

Phising Frauds

Example of Phising Fraud - As explained in previous posts in Phising frauds you receive an email similar to the below one. It seems so real that you will easily fall in trap. Be aware and alert. Do not click the link given in the mail. Always visit your bank website by typing its address YOURSELF at address bar of internet explorer. (say www.xyz.com). The links and email addresses in the message apears to be originated from xyz bank but when you click the link it takes you to fake website. In this example actual bank name is replaced by XYZ.

------- Forwarded message -------
From: "XYZ BANK"
To: aadipnair@gmail.com
Cc:
Subject: Your XYZ Bank Account Need Authentication To Keep Your Account Activate Otherwise it Will Get Blocked
Date: Fri, 14 Dec 2007 15:41:18 +0530

Unauthorized NetBanking Access On Your Account

In the last fews weeks, our Online Banking Security team has observed multiple
logons on your internet banking account, from different blacklisted IP's,
therefore been blocked, to prevent further unauthorized access for your safety.
we have decided to put an extra verification process to ensure your identity and
your internet Banking Account Security.

Click on for your NetBanking Online Access.

http://www.xyzbank.com/1/2/securityaccess/precaution/internet-banking/

Security Advisory,
XYZ Online Banking

*Important*
Please update your records on or before 48 hours, a failure to update your
records will result in a temporal hold on your funds - it's one more way that
XYZ makes your online banking experience better..

© 2007 All Rights Reserved

Greetings

ID Mubarak, Merry X-mas and Happy New Year to all our readers

UAE Inheritance Laws

Q: Which inheritance laws apply on foreign residents in the UAE? What is your advice in terms of property ownership and bank accounts?
A: Inheritance and property laws are a complex issue and it is worth investing in independent legal advice to be entirely confident about your position.
The rules regarding the form and technical provisions of wills can be confusing for lay people. It's also worth being aware that property laws are changing, which will in turn affect the rules regarding inheritance.
A good local lawyer can help you understand all this. However, there are some basic steps you should take to increase the confidence and security of your family.
Probably the best advice - wherever you reside - is to make sure that you have made a will for all your property and that this will is constituted properly, so that it is recognised under the law of your country of origin and your country of residence.
Almost every lawyer and financial adviser urges their clients to make a will, because the alternative creates so much stress and heartache for bereaved family members.
When people pass away intestate - without a will - it creates a number of issues, particularly if there are multiple claims on a property. It also adds to the uncertainty and upset that surrounds the passing of a loved one.
Legal framework
The UAE has a legal framework in place surrounding the drafting of a will, so there's really no excuse for anyone not to have one.
For Muslim expatriates, typically the courts will apply Sharia law in regard to inheritance and the drafting of a will.
However, even non-Muslims who have a valid resident visa can make a will and have it registered in the UAE.
In the interests of family security, you should itemise all your valuable assets within the document, starting with any properties you might own, but also including bank accounts and disposable assets.
Typically, the will must be typewritten or computer generated, must expressly state that it's your will, and it should be signed and dated.
It will also need to be signed by witnesses - the number may vary depending on the laws of your home country.
It's important that the will is legally approved and attested by authorities in your home country, before it is recognised as legal here in the UAE.
You should also have the document translated into Arabic; particularly if you own property and want to make sure it is passed on in accordance to your wishes.
You should also bear in mind that your will can be structured in such a way as to mitigate the tax burden on your inheritance.
Residents from the UK, in particular, need to consider the potentially steep inheritance taxes that can be levied on international assets. Typically, everything above the so-called "nil band rate" is subject to taxation. However, there are a number of exemptions which allow people to pass on inheritance without incurring tax.
All these issues underline the importance of consulting an expert when you are drafting your will. Ensuring this is in place provides a significant degree of protection to your loved ones.

Fresh News

Central Minister Vayalar Ravi said India was in the process of establishing a University to provide world class higher education to PIO (Persons of Indian Origin)/NRIs.
Indian-born Mahender Murlidhar Sabhani, 51, and his wife, Indonesian-born Varsha Mahender Sabhnani, 45, were each convicted of all charges in a 12-count federal indictment that included forced labour.
India is now experiencing a reverse brain-drain with its well resourced hospitals with state-of-the-art facilities wooing back a sizable number of NRI doctors, who worked with the National Health Service of Britain for years.
In Kerala, 6000 members have signed up in two weeks for the newly formed All Kerala Drinkers' Welfare Association. Thiruvananthapuram. Kerala has the dubious distinction of the highest per capita consumption of alcohol in the country,
A hotel in Kerala has set out to bake its way into the record books. Uday Samudra Leisure Resort here will make the world's largest cake on Christmas Eve
Held guilty of modern day slavery and awaiting sentences, Mahender and Varsha Sabhnani, a wealthy NRI business couple are set to lose their million-dollar house in Long Island USA. A jury has unanimously decided that mansion of India born Mahender, 51, and Indonesia-born Varsha, be forefieted to Government.
According to Patel, who is an NRI from UK, there is a huge market for the repair of laptops and ACi's centres would act as vertically integrated service. ACi set to launch laptop for 15,000 IRS.
Hyderabad-based SKS Microfinance plans to reach out to 7000 poor households across Kerala by providing them with income generating loans.
Former UN Under-Secretary General and chairman of Dubai-based Afras Projects India Shashi Tharoor signed an agreement on Wednesday to start a finishing school in Kerala for the young software professionals at Technopark.
If you want to get rice at a discount now in Kerala, look for it at a cooperative bank. The state's cooperation department has started selling rice through cooperative banks to hold down the spiralling price of the grain in the state.

Tuesday, December 18, 2007

Fun

1. A person was drawing money from ATM, his friend behind him in the line said, "Ha! Ha! Ha! I've seen your secret password. Its 4 asterisks (****) "
The first person replies, "Ha! Ha! Ha! You are wrong, it is 1258"

2. “I could not sleep the whole night in the train because I got the Upper Berth”
“Why didn't you exchange seat with the person in Lower Birth?”
“There was nobody to exchange in the Lower Berth. It was vacant!”

Email Frauds

Fraudsters are increasingly using email in trying to steal money or personal information like bank id and passwords from unsuspecting victims. Inexperienced persons can easily become vulnerable to such Internet scams. The good news is that it is easy to learn how to identify current Internet scams that arrive via email. Three most common email driven frauds are Phishing Scams, Nigerian Scams and Lottery Scams.

Phishing Scams-
Under “Phishing" scams you receive email messages that appear to come from your bank/financial institution. The email will try to scare you by saying that your account and money is at risk.
It also provides a link in the message and asks you to click on the link to visit bank’s website and to "update" or "verify" your personal information (your internet bank id and password or Credit card number). When you click on such link it will take you to fake ‘look-a-like’ bank website where you are asked to provide personal information. The scammers then use this information to log in to your account and transfer money/make purchases.
No Bank and Financial institution will ask you to provide id and password over email/phone. If you receive such mail do not click on the link given in the message, do not reveal any sensitive information over email/phone. If you still have any doubt after receiving such mail contact your bank/financial institution.

Nigerian Scams-
Persons of Nigeria or any other country (mainly from Africa) sends you email. The email claims that sender of email has some huge money (mostly illegal) which is parked in some account.
The sender wants to transfer this money to your bank account so that he can make it legal. In return they offer you a portion of the fund. If you show interest then email chain is established. The fraudster will ask you to send some money for processing work etc. Sometimes fraudster will ask you your id and password also. He will use a variety of stories to explain why they need your help to access the funds. Sometimes the story will be different – a rich man/trust wants to donate substantial money for charity thru you.

Lottery Scams-
You receive an email/letter/fax that says that you have won a huge amount of money in an international lottery even though you have never bought a ticket. The email may claim that your email address was chosen at random out of a large pool of email addresses as a "winning entry". Such emails are almost certainly fraudulent. In some cases, the emails claim to be endorsed by well-known companies such as Microsoft or include links to legitimate lottery organization websites.
Like the Nigerian Scams, once you respond the fraudster will ask you money for delivery charges etc. If you send the delivery charges they will ask you to produce “Anti Terrorism Certificate”/”Money Laundering” Certificate. In most case the certificate required will be from China government as fraudster will claim that prize money will be sent from China. He will offer you to get these certificates if you (once again) send money to them.
The fraudster may sometimes send you a fake proof of sending money thru wire transfer (TT) immediately and then they will claim that TT has been stopped by Government because you need to produce “Anti Terrorism Certificate” etc.
It is reported that this fraud is getting complicated. For example fraudsters may visit your home and hand you over some fake currency notes (only a small amount out of prize money) and will again demand some processing fee etc for rest of the prize money

UAE mortgages likely to grow nine-fold in five years

The UAE's housing mortgage market is projected to grow nine-fold during the next five years to Dh161 billion in 2012, according to a research report by EFG-Hermes, a regional investment bank.
According to central bank statistics, up to the end of the second quarter of 2007, the UAE's financial system had a total of Dh46.3 billion in mortgage assets.
This includes a large amount of commercial mortgages. Residential mortgages are estimated at about half of that figure, with industry sources suggesting they are about Dh20 billion.
EFG-Hermes estimates current housing mortgages at less than Dh18 billion for 2007.
"Going forward, we assume housing purchases of around Dh680 billion over the next five years. If we also assume that 20-40 per cent of properties are mortgaged, and loan-to-value ratios of 70 per cent, this suggests that mortgages disbursed between now and 2012 will be of the order of Dh43 billion, making for a total market of Dh161 billion, implying a compounded annual growth rate (CAGR) of 55 per cent over the next five years," said Raj Madha, an analyst with EFG-Hermes.
In the short term, most of the growth is expected to be focused on Dubai, but towards the end of the five-year period, Abu Dhabi is expected to contribute significantly to the growth, although perhaps not reaching equality between the two emirates. By 2020, based on the same assumption, the report estimates the mortgage market will grow to Dh457 billion.
Over the last two years the real estate mortgage loan market (commercial and residential combined) has been growing at 92 per cent CAGR. Although growing at a high rate, over the next five years, growth is projected to fall to 55 per cent. Beyond 2020, EFG estimates that the market will mature to standard growth rates.
The housing finance sector has been growing rapidly for the last few years. However, unlike the property market, it is clear that the housing finance market is still massively underpenetrated.

SBI TAX ADVANTAGE FUND-Series 1

Another Equity Linked Savings Scheme
FROM THE MAKERS OF MAGNUM TAX GAIN SCHEME
A GROWTH ORIENTED EQUITY SCHEME WITH TAX BENEFITS UNDER SEC 80 C OF IT ACT, IDEAL FOR INVESTORS LOOKING FOR LONG TERM APPRECIATION with or without TAX BENEFITS

SBI TAX ADVANTAGE FUND Series 1 (STAFS1)
Product from SBI Mutual Fund, a fund house which manages "Magnum Tax Gain Scheme" the largest Equity Linked Saving Scheme in the country both in terms of Investors (over 10 Lakhs) and Size of assets ( over 3300 Cr, as at the end of Nov 2007). STAFS 1 provides excellent investment opportunity when compared with other instruments as they provide decent scope of capital appreciation with added advantage of tax-free dividends. The scheme endeavours to generate capital appreciation by investing predominantly in equity and equity-related instruments of companies across large, mid and small market capitalization.

Close – Ended (10yr) Equity Linked Saving Scheme with Sec 80 C Benefit
Liquidity –After a short 3-Year of Lock-in period (as per SEBI guidelines)
NFO closes on 03-Mar-08
Fund Manager Mr. Ritesh Seth
Minimum investment Rs. 500 and in multiples of Rs. 500 thereafter.
Growth and Dividend (Payout) options available
NAV to be disclosed weekly
Switches to the scheme to be allowed only during NFO period
No SIP, STP, SWP facilities
Cheque/DD to be drawn in favour of “SBI Tax Advantage Fund Series-I ”
Load Structure –Entry Load –Nil & Exit Load–Nil *
Initial issue expenses will be amortized over the close-ended tenor.

PERFORMANCE OF MAGNUM TAX GAIN SCHEME (MTGS)
As on 31 st October 2007
Period, MTGS, Benchmark(BSE-100) respectively
1-Year 57.76% 57.36%
3-Year 72.27% 50.72%
5 - Year 73.87% 48.06%
Return Since Launch 23.83% 17.23%

Dividend History of Magnum Tax gain Scheme (from 2003)
Record Date, Dividend (%), Rs.per Unit Dividend, NAV respectively
02 Mar 07 110 11.00 42.55
10-Mar-06 150 15.00 44.37
10-Jun-05 102 10.20 37.18
29-Oct-04 27 2.70 26.48
26-Mar-04 15 1.50 22.03
31-Dec-03 15 1.50 25.89
26-Sep-03 15 1.50 17.23

Kerala Airlines will become a reality

A leading NRI businessman from Kerala on Saturday urged MPs from the state to work for establishing Kerala Airlines, a low cost airline service for the Gulf region.
M.K. Yousuf Ali, director Infrastructure Kerala Ltd (InKel), a state government initiated company to mobilise NRI funds for infrastructure development, said that millions of people from Kerala living abroad are keen to see their dream of having a state-owned airline fulfilled.
He said that when the project for Cochin International Airport Limited was floated, many were apprehensive whether it would be successful. "Now all those shareholders are not disappointed. The same will happen in the case of Kerala Airlines too," Yousuf Ali told reporters."But MPs from the state should take it seriously. It could be a reality if they campaign vigorously for it," said the businessman, the first non-Arab to be elected as chairman of the UAE Chamber of Commerce.
A high level business delegation from the UAE on Friday held discussions with Kerala Chief Minister V.S.Achuthanandan to explore the possibility of investing in the state. The delegation was led by Younis Haji Al Khoori, Secretary, Ministry of Finance and Industry, UAE.The delegation expressed keen interest in investing in areas such as power, petro-chemical industries, road development and financial sector.

Fun

A concerned husband went to a doctor to talk about his wife. He says to the doctor, "Doctor, I think my wife is deaf because she never hears me the first time and always asks me to repeat things." "Well," the doctor replied, "go home and tonight stand about 15 feet from her and say something to her. If she doesn't reply move about 5 feet close and say it again. Keep doing this so that we'll get an idea about the severity of her deafness".

Sure enough, the husband goes home and does exactly as instructed. He starts off about 15 feet from his wife in the kitchen as she is chopping some vegetables and says, "Honey, what's for dinner?" He hears no response. He moves about 5 feet closer and asks again. No reply. He moves 5 feet closer. Still no reply. He gets fed up and moves right behind her, about an inch away, and asks again, "Honey, what's for dinner?"

She replies, "For the fourth time, vegetable stew!"

Fresh News

During Eid Al Adha, schools in the UAE are closed from December 17 and will re-open on January 6, 2008. The UAE stock market will be closed from December 18 to December 22 and will re-open on December 23. Banks will be closed for four days from December 18. Public sector employees get a five-day holiday from December 18, while private sector employees get a three-day holiday from December 18. Motorists in Dubai get free parking from December 18 to December 21.
Saudi Arabia cuts the reverse repo rate from 4.25 pct to 4.00 pct. It means that the deposit interest rates are going to be lower.
State Government agency NORKA is conducting Annual Kerala NRI Meet at Ernakulam on 2nd and 3rd January 2008. Chief Minister is expected to inagurate the function. CM also holds the NRK portfolio.
Fed cuts interest rates 1/4 point. The U.S. Federal Reserve's Federal Open Market Committee cut the benchmark federal funds rate and discount rate by a quarter percentage point at its Dec.11 policy meeting.
Dubai-based healthcare service provider Dr. Moopen’s Group is planning to invest around $250 million in the healthcare service industry by 2012. Dr. Azad Moopen, Chairman, Dr. Moopen’s Group said that the group is on the threshold of a major expansion plan covering the entire Middle East and India. The group will launch several hospitals, Medcentres and Medshops in the next five years.
The Kerala Government will go ahead with the Spices Park project and the process of land acquisition for the project has already started.
Information technology in Kerala is all set to get another booster shot with the state government announcing a plan to float an IT infrastructure company.
Kerala, popularly known as God’s Own Country these days, originally got the state’s name from the coconut tree. “Kera” in Malayalam language means Coconut and “Alam” means Land; and thus “Keralam” became the Land of Coconut.
Union Minister of State for Commerce Jairam Ramesh's statement that the proposed Spices Park project would be shifted out of Kerala has become controversial.
The Middle East's private banking industry will adopt the open architecture independent asset management (IAM) model in the near future, said Gilles Rollet, chief executive officer of Mirabaud (Middle East) Limited, at the Private Banking Mena 2007 conference in Dubai.
Kerala administration has initiated the process for acquiring 25 acres of land needed for the metro rail project in the Kerala's commercial capital of Cochin.
Five Kerala-born NRIs have been named to the board of Infrastructure Kerala Ltd (InKel), a new public-private infrastructure company promoted by state government.
Kerala government has decided against extending the lease on the 351.36 acre organic coffee estate of the Kerala-based Poabs group.
Asia's tallest tamed tusker died in Palakkad district of Kerala on Saturday. The 51-year-old elephant, Nanu Eezhuthassan Sivasankaran was star attraction of many events.
Undeterred by the opposition to the entry of big retail companies into Kerala, Spencer's Retail, a part of the Rs 13500 crore RPG Group, has lined up major expansion plan for Kerala.
Some CPI(M) leaders and some Church organisations in Kerala are locked in bitter verbal battle.

Tuesday, December 11, 2007

Fresh News

A move by the Kerala state government to set up a Smart City at Kochi has triggered off a fresh rally in real estate prices in the central districts of Kerala, especially in and around Kochi.
Nightclubs and bars will also face a smoking ban as part of the Dubai Municipality's plan to ban smoking at public places. "Nightclubs and bars will have to regulate smoking in their premises after shopping malls, restaurants, cafes, public offices and many other public places," said Abdullah Rafe'i, Assistant Director General for Environment and Public Health Affairs at
the municipality.
Anupam Ray, an IFS official deputed to the Indian High Commission in London was assaulted by Britons waiting to get visas to travel to India. The attackers voiced racial taunts as they waited in the queue and were subsequently arrested.
Kerala Food Minister C Divakaran's statement urging people to eat eggs, chicken and drink milk instead of consuming rice has created a furore.
Kerala, once known for its paddy fields and coconut plantations, is now facing severe shortage of rice and the prices have gone up by around Rs 4 per Kg.
The decision of the British Council to close down its library at Trivandrum has upset many booklovers.
Tripura is the second largest rubber producer in the country after Kerala with 35760 hectares of land so far brought under cultivation.
Train services in Kerala were disrupted since afternoon following a flash strike by a section of the loco pilots of the Trivandrum Division.
The Kerala Government Medical Officers Association (KGMOA) today told the high court that it was withdrawing its month-long strike for a temporary period.
Kerala's Education Minister MA Baby Sunday inaugurated the first phase of Internet broadband connections to 1200 schools in the state.
Leading NRI industrialist Lord Swraj Paul foresees India becoming a hub for world anufacturing industry in the near future.
Dubai-based Syed Mohammad Salahuddin has become the first to get a licence for operating a low-cost regional airline in India. The carrier, Star Aviation, will begin operations with a fleet of four ATRs by mid-2008 in south India.
The southern states of Kerala, Tamil Nadu and Karnataka will get around Rs 122 crore for replantation and rejuvenation of cardamom gardens.
A number of businessmen were honoured at the first Asian Business Awards Middle East (ABA ME) held at the Emirates Palace Hotel in Abu Dhabi on Saturday evening. List of winners include - Narayana Murthy, Lakshmi Nivas Mittal, Renuaka Jagtiyani (Landmark), Sunny Varkey (GEMS), Ramesh Prabhakar (Rivoli Group), Madhu Koneru(RAK Minerals and Metals Investments), Syed M.Salahuddin(ETA Ascon and Star Group) and Yousuf Ali (EMKE Group).
Escalating property rentals are affecting businesses in Dubai, traders said in a survey conducted by Dubai Chamber of Commerce and Industry (DCCI).
A riot of colours and rhythms featuring the folk arts of Kerala would mark the beginning of the 12th International Film Festival of Kerala (IFFK), in Thiruvananthapurm on December 7.

NRI Remittance in Kerala

A study on non-resident Keralites shows that the Muslim community continues to lead the pack when it comes to remittances from abroad, but has the lowest number of women expatriates.

These results have come out in the third round of the Migration Monitoring Studies (MMS) being conducted by the Research Unit on International Migration of the Centre for Development Studies (CDSMRU). The Department of Non-Resident Keralite Affairs of the Kerala government is financing the studies. MMS 2007, conducted during April-September 2007, was the third in this series. The first one, called the Kerala Migration Study (KMS), was conducted in 1998. The second one was conducted five years later in 2003.

The studies have shown that the non-resident Keralite population rose from 1.36 million in 1998 to 1.84 million in 2003 and grew a shade to touch 1.85 million in the latest study.According to S. Irudayarajan of the CDSMRU, Kerala received about Rs. 240 billion in remittances in 2006-07, which is about 20 percent of the state's net domestic product and 30 percent more than the state's annual receipts.

The study found that the Muslim community, which forms nearly 25 percent of the state's 32 million population, received 50 percent of the total remittances during 2006-07. "About Rs.120 billion in the remittances to the state were received by the Muslim community while Hindus who constitute the majority received only about Rs.80 billion.“Christians received about Rs.30 billion," Irudayarajan told IANS. The total number of non-resident Keralites in 2007 was 1.84 million. Among them, 883,000 (48.2 percent) were Muslims, 617,000 (33.3 percent) were Hindus and 347,000 (18.5 percent) were Christians.

However, Muslims have taken a back seat regarding the number of women non-residents."Christians have the highest proportion of females with 28.40 percent, followed by Hindus with 16 percent and Muslims come third with a mere eight percent," said Irudayarajan. For all religious groups taken together, 89 percent of the emigrants went to the Middle East countries, but among Muslims almost all (98 percent) went to Gulf countries. About 14 percent Christians and 8.7 percent Hindus went to the US, but only 0.2 percent of Muslims chose to go to that country.

Jobs in UAE - Job-seekers be on guard

Due to the booming economy and rapid development many job-seekers look at the opportunities available in the UAE in various fields. They read the job adverts in newspapers or magazines in their home countries or on websites of recruitment companies in the UAE who offer jobs in any of the emirates. Do not fall for advertisements which promise you an easy life, huge salaries and high standard of living, because in most cases such adverts are just a mirage to lure you.
It is important that you first check the authenticity of such companies because some of them could take your money and offer you nothing. Check with your friends about the job offer and if a work permit is issued check about it through the Residency Department or the labour office.
Read everything carefully before accepting a job offer. If you plan to come here on a visit visa and look for a job, make sure the visa is sent by a reliable person, a friend or a family member. Do not sell your house, land, shop or even your wife's jewellery to pay for the visa.
Not everyone gets a job despite months of looking around. The things to check before coming here after a job offer are the obvious ones: the cost of living here compared to the money offered. Accommodation is not cheap here if the company is not paying the rent. Some people first come and stay alone for a couple of months before deciding to bring their families here.
The salary might look good on paper and if you work out the exchange rate, but bear in mind the high cost of living. A bachelor sharing an apartment can expect to pay Dh36,000 a year for a small bedroom.
If you bring the family here, the minimum you can expect to pay for an apartment is Dh5,000 per month. School fees for two children will not be less that Dh3,000 per month. Grocery bill will set you back by Dh2,000 a month just on basics. You will need to purchase a car as public transport still does not cover many areas in the emirates and in some emirates there is no public transport. Insurance costs The company will offer you life and health cover, so you need to look for health and life insurance for your family members.
Check whether you and your family are offered air tickets back to your country every year for vacations. If you are offered a job, check the type of visa. Some companies make you work on a visit visa, which is illegal. This needs to be renewed frequently and you will have to exit the country and re-enter at your own cost. Be aware that you can only work till you reach 60 years. Only in certain jobs will you be allowed to work here beyond that age, but a special visa is issued which is expensive.
Ask who will pay for that visa. It is very important to know who your employer is; whether it is a government or a private establishment.
Also do not forget the weather here is hot and humid for about six months of the year.

Internet Frauds

One of the various types of email frauds in Internet. You receive a mail saying that the person wants to transfer some illegal money in African country to your account. Once the communication starts - the fraudster will request you to send money for various reasons. One Sample -
----- Original Message -----
From: koffi mensah ssb_koffi12@hotmail.com
Sent: Monday, December 10, 2007 2:34 AM
Subject: reply

Dear Friend,
My name is Mr.Koffi Mensah with the SG-SSB Bank of Ghana as the Regional manager,Essam Branch, in the Western Region of Ghana. I got your contact during my search for a reliable, trust worthy and Honest person to introduce this transfer project with me. I am a Ghanaian married with two kids.
I am writing to solicit your assistance in the noble transfer of US$ 5.200.000.00. I am 46 years old with three kids. I have packaged a transaction that will be of mutual benefit to us. As the branch manager of SG- SSB Bank of Ghana, it is my duty to send a financial report to my head office in the capital city, Accra, at the end of each financial year.
Following the release of the last year financial report, (2006), I discovered that my branch made Five million, five hundred thousand United States Dollars ($5,200,000.00); from the transactions accruing to the account of the Inland Revenue Service (IRS) which my head office will never be aware of because it was not detected by the audit department from the head office.
I have diverted the funds into what the bank call Escrow Call Account with no beneficiary. As the branch manager of this bank, I cannot be directly connected to this money, so my contacting you is to assist me receive the funds in your bank account in your country and get 30% of the total funds as your benefit.
If you agree to assist me, I will immediately program your full information in the computer system here in Essam branch as an Escrow Call Account holder/depositor in SG-SSB Bank of Ghana.All I need from you is to stand claim as the original depositor of this fund. Call or mail me if you think we can work together, on +233245207995. Thanks for your co-operation in advance.
Yours truly,
Mr Koffi Mensah

Residence of the World's Richest Man - Proposed House of Mukesh Ambani

Mukesh Ambani's new residence - a 27-storey glass-fronted building will have parking for 168 cars, three helipads, a theatre and 600 staffers for its upkeep. Mukesh Ambani's new residence being constructed in Mumbai's Altamount Road is the stuff myths are made of. Named after the mythical island Antilia, the house-in-the-making will be completed by next year.

It is being built on a 4,532 sq metre plot that was acquired by Ambani in 2002. 27

FLOORS: According to the plan, the house will rise to a height of 173.12 meters, equivalent to that of a regular 60-storeyed residential building . However, Antilia will have only 27 storeys in all.

SIX FLOORS FOR PARKING : The first six floors will be reserved for parking alone, and that too for cars belonging only to Mukesh's family. Space for a total of 168 imported cars has been earmarked here.

ENTERTAINMENT FLOOR: The eighth floor will have an entertainment centre comprising a mini-theatre ..

BALCONIES WITH GARDENS : The rooftop of the mini-theatre will serve as a garden, and immediately above that, three more balconies with terrace gardens.

THE HEALTH FLOORS: While the ninth floor will have a 'refuge' floor - meant to be used for rescue in emergencies - two floors above that will be set aside for health. It will have facilities for athletics and a swimming pool, while the other will have a health club.

FOR GUESTS: There will be a two-storeyed glass-fronted apartment for the Ambani family's guests above the health floors.

FAMILY: The four floors at the top, that will provide a view of the Arabian Sea and a superb view of the city's skyline, will be for Mukesh, his wife Neeta, their three kids and Mukesh's mother Kokilaben .

AIR SPACE FLOOR: Two floors above the family's residence will be set aside as maintenance areas, and on top of that will be an 'air space floor,' which will act as a control room for helicopters landing on the helipad above. There will be three helipads there.

STAFF: Nearly 600 staffers are expected to work in the building.

COST: House with a Price Tag of Rs. 4000 crore for 6 people and 600 staff

PAN procedure eased for NRIs

Like resident investors, NRIs also require Personal Account Numbers to operate accounts and invest in mutual funds and other financial dealings.PANs as they are called are mandatory to file returns such as interest from NRO accounts, capital gains, rents etc, but to obtain a PAN required a menu of proof including identity verification, addresses in India and abroad, designation and code of Assessing Officer of the Income Tax Department and details of a Representative Assessee.
The Representative Assessee was a particularly onerous rquirement because the Tax Act specified that the Assessee is subject to the same duties, responsibilities and liabilities as the NRI, if his client fails to pay his taxes, ipso facto making the Assessee responsible for the NRI's obligations and liabilities.
Simply put, an NRI who does not have a person in India prepared to be responsible as his Representative is not in a position to invest in the stock market.The complicated system has now been revised after representations by NRIs and PIOs and PANs are now issued based on a copy of the NRI's passport, without the necessity to provide a Representative Assessee.

Immigration to US

The number of legal immigrants from India has risen from 539,000 in 1999 to 629,000 in 2007. A survey that analysed census data was released by the Centre for Immigration Studies in the US.

Findings stated that a little over two million immigrants to the US come from South Asia.
India accounts for about 1.7 million of whom nearly 39 percent become US citizens.
Next largest country of origin is Mexico followed by China.
Asia as a whole accounts for 9 percent of the illegal population.
Immigrants now account for one in eight US residents, the highest level in 80 years.
States that saw the largest increase in immigrants were California, Florida, Texas, New Jersey, Illinois, Arizona, Virginia, Maryland, Washington, Georgia, North Carolina and Pennsylvania.

Immigration to Canada

Head of British Columbia (a province of Canada) Gordon Campbell, on a visit to India with a 30 member delegation, said Canada was on a path of 'ageing' and admitted there was an acute shortage of manpower in his country.
He stated that India has the youngest population and they are needed to fill the one million new jobs likely to be created, adding there was a shortfall of some 350,000 in the province.He stressed on skilled labour and the scope in rental, retail, mining and energy sectors and a two way exchange of students and teachers that was in the pipeline.
Referring to the problem of NRIs abandoning Indian brides, he noted that innocent young women are being exploited by people abusing the immigration system and that the federal government was making the problem a priority ensuring measures are taken to strengthen the immigration system.

Immigration to UK

The UK introduced a new points based immigration system that will help highly skilled professionals from India and other non European Union countries who wish to live in Britain. Under the new system applicants will need a required number of points based on the balance between skills of the applicants and skills needed in the UK.

The new system will replace over 80 varying routes of entry into the country with a five tier structure.

Tier One, effective starting 2008, will be for highly skilled migrants including scientists, doctors and entrepreneurs, who will not need to show an employment offer.
Tier Two will comprise of nurses, teachers and engineers who have job offers.
Tier Three covers low skilled workers who will require an employer to sponsor them.
Tier Four is for students who pay for tuition in the UK and will begin in 2009.
Tier Five will include working holiday makers and professional athletes and musicians.
Under the new scheme an applicant will need at least 75 points to be considered for a work visa. The points will be based upon qualifications, age and previous earnings.

Friday, December 7, 2007

Fresh News

A number of residents have said they have been fined by Dubai Roads and Transport Authority (RTA) officials for sharing their cars with friends. They said the RTA inspectors did not listen to their explanations and issued fines for "using their cars as illegal taxis.""I was slapped with a Dh5,000 fine as I stopped to pick up my friend who was waiting for me on the roadside," said Taufueeq A. an Indian banker.
Union minister of state for commerce Jairam Ramesh will inaugurate the second e-auction centre for cardamom at Vandanmettu in Kerala’s Idukki district on December 8.
The dwindling supply of clay in Kerala is pushing its tile industry, which employs more than 100000 people, into a deep crisis.
This mega international coir show, which is expected to act as a vehicle to expand its overseas market, will be inaugurated by the Kerala Chief Minister VS Achuthanandan.
The port town of Beypore observed a complete shutdown Thursday to protest the import of palm oil.
Kerala on Thursday sought a six months' extension from the deadline set by Centre for restructuring of the State Electrcity Board. Extention received.
The four-day 'Kerala Bamboo Fest' organised by the Kerala Bureau of Industrial Promotion (KBIP), was today inaugurated at Kochi.

Thursday, December 6, 2007

Issue of PAN to persons outside India and foreign citizens

Following guidelines are issued by Income Tax Dept. to facilitate the allotment of PAN to citizens of India residing outside India, foreign citizens and other persons (like companies/trusts/firms) Service provider means company authorized to issue PAN card of behalf of Income Tax department e.g. UTI Technologies, NSDL.

I. Citizens of India residing outside India and foreign citizens Service providers shall accept applications from these categories of natural persons (individuals), without insisting on details of a representative assessee. Details of addresses and proofs required for identity and address in such cases will be as per enclosed below.
II. Other persons (like companies/trusts/firms) having no office of their own in India: Service providers shall accept applications from these categories of applicants, without insisting on details of a representative assessee. Details of addresses and proofs required for identity and address in such cases will be as per enclosed below.

Service providers should advise applicants in the above mentioned categories to clearly indicate the address at which the PAN card and other communication should be sent in column 6 of Form No.49A, and also to invariably mention their email id in column 7 of Form No.49A. Service providers are permitted to charge applicants courier charges for PAN cards required to be delivered abroad, in addition to the application fee of Rs.60 plus applicable service tax. Details of service charges and delivery time shall be put up on the web-sites of the respective service providers

Codes 99 and 999999 should be entered for State and PIN fields respectively for the class of PAN applicants not having Indian address. However, actual foreign ZIP / PIN code should be populated in any of the 5 address fields (preferably last) along with the name of the country.

Service providers should also place on their respective web-sites the available Assessing Officer (AO) codes of International Taxation Directorate and advise the applicants to mention AO code out of these codes. However, if no AO code is mentioned in the application or the AO code mentioned is other than of International Taxation Directorate, then the first international taxation Assessing Officer of Delhi may be used as default AO code.

These guidelines are applicable only for the purpose of allotment of PAN to the categories of persons specified above.

Indian Citizen at the time of application for PAN located: outside India -

ID Proof - Copy of passport
Address Proof - Copy of passport;copy of bank account in country of residence

Foreign Citizen - At the time of application for PAN located In India

ID Proof Copy of passport
Address Proof Copy of passport;copy of bank account in India

Foreign Citizen - At the time of application for PAN located Outside India

ID Proof Copy of passport, duly attested by Indian Embassy in the country where applicant is located
Address Proof Copy of passport, duly attested by Indian Embassy in the country where applicant is located; copy of bank account in country of residence

All the above cases - Photo of Applicant, Signature of Applicant - Required (Representative Assessee Not required)

Wednesday, December 5, 2007

Fresh News

A US-based Keralite woman launches a women's football club in Trivandrum.
It is reported that LTTE Chief V Prabhakaran has sprung another surprise shifting the banned outfit's operations to the Kerala coast as Tamilnadu coast is heavily patrolled.
Kerala will form a Trade Fair Authority of its own to conduct shopping festivals in the state, Finance Minister Thomas Isaac said.
With the price of rice shooting up to Rs.20 a kg in the open market, the Kerala government has taken steps to buy 20000 tonnes of rice from Andhra Pradesh and sell it at Rs.10 a kilo.
The Kerala expatriate community will organise an Inter-District Football Tournament for the members of various district associations in Qatar
After hectic preparations Grand Kerala Shopping festival has commenced on 1st of December. The Shopping festival is modeled on the lines of the much acclaimed Dubai shopping festival
Punjab Govt.; with a view to ensure the active involvement of Punjab NRIs in the development process of Punjab, is preparing NRI Policy.

Tuesday, December 4, 2007

Saudi Finance Minister Warns Investors Against Speculating In Saudi Riyal

Saudi Arabia's finance minister warned investors against the betting on an appreciation of the dollar-pegged riyal and said in a television interview that the kingdom had no plans to change currency policy. He told that there was no disagreement on currency policy among six Gulf Arab oil producers, whose rulers are meeting in Doha.

Monday, December 3, 2007

UAE realty to boom beyond 2015

The UAE, which accounts for more than 60 per cent of the region's real estate development, is projected to experience the boom beyond 2015, according to two recent studies by HSBC and Dubai-based Damac Capital International.
Analysts have forecast that Dubai, which continues to experience robust demand scenario, will continue to outstrip supply for a few more years while the promising Abu Dhabi market is about to take off and is expected to maintain high rental yields in excess of seven per cent until 2013.
The property market in Dubai accounts for 47 per cent of the market in the entire GCC. Abu Dhabi is a distant second, with 14 per cent. Thus, together Dubai and Abu Dhabi account for more than 60 per cent of the real estate market of the GCC. It is estimated that over the next 10 years, real estate investors will pump in almost $300 billion into Dubai's real estate developments.
Land prices in Abu Dhabi have almost doubled (at least 75 per cent growth). Although the market is in its infancy with an almost non-existent secondary market, Abu Dhabi will consolidate credibility through further deregulation.

India seeks UAE investment for infrastructure projects

India has invited the UAE to invest in its $500 billion worth infrastructure development programme which has already received 70 per cent financing commitments from various institutional and multi-lateral investors.
"The UAE and investment community can invest up to 30 per cent to bridge the gap ,which needs to be filled," said India's Minister of State for Finance Pawan Kumar Bansal, while speaking at a lunch.
"The Indian Rupee has appreciated by 12 per cent in past couple of months, due to strong inflows of US dollar and government is taking measures to make country's exports more competitive in overseas markets," said Bansal. The minister said that Reserve Bank of India (RBI) has risen to the occasion by buying US currency to stabilise the situation.
The booming economy posted a massive 9.4 per cent GDP growth rate last year that makes an average of 8.6 per cent achieved during a period of three years.

Exchange rates spark confusion

Arbitrary dirham rates offered by UAE money changers, in some cases as low as Dh3.05 per dollar or almost 17 per cent lower than the official rate, are sowing more confusion in the market where speculation on the dirham's revaluation is already rampant.
Some have even stopped accepting the US dollar altogether as the market speculated the UAE Central Bank would revalue the dirham today. A currency dealer at Hadi Exchange said on Friday the exchange was not accepting the US dollar until Sunday. "We think the Central Bank is going to fix the dirham at 3.5 per dollar, Meanwhile, retail giant Carrefour said on Saturday that they have suspended accepting dollars for a day.
The UAE currency has been pegged at 3.6725 to the dollar since 1997 and until Sunday there was no change in the official peg. UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi last month spoke about social and economic pressure to give up the dollar peg and to adopt a basket of currencies.
Saudi Arabia, the UAE and Bahrain have cut interest rates in the recent days to make it less attractive for investors to bet on the appreciation of their currencies. But that has not discouraged people from taking bets on the dirham's revaluation. The forward markets on Sunday were expecting the UAE dirham to appreciate to 3.54 against the dollar in a year. "It is happening because there is a huge demand for Gulf currencies," Monica Malik, senior economist at EFG-Hermes investment bank, told Gulf News.
Meanwhile, UAE central bank governor Sultan Bin Nasser Al Suwaidi warned speculators against betting on the dirham. "Their speculation will not yield the gains they expect," Al Suwaidi was quoted as saying by Al Khaleej.
"Increasingly we feel there is going to be some sort of currency reform in the next six months," she said, but added that the two-day summit of Gulf leaders starting in Doha on Monday may not come up with a firm action on the issue. Analysts have been expecting Gulf government action on the dollar pegs as the cost of living across the region has been rising as imports have become costlier due to the slide in dollar's value. Money changers, hotels and stores in shopping malls were accepting dollars at rates ranging from Dh3.05 to Dh3.50 per dollar yesterday. They began revising the exchange rates on Friday and gradually raised the dirham rate against all other major currencies. Unofficial exchange rates of other currencies versus the dirham were similarly affected. Tourists complained that they were getting fewer dirhams for their currencies. "It is strange," said Ahmad Jan from Saudi Arabia as he walked between a bank branch and a money exchange at Deira City Centre and noted that the bank offered 60 fils more per dollar. "What you see here is the official rate," a manager at the bank said.
Moroccan visitor Nasser Bin Omar said he accepted the lower dollar rate from the money dealer because he did not want to wait in the long queue at the bank. "Offering a lower rate [than the official rate] to the US dollar against the UAE dirham is against the law. Money exchange houses should stick to the UAE Central Bank guidelines," said B.R. Shetty, vice-chairman of the NMC Group that operates UAE Exchange. However, UAE Exchange Centre was offering Dh3.30 per dollar, about 11 per cent lower than the official rate on Sunday.
As revaluation speculation gripped the market, many expatriates were also delaying their remittances. A manager at a money exchange in Dubai's Al Ghusais area said there has been a decline in remittances.

Auto Rickshaw Court in Kerala

Payyannur a small town in North Malabar has set up a unique Court to enforce discipline, friendly customer service amongst auto rickshaw drivers. The court is the only one of its kind in the entire country. The court deals with any complaints against Autorickshaw drivers( like charging excess fare, insisting on payment above the meter charges, rude behaviour etc). The court assemble on all Saturdays in their COURT and discuss the complaints and award punishment to erring autodrivers. The punishment varies from small fines to 3 days compulsory abstinence from duty- for driver and also for the autorickshaw. The court is chaired by representatives of trade unions (irrespective of the colour of the flag or their affiliation). The aggrieved party can go to Payyannur autorickshaw stand and prefer a complaint. The court takes up the issue in its next sitting and award suitable punishment. Similarly, if a customer misbehaves with the autorickshaw driver the same group will follow it up and if amicable settlement is not arrived at, the issue will be followed up with the intervention of the police. It is learnt that people believe to prefer their complaints to AUTO COURT than to others. The number of complaints are reported to be coming down.
This is how a civilised society will deal with an issue. Hats off to the autodrivers of Payyannur. Contributed by Suresh Kumar K.

UAE talks tough on price rises as pressure mounts

The UAE Ministry of Economy has warned suppliers against raising prices of goods and services in an "unjustified" manner to take advantage of a 70 per cent increase in federal government employee wages next year.
According to the Ministry of Economy, last year inflation hit 9.3 per cent. Prices are expected to remain high this year.
The International Monetary Fund and independent estimates have pegged inflation above nine per cent this year.
As a precaution against traders increasing prices, the Ministry of Economy warned suppliers and traders from "exploiting" the higher wage scheme.
"Any attempt to talk down prices is not going to succeed as we have supply side constraints and peg-ged currencies which are adding to the cost of imports which ultimately finding their way into the prices," said Marios Mara-theftis, regional head of research for the Middle East, North Africa and Pakistan for Standard Chartered Bank.
Economists believe that while the government is using fiscal policy to address key supply issues such as housing shortages, it is high time the exchange rate distortions are addressed by revaluing and or depegging the currency from the dollar.
Apart from the rising prices in the UAE both nationals and expatriates have been losing a significant share of their earnings to exchange rate losses due to the falling value of the dollar to which the dirham is pegged.
The exchange rate losses have already crept into domestic prices through the high cost of imports. According to unofficial estimates the UAE imports close to 70 per cent of its requirements from Asia and the euro zone.
With the escalating cost of living there has been widespread speculation that the UAE is likely to revalue its currency.
In a bind
UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi said last month that the central bank was under growing social and economic pressure to drop the dirham's peg to the US dollar.
Increasingly it is apparent that political compulsions in the GCC are forcing the UAE to stick to the peg. However, lately the Ministry of Economy and some top government officials have admitted that there is a serious issue regarding inflation and the UAE could make a move on its own if there are no appropriate solutions within the GCC framework.
Dubai World Chairman Sultan Ahmad Bin Sulayem has said: "The dirham is definitely weak, I would prefer a balanced dirham."
Financial experts in the region feel that the GCC should arrive at a consensus on the exchange rate policy at the earliest, failing which some countries are likely to take independent decisions.
"Ideally this [currency peg] should be discussed on a GCC-wide level, but if you can't get that, well, you might end up with certain countries taking a stand and others not," said Dr Omar Bin Sulaiman, Governor of the Dubai International Financial Centre.
There are obvious signs of political consensus on the future of the currency.
At a conference in Dubai last month, the speaker of the UAE Federal National Council (FNC), Abdul Aziz Al Ghurair, said that the UAE and other Gulf states must reconsider their pegs to the dollar. "Now is the time to reconsider whether it's viable to continue to peg the local currency to the dollar," Al Ghurair said.
Analysts believe that although political compulsions are prompting the UAE to remain pegged, it will be eventually forced to revalue the currency.
"If the dollar continues to weaken toward the end of 2007 and into early 2008 and the US were to make further interest rate cuts, we believe the likelihood of the UAE moving independently from the GCC will increase," said Monica Malik, an economist with EFG-Hermes. Economists and business leaders see the GCC meeting in Doha to be a turning point in the currency reforms. Many support a big one-time revaluation to offset the lost values.
"The Gulf countries should carry out a one-time big revaluation by 10 to 15 per cent of their currencies to the dollar," Steve Forbes, US entrepreneur, told the Leaders in Dubai conference last month.
Standard Chartered's economists believe there should be a one-time 20 per cent revaluation and the dirham should track a currency basket.

Fresh News

Kerala Govt mulls law to punish waste-dumping. Taking a serious view of dumping of wastes in water sources, Kerala Government decides to punish offenders.
The Left Democratic Front (LDF) in Kerala has asked the state government to introduce laws to block retail giants making inroads in the state.
State-owned Steel Authority India Ltd (SAIL) has initiated steps to takeover the ailing Steel Complex Ltd (SCL) owned by Kerala government at Calicut.
A four-day festival of Kerala art forms, Utsavam 2007, opened at Dubai on Thursday as part of the celebrations to mark 60 years of India's Independence.
Crafted on the lines of the mega Dubai Shopping Festival, the 46-day Grand Kerala Shopping Festival (GKSF) staring Dec 1 at 14 district headquarters across the state is expected to attract foreign buyers and tourists in large numbers.'Made in Kerala' brand to be promoted during shopping fete.
Kerala's first private FM radio station started functioning from here Thursday. Radio Mango 91.9 is a venture of Malayala Manorama, one of state's leading media groups. The government has given a nod to the launch.
With the objective of turning Kerala into a major harbour state, Kerala govt frames policy to develop ports in the state.
The Ministry of Overseas Indian Affairs (MOIA) has been organizing the Know India Program (KIP) in order to associate the younger generation of at Bangkok.
NRI hotelier Gulshan Bhatia is the front-runner to acquire Waldorf Hilton for £185 million.
Kerala Government's nodal agency, will commence state-level procurement of raw coconuts from farmers on Saturday. In a bid to ensure a fair price for the farmers in the state, the Kerala government Saturday launched a scheme to buy nearly 40 million coconuts from farmers.
The LDF Government's Grand Kerala Shopping Festival, expected to bring substantial revenue to the state, will be inaugurated by Tourism Minister Kodiyeri Balakrishnan on Dec 3.
The Kerala High Court has upheld the Abkari policy, 2007-08, of the state government under which cooperative societies are permitted to run toddy shops.
Kerala is one of the most popular destination for alternative therapies and treatments like ayurveda. Ayurveda has flourished more in the state of kerala than in any other indian state.

Analysts see UAE dropping peg first

Saudi Arabia and four other Gulf nations are likely drop their pegs to the tumbling dollar, with the UAE expected to move first, possibly in the next month, a Reuters poll showed on Thursday.
Although they are under similar pressure to switch from fixed pegs to a currency basket as Kuwait did in May, the five states are likely to move separately, diminishing chances of meeting a 2010 monetary union deadline, the poll showed.
The poll of 24 analysts across the Gulf and Europe showed a majority seeing the UAE as the most likely candidate for a shift in the currency policy followed by Qatar. The two countries have the region's highest inflation rates and have been most vocal after Kuwait about the impact on their economies of the dollar's slide to record lows on global markets.
The survey showed for the first time that most analysts believe Saudi Arabia, tipped as least likely to change currency policy in two previous polls, would also drop its peg.
"The Gulf countries are going through a new era, which requires a new FX regime," said Koceila Maames at Calyon, arguing dollar pegs have proved increasingly difficult to maintain.
UAE Central Bank Governor Sultan Nasser Al Suwaidi called this month for regional currency reform, complaining that the pegs forced Gulf central banks to track US monetary policy when their economies were out of step with the United States.
The UAE's dirham surged to a 17-year high and the Saudi Arabian riyal to a 21-year peak on Wednesday as investors bet that central banks would be unable to maintain their pegs to the dollar and fight inflation at the same time.
The Federal Reserve has cut borrowing costs by 75 basis points since September 18 to contain the fallout from a mortgage crisis, forcing Gulf banks to follow to prevent currency appreciation and ignore inflation running at decade highs.
Al Suwaidi said he would only move to a currency basket with Saudi Arabia and other members of the GCC, but the analysts in the poll said a co-ordinated policy shift is unlikely.
Tipping point
"The GCC wants to show unity, but the speculative pressures are different, which could be the tipping point that could force some members to act," said Mushtaq Khan at Citigroup.
"If the dollar continues to weaken, the GCC will de-peg. This point is critical," said Khan.
Of the 21 analysts who said the UAE would drop its peg to the dollar, 16 predicted a move before July and seven said it would happen in the next month.
Nineteen of 22 analysts expect Qatar to ditch the dollar peg, with 11 saying it will happen by the end of June, the poll showed.

Borrowing costs increase in the UAE

The UAE Central Bank set its first overnight repurchase rate at 4.75 per cent, effectively raising borrowing costs at a time when it is under pressure to cut rates to maintain a currency peg to the dollar.
The UAE does not have a benchmark interest rate and until Tuesday had guided interbank borrowing costs by selling dirham-denominated certificates in maturities ranging from one-week to 18 months.
As part of a new set of monetary policy tools employed from Wednesday the central bank said it would allow the country's first repurchase agreements, setting the rate at which it would lend funds to banks.
The overnight repo rate was set at 4.75 per cent yesterday, the Central Bank said. That was higher 25 basis points higher than any of the certificates of deposit rates last set under previous policy regime on Tuesday.
"This is a form of monetary tightening," said Monica Malik, regional econ-omist at investment bank EFG-Hermes in Dubai.
"The overnight repo will be a key rate because it will determine lending rates. It is a signal that the Central Bank wants to slow down credit growth," she said.
Dollar pegs force the UAE and other Gulf nations to track US monetary policy at a time when their booming economies are out of step with the United States. The US Federal Reserve has cut its benchmark rate by 75 basis points since September 18 to 4.5 per cent to contain the fallout from the credit crisis.
Until Tuesday lending rates in the UAE had been based on certificate of deposit rates set by the Central Bank on paper ranging in maturity from one week to 18 months.
On Tuesday, the last day certificate rates were fixed by the Central Bank, the highest yield was 4.5 per cent on the one-month and three-month certificates.
The bank switched on Wednesday from a fixed rate sale to daily auction of certificates where demand would determine the yield on paper with maturities ranging from one week to 12 months. It has not released the results of the daily auction, but bankers at Emirates NBD, the Gulf's largest lender by assets, said one-week and one-year rates fell after the auction. The UAE central bank cut rates on its certificates of deposit by as much as 20 basis points last week to deter bets on an appreciation of the dirham.
Denial
Meanwhile, Central Bank Governor Sultan Nasser Al Suwaidi denied a magazine report that the country would allow its dirham to rise by up to five per cent as early as Sunday, a newspaper said.
"The governor said that reports about the Central Bank allowing the dirham to rise between three per cent and five per cent on National Day next Sunday were not true," Al Ittihad reported. Arabian Business cited sources close to the central bank as saying the UAE could allow its currency to appreciate as early as National Day on Sunday

Fresh News

India's High Commisioner to the UK Kamlesh Sharma is new secretary general of the 53 nation Commonwealth.He was chosen by
Over 100 Indians working or studying abroad have been attacked, kidnapped or murdered in the last three years, government statistics revealed.Indians have been attacked in 16 countries across Europe, Africa, Asia and Australia between 2004 and 2007. Iraq, the Philippines, Afghanistan and Nepal top the list of countries most unsafe for Indians.
Jenai Kavarana 18, Reanne Rodrigues 22 and Akanksha Mansukhani 22 have made history as the first official entry of Dubai in India's biggest beauty pageant, the Femina Miss India contest.India Times, handlers of the pageant and Dubai's Emirates Vision held auditions to select Indian girls living in the United Arab Emirates for direct entry to the main contest in India. In lieu of the usual two participants, judges chose three from Dubai and one from Muscat.
The Kerala State Electricity Regulatory Commission Monday spared domestic consumers from an increase in power tariffs. The rates by and large remained the same in other categories.
In an effort improve the plight of labourers working at cashew processing units in Kerala, the state government has decided to issue an ordinance on action against cashew processing units which do not pay wages and other benefits to workers.
The demand for a Cashew Export Development Authority (CEDA) has got shriller with more and more experts and political leaders joining the bandwagon.
Kerala's tourism season has started. Kerala's tourism season is from october to march. Foreigners and domestic tourists started coming to kerala. For another three months its party time in kerala and its hotels and resorts.
MobMe, a technology startup in Kerala, has launched a unique service called bluezone in Cochin (Barista chain). Bluezone features a bluetooth enabled kiosk to which users can connect using bluetooth enabled mobile phones.
it's god's own country, kerala, which is leading the air traffic boom in india. contributed mainly by keralites living in gulf countries.

Friday, November 30, 2007

Underwater Hotel Under Construction In Dubai

Currently under construction in Dubai , Hydropolis is the world's first underwater luxury hotel. It will include three elements: the land station, where guests will be welcomed, the connecting tunnel, which will transport people by train to the main area of the hotel, and the 220 suites within the submarine leisure complex. It is one of the largest contemporary construction projects in the world, covering an area of 260 hectares, about the size of London 's Hyde Park . This will be a hotel where those who do not dive - or do not even swim - can experience the tranquillity and inspiration of the underwater world.
In order to enter this surreal space, visitors will begin at the land station. This 120m woven, semicircular cylinder will arch over a multi-storey building.
The upper storeys of the land station house a variety of facilities, including a cosmetic surgical clinic, a marine biological research laboratory and conference facilities.
The shallow water hotel will be shaped as a bowl and will be positioned on the sea ground, according to Hohmann. The deep water version is floating in the sea with anchors on the ground.
The bowl will be constructed externally and then positioned on the location. It will then be emptied of the water and equipped with huge aquariums as an attraction for the guests. 'At the shallow water hotel, guests are exposed to big fish tanks that contain controlled water and fish, since shallow water is muddy and not transparent. At the deep water hotel, visitors are looking directly into the sea

Thursday, November 29, 2007

Why and how to have a PAN Card

Permanent Account Number (PAN) has become a very important tool to the Income Tax Department in tracking high value transactions and ensuring compliance with the tax laws.

Mentioning of PAN has become mandatory in many financial transactions, particularly in the following areas:

Operating demat accounts
Deposit of Rs 50,000 and above in the banks
Investments in shares, mutual funds and post office savings in excess of Rs 50,000 each
Sale or purchase of motor vehicles, excluding two wheelers
Sale or purchase of immovable properties valued at Rs 5 lakhs and above.
Applying for a new telephone connection (landline or mobile)
Payment of Rs 25,000 or more against hotel bills

Even if you may not fall under these categories you need to file Income Tax Return for which PAN is required.

Benefits of having a PAN card

If you have a PAN card, it can be used as a proof of your identity, particularly when you have to check-in on the basis of your air tickets purchased online.
You can check whether the taxes paid by you are updated in the database of the Income Tax Department.
Further you can now also verify whether your employer or the institution has indeed remitted to the Income Tax Department the tax deducted from the payments made to you.

Is it necessary to file Income Tax return if you have PAN?

Just because you have PAN, it is not necessary to file Income Tax Return. Income Tax Return needs to be filed only when you have taxable income or you need to claim refund of tax deducted by your employer or the institution making payments to you towards interest or professional services or commission or rent or winnings from lottery / game shows or horse races or contracts etc.

However, the converse is true: you need PAN to file an Income Tax Return.

How to get PAN?

It is very simple. You need to submit your details in Form No. 49A to any of the PAN Facilitation centers, located in all cities and major towns, wherever Income Tax offices are located.

The UTI Investors Services Ltd (UTIISL) and National Securities Depository Limited (NSDL) are the authorised agencies to accept and process PAN application forms.

You may also apply for PAN online through UTIISL's web site http://www.utiisll.co.in/pan/ or NSDL's web site http://tin.nsdl.com/. It will normally take about 2 to 3 weeks to get your PAN card delivered at your doorstep. If you need a PAN card urgently, you may also get Tatkal PAN by applying online using your credit card. You will get your PAN on priority basis and the same will be communicated to you through email. The fees payable is only Rs 60 plus service tax presently @ 12.24 per cent, totaling Rs 67.

What are the details to be submitted for applying PAN?

Only very few details like the following need to be given in the case of individuals:

Name including your other names, if any
Father's name to be given even in the case of married women
Date of birth
Addresses both official and residential
Main source of your income is salary or professional/ business or any other income
Designation and code of your assessing officer. You may obtain this information from the facilitation centers of UTIISL or NSDL or from the web site of the income Tax Department at http://incometaxind ia.gov.in/ao/Firstlevel.Asp

You need to submit the following documents along with your application:

Proof of identity
Proof of address
A recent colour photograph (3.5 cm X 2.5 cm)

You may submit copies of your passport/credit card/bank statement/voter's identity card/depository account/driving license/ration card/property tax assessment order to establish proof of identity and address. In addition, there are number of other documents like school leaving certificate/ matriculation certificate/ degree of a recognised educational institution/ water bill for proof of identity.

Likewise, you may use electricity bill/telephone bill/employer certificate/ rent receipt for proof of address. Even if you don't have any of these documents, you may obtain a certificate of identity and/or address signed by a MP or MLA or a Municipal Councilor or a Gazette Officer.

How can I obtain PAN if I don't stay in India ?

Non-Resident Indians (NRI) may obtain PAN by applying through their representative assessee, who has to be an individual residing in India. Recently, non-residents are permitted to apply for PAN by giving their present address, even though it is not in India. In such a case, the non-resident individual has to submit copy of passport for proof of identity and address and bank statement for proof of address (if the address mentioned in the passport is different from the present address).

In the case of non-residents, who are foreign citizens, these documents will have to be attested by the Indian embassy in their country. Detailed guidelines are available at the web site http://tin.nsdl.com/downloads/AdditionalguidelinesNRPAN_newPAN.pdf .

Other issues related to PAN

A person can have only one PAN and duplicate PANs, if any, must be surrendered. It is illegal to have duplicate PANs. Even if a PAN is obtained from one place, return of income can be submitted at a different place, in case of change of address or jurisdiction.

If you wish to correct the particulars given in the PAN, you may submit an application for making modifications in the PAN. This will ensure that the information in the database of the Income Tax Department is updated.

For additional information and FAQs, you may visit the following web site:

http://incometaxindia.gov.in/pan/overview.asp

UAE to have first ATM for persons with special needs

Sharjah: By 2008, the UAE will have the first automated teller machines (ATM) network for people with special needs in the Middle East.
The service that targets persons in wheelchairs would be the first of its kind in the region, said Mohammad Abdullah, CEO of Sharjah Islamic Bank (SIB), which will head the project.
''It is part of the SIB's tireless efforts to offer innovative banking solutions to all groups in the community including the people with special needs,'' he added.
He said that a study has been launched to make the service user-friendly; taking into consideration all banking and safety requirements of persons using wheelchairs.
Qasim Al Balouchi, SIB head of communications, said design of the specially-tailored ATM had been finalised and manufacturing is on.
He added that wheel chaired clients can make all banking operations customised on the ATM from cash withdrawal and deposit, printing out banking statements, paying bills of telephone, water and electricity services, and charity donations to money transfer.

Savings in the time of dollar decline

Q: With the falling dollar's value against major currencies what should expatriates in the UAE do to ensure their savings in dirhams aren't losing more value?
The falling dollar is probably one of the biggest concerns that people are discussing at the moment. With the dirham's interest rates and exchange rate levels tied to the dollar, the fall over the recent years has hit expatriate residents hard.
For people who are sending money home, or are paying for a mortgage or school fees in another currency, the current economic climate is challenging - effectively, people are being forced to stretch their resources further, and there's no sign of a dollar recovery in the near future. Unless your salary and income are rising sufficiently to off-set the fall in the value of your assets, you will have to tighten your belt in the short-term.
It's important not to panic and make rush decisions. We're still privileged to be living and working in one of most dynamic economies in the world today, and the opportunities for advancement are as strong as they have ever been. You need to consider the long-term implications of any decision.
The first potential avenue is to consider moving cash-based assets into higher yielding currencies, such as commodity-related currencies like the Canadian dollar and the Australian dollar. Commodity currencies refer to the currencies of those countries which are heavily involved in the export of raw materials. In the current climate - when commodity prices are high and continuing to rise - they are a good investment opportunity. The Australian dollar, for example, is at an 18-year high, trading at the highest levels since early 1989. All currencies can change in value, however.
Some people believe that investing in real estate within the UAE is also a partial hedge in the current climate. Real estate provides you with an asset that could continue to appreciate in value. Interest rates on mortgages are also likely to continue to go down while the dollar peg is in place. Because of this, buying is becoming more economically attractive than renting. However, you should consider the fact that many other people are investing in property as a hedge, and so prices are rising.
Finally, consider keeping assets in dirhams, rather than US dollars. Economists expect that the dirham will be revalued at some point, meaning that assets in dirhams will also rise. This is an area where many expatriates are hoping for relief in the medium term.
If the dirham is pegged to a basket of currencies, rather than just the dollar, you can anticipate it increasing in value. This is one of the reasons why you should be cautious - if you moved all your assets into another currency before the dirham revalues, you will lose out twice over.
As always, navigating the current challenging economic climate is easier with professional advice. Predicting the changing potential value of different asset investments can be a challenge, so the services of an experienced financial adviser can be helpful. (This is personal opinion of the writer of the article)

Tuesday, November 27, 2007

News - UAE Banking

Retail banking in Mideast to prosper

Globally retail banks are facing intensified competition due to deregulation and the opening of international markets. However, retail banking is projected to prosper in the Middle East, according to a recent report from Boston Consulting Group.
"In recent years, the Middle East belonged to the highest growth regions in retail banking globally and we expect this to continue in future," said Reinhold Leichtfuss, leader of the European and Middle East retail banking practice for BCG and lead author of the report.
"However, an increasing number of foreign competitors entering the market will require differentiating business models to succeed in the long-term. In the Middle East, too, further consolidation in retail banking is only a matter of time."
By 2015, the share of global retail banking revenues generated collectively in the top five European countries and in the United States will have shrunk by an estimated five per cent, with a corresponding collective share increase in Asia-Pacific and the Middle East.

UAE consumer loans jump a third to $11b

Total consumer loans in the UAE grew by almost a third in the first nine months of the year to more than $11 billion, and bank assets rose by more than 20 per cent, the central bank said on Wednesday.
UAE banks have been expanding their retail lending businesses after a stock market crash in 2006 hit brokerage and fee income and prompted them to push car loans, credit cards and personal loans to four million potential consumers.
Banks in the second-largest Arab economy had Dh41.01 billion ($11.17 billion) in outstanding loans to individuals on September 30, compared with Dh31.36 billion at the end of December, the central bank said on its website."The economy is picking up again after a stock market correction in 2005 and 2006. It is not surprising to see strong growth in consumption," said Giyas Gokkent, head of research at the National Bank of Abu Dhabi.

Fresh News

Riding piggyback on the success of Kerala tourism is the Grand Kerala Shopping Festival, the newest concept being promoted by the present government.

It is reported that - now attempts are being made by the LTTE to slowly use Kerala coast for smuggling arms and ammunition and drugs.

Shah Rukh Khan's Diwali release Om Shanti Om , which opened in 25 screens in Kerala, has done better business than any other Malayalam films.

The Ministry of Overseas Indian Affairs (MOIA) has received 200 complaints so far, from Indian women who have been abandoned by their NRI husbands.

Telugu Actress Arti Agarwal created a sensation when she suddenly married an NRI groom today.

Meghasandesham - (Kiran TV, Sunday to Saturday, 22.00) is a popular phone-in programme that lets callers dedicate songs and messages for friends and relatives who are living outside Kerala (NRKs).

UAE studies licences for three more Gulf banks

Sultan Bin Nasser Al Suwaidi, Governor of the UAE Central Bank, on Monday said that the bank is studying issuing licences to three more Gulf banks. He said that the banks are being set up.
Al Suwaidi said the banking sector in the UAE continued to grow substantially during the current year whereas the total assets of the national and foreign banks crossed Dh1.039 trillion ($300 billion).
The deposits grew 16 per cent and the banks operating in the country are expected to realise impressive profits by the end of the year.
He added that 22 national banks and 22 foreign banks are operating in the UAE with a total number of 690 branches.

Monday, November 26, 2007

Invest in SBI Life UNIT PLUS II Pension Plan

"Unit Plus II Pension Plan" is an innovative scheme launched by SBI Life Insurance, the only new age insurance company to get the coveted "AAA"rating from CRISIL and ranked No.1 in terms of business growth during
2006-07 and also rated as the most transparent insurance brand in the country. The product launched on 15th Feb. 2007 has become flavour of the season among HNIs and NRIs, by virtue of its superlative performance (growth of over 100% in just 9 months from launch date, a splendid market beating performance) & hybrid product features (combines best features of Mutual Fund+Tax Plan+Pension Plan+ (optional)Insurance Plan.
A product ideal for HNIs and NRIs, who are on the look out for an investment avenue which gives them attractive returns with the flexibility of a Mutual Fund and also those who don't have a structured pension plan offered by their employer. For
those who can afford a lump sum investment, SBI Life has "Single Premium
-Pure Pension Plan" , which assure you the highest possible yield.

Product Highlights

An innovative scheme, where life cover is purely optional (entire
funds go to investment kitty).

Investment threshold : Single Premium Option - Rs.25000/- onwards

(Regular Premium Mode : Rs.2000/- pm onwards)

NO PAN CARD REQUIRED. - Hassle free investment option with simple
formalities.

Flexible & customer friendly product- can be withdrawn from 4th
policy years onwards at NAV without any surrender charges Or corpus can be
used to earn a steady pension .

Minimum investment age 18 to 65 years and Minimum term 5 years (with
option to withdraw after 3 years at NAV without any charges).Retirement Age

: 50 years to 70 years

Attractive tax deduction upto Rs.1 lac under Sec.80 (C). Also 1/3rd
of retirement corpus commuted and withdrawn will be absolutely tax free

Guarantee additions at the end of 10th /15th/20th year+ gains from
stock market appreciation

Two unique risk hedging tools (1) basket of 4 funds to choose from
i.e. equity/bond/ balanced/ growth, depending upon your risks appetite (2)
switching option to move your funds from equity to safer avenues like bond
funds, to reduce your risk during market volatility

6 innovative variants to receive pension

Being a fund launched hardly 10 months back, units are still
available at low NAV - thus you get more units on your investments

Benefit of Top Up Investment- to boost your investment kitty by
further investment at regular intervals.

For more details contact nri.lhotri@sbi.co.in.

News - UAE bank assets top Saudi Arabia's

Combined assets of UAE banks reached $273 billion compared to $250 billion in Saudi Arabia at the end of the second quarter of 2007, making the UAE banking industry the largest in the GCC, a study says. The current economic boom in the country should continue to drive the growth of the UAE banking sector in the foreseeable future, a study by The National Investor (TNI) said on Sunday.
"A favourable macro-economic backdrop, along with increased government and private spending on infrastructure projects, has underpinned the strong growth of the UAE banking sector.
In terms of aggregate asset size, the UAE emerges as the largest in the GCC region with $273 billion compared to $250 billion in Saudi Arabia at the end of second quarter of 2007," the report says.
Of all the banks in the UAE, First Gulf Bank (FGB) has been the fastest growing commercial bank, the study showed.
It assets grew at a compound annual growth rate of 87.6 per cent in the past three years, more than twice the rate of the ten largest banking networks, which grew at 38.4 per cent.
In terms of balance sheet size, FGB's market share increased from 1.3 per cent in 2001 to 7.1 per cent in 2006.
"Due to such significant growth, the bank is now competing with the leading UAE banking players, a definite upgrade from its historical status as a medium-sized bank," said Burhan Ali, who prepared the report.

Thursday, November 22, 2007

Fresh News - November 22, 2007

Chief Minister V.S. Achuthanandan said that a two-day diaspora meet would be held at Kochi Jan 2-3 next year.

A delegation from Novara, one of the most industrially advanced cities in Italy, held discussions for possible cooperation in IT between Novara and Technopark Trivandrum.

The Kerala government will soon establish a new bank, Finance Minister Thomas Isaac says.

Kerala Pravasi Sangam (KPS), an organisation for the welfare of Malayalees, working in the Gulf countries, will organise a march to Parliament on December 3 against alleged neglect of pravasis by the Centre.

Vodafone Essar, one of India's leading cellular service providers, has announced special services for pilgrims traveling to Sabarimala.

An Air India (AI) flight, carrying 215 Haj pilgrims, today took off from Karippur International Airport near here to Jeddah in Saudi Arabia.

A labour pact between India and the United Arab Emirates (UAE) to safeguard the interests of the Indian workers in that country would be in place by next year, India's envoy to the UAE Talmiz Ahmad said.

Kerala Chief Minister V.S. Achuthanandan laid the foundation stone for the Rs.15-billion ($381 million) Smart City here Friday along with Fareed Abdul Rehman, executive director of the city.

Wednesday, November 21, 2007

Recent Mobile Fraud - Be Careful

If you receive a phone call on your mobile from any person, saying that, that they're checking your mobile line, and you have to press # 90 or #09 or any other number. End this call immediately without pressing any numbers.

There is a fraud company using a device that once you press #90 or #09 they can access your "SIM" card and make calls at your expense. It is reported that this information has been confirmed by both Motorola and Nokia. There are over 3 Million mobile phones which can be attacked by this fraud all around the world now.

UAE dirham at 5-year high on exchange shift expectations

The United Arab Emirates dollar-pegged dirham(AED) hit a fresh five-year high as Gulf currencies extended gains. Investors are betting that some Gulf Arab states could abandon fixed-exchange rates. The dirham touched 3.6675 per dollar, its strongest since November 2002. The central bank has fixed the dirham at 3.6725 per dollar since 1997.
The currency has been rallying since UAE Central Bank Governor said last week he could track a basket of currencies in concert with Saudi Arabia and three oil producers preparing for monetary union as early as 2010. Investors are betting on as much as a 2.7 percent appreciation in the Saudi riyal (SARF) and a 3.1 percent appreciation in the UAE dirham (AED) in a year, according to forward rates. Nine-month forward rates in both currencies also widened.

UAE to raise wages of state employees by 70 percent

The United Arab Emirates federal government will give state civil and military employees a 70 percent salary hike from January 1, 2008, state-run Emirates News Agency (WAM) reported recently. This follows a cabinet meeting. Spending for next calendar year was set at 9.34 billion dirhams ($2.54 billion), WAM said. This is expected to give a big boost to UAE economy.

Tuesday, November 20, 2007

Online Frauds - You won a Lottery

There are various frauds happening thru emails. One such mail claims that the receiver has won a Lottery. The mail also asks the receiver of the email to claim the money. One such email received by me recently in enclosed below. Please do not respond to such emails. Once you respond to this email – you are in the trap. They will ask you to send money for various reasons. These frauds are becoming sophisticated every passing year - so be extremely careful.
=================================
From: "UK NATIONAL LOTTERY BOARD"
Sent: Tuesday, November 13, 2007 7:38 PM
Subject: file KTU/9023118308/03.

The National Lottery
PO Box 1010
Liverpool
L70 1NL
United Kingdom.
Ref: LSUK/2031/8161/04
Batch: R3/A312-59

WINNING NOTIFICATION:

We happily announce to you the draw (#951) held on Wednesday, 13th Nov 2007. Your e-mail address attached to ticketnumber: 56475600545 188 with Serial number 5368/02 drew the lucky numbers: 02,19,28,33,44,49,21.which subsequently won you the jackpot prize. You have therefore been approved to claim a total sum of 12 Million Pounds in cash credited to file KTU/9023118308/03.
All participants for the online version were selected randomly from the World Wide Web through a computer draw system and extracted from over 100,000 unions, associations, and corporate bodies that are listed online. This promotion takes place weekly.
Please note that your lucky winning number falls within our European booklet representative office in Europe as indicated in your play coupon. In view of this, your #714,075 would be released to you by any of our payment offices in Europe.
To file for your claim, please contact our fiduciary agent: Mr.ADAMS WILLIAM Email: adamswilliamoffice@yahoo.co.uk Mobile : + 44 704 570 1531 Provide him with the information below:
1.Name:
2.Address:
3.Marital Status:
4.Occupation:
5.Age:
6.Sex:
7.Nationality:
8.Country Of Residence:
9.Telephone Number:
10.Fax Number:
11.Draw Number above:

That way your Winnings Certificate and all other relevant documents/paperwork can be prepared for you. You would be required to show an instrument of identification when cashing your cheque i.e. Drivers License or International passport. For security reasons, you are advised to keep your winning information confidential till your claims is processed and your money remitted to you in whatever manner you deem fit to claim your prize. This is part of our precautionary measure to avoid double claiming and unwarranted abuse of this program.
Please be warned.
Good luck from me and members of staff of the U.K NATIONAL LOTTERY.
Regards,
Mr Chua Hou Chon.
Online Co-ordinator for U.K NATIONAL LOTTERY
Sweepstakes International Program.

DISCLAIMER

The author is not a registered financial adviser, and you should not construe anything written here to be investment advise or recommendation. All information is for expressing views/ opinions & discussion only. No representation is being made that any investment made on the basis of data or information on this blog will result in profits. This blog is not associated with any organization or company in any manner. The author may or may not be investing in the products mentioned. Contents, gathered from various sources without any liability on the part of the author, may or may not represent author's view.

Friday, December 28, 2007

Wednesday, December 26, 2007

Saturday, December 22, 2007

Friday, December 21, 2007

Tuesday, December 18, 2007

Tuesday, December 11, 2007

Friday, December 7, 2007

Thursday, December 6, 2007

Wednesday, December 5, 2007

Tuesday, December 4, 2007

Monday, December 3, 2007

Friday, November 30, 2007

Thursday, November 29, 2007

Tuesday, November 27, 2007

Monday, November 26, 2007

Thursday, November 22, 2007

Wednesday, November 21, 2007

Tuesday, November 20, 2007

DISCLAIMER

Pradeep Nair

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