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

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://incometaxindia.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)

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.

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.

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.

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.

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.

Amazing Features of Mobile Phones

There are a few things that can be done in times of grave emergencies. Your mobile phone can actually be a life saver or an emergency tool for survival.
Check out the things that you can do with it -

• The Emergency Number worldwide for **Mobile** is 112. If you find yourself out of coverage area of your mobile network and there is an emergency, dial 112 and the mobile will search any existing network to establish the emergency number for you, and interestingly this number 112 can be dialled even if the keypad is locked. Try it out.
  
• Have you locked your keys in the car? Does your car have remote keys? This may come in handy someday. Good reason to own a cell phone. If you lock your keys in the car and the spare keys are at home, call someone at home on their cell phone from your cell phone. Hold your cell phone about a foot from your car door and have the person at your home press the unlock button, holding it near the mobile phone on their end. Your car will unlock.
  
• Saves someone from having to drive your keys to you. Distance is no object. You could be hundreds of miles away, and if you can reach someone who has the other "remote" for your car, you can unlock the doors (or the trunk). It works fine!
  
• Hidden Battery power. Imagine your cell battery is very low, you are expecting an important Call and you don't have a charger. Nokia instrument comes with a reserve battery. To activate, press the keys *3370# Your cell will restart with this reserve and the instrument will show a 50% increase in battery. This reserve will get charged when you charge your cell next time.
  
• How to disable a STOLEN mobile phone? To check your Mobile phone's serial number, key in the following digits on your phone * # 0 6 # . A 15 digit code will appear on the screen. This number is unique to your handset. Write it down and keep it somewhere safe. when your phone get stolen, you can phone your service provider and give them this code. They will then be able to block your handset so even if the thief changes the SIM card, your phone will be totally useless. You probably won't get your phone back, but at least you know that whoever stole it can't use/sell it either. If everybody does this, there would be no point in people stealing mobile phones.

Photo - Kalari Payattu

Kalari Payattu - Kerala's Martial Arts, considered to be the mother of all modern martial arts.

Fun

Bill Gates' Advice to Students

• Life is not fair - get used to it!
• If you think your teacher is tough, wait till you get a boss.
• If you mess up, it's not your parents' fault, so don't whine about your mistakes, learn from them.
• Before you were born, your parents weren't as boring as they are now. They got that way from paying your bills, cleaning your clothes and listening to you talk about how cool you thought you were. So before you save the rain forest from the parasites of your parent's generation, try delousing the closet in your own room.
• Be nice to nerds. Chances are you'll end up working for one.

Thinking Out of Box

• When NASA first started sending up astronauts, they quickly discovered that ball-point pens would not work in zero gravity. To combat this problem, NASA scientists spent a decade and $1.2 billion developing a pen that writes in zero gravity, upside down, underwater, on almost any surface including glass and at temperatures ranging from below freezing to over 300° C.
• When Russians faced the same problem....................They used a pencil.

Real Estate - DLF Riverside

DLF, the largest real estate developer in India has announced DLF Riverside, Kochi. It is located on an extensive waterfront of the Chilavannoor River. Riverside is a residential condominium of 176 apartments sprawled over 5 acres and is bordering the river.

• From 2000 sq.ft to 5700 sq.ft, DLF Riverside Kochi offers air conditioned apartments, most of them facing the beautiful river at prices starting from Rs. 75 lacs.
• 4 kms from Ernakulam south railway station, 8 kms from Kochi port, 32 kms from Kochi airport, 2.75 kms from MG road, 5 kms from Marine drive.
• Full power backup, 3 lifts, 2 car parks per flat, Adequate Visitors parking
• 24 hr security, reception cameras, Video surveillance for periphery
• Wi-fi enabled and IP TV ready, Integral shopping area.
• Over 25000 sq. ft. of Club house with Swimming pool, Billiards, Table Tennis, Squash, and Basketball, Amphitheatre, Party area
• Boat Jetty, Fishing corner
• Jogging track, Restaurant, Ayurvedic Massage Parlours, Salon, Health club with Gymnasium, Aerobic and Yoga centre, Sauna, Steam, Massage room
• Guest suites, Gift shop
• The luxury apartments at DLF Riverside face the river with a view of the cascading fountain and water bodies, landscaped lawns and lush green palms.For Details and Home loans from SBI contact – Kochi – Sreekumar (9447788755/9447788756, homeloans.ernakulam@sbi.co.in)

Market Mania - The Tulip-Bulb Boom

This is an interesting incident which occurred in Holland in 1634-1637. It shows how booms and manias can flare up. It is a useful lesson for one and all.

• In 1593 the Dutch were introduced to Tulips for the first time. These tulips were imported from Turkey were in great demand and traded at fancy prices.
• In due course these tulips were affected by a non-fatal virus known as mosaic, which did not harm the tulips per se but altered them, causing shades of colour to appear on the petals. These colour patterns came in wide varieties and increased the rarity of the original flower.
• So the prices of tulips began to rise depending upon how the markets valued the virus alterations Speculation increased in the tulip market as it started attracting new traders eager to make quick money.
• The true bulb buyers started to stock up bulbs for the growing season thereby depleting the supply further. This increased the demand supply gap. Soon, prices were rising thick and fast encouraging people to trade their cash, gold, land and anything else they could liquidate to buy more tulip bulbs.
• The Dutch held on to their bulbs with a view to selling them to the innocent and uninformed foreigners, thereby reaping enormous profits. Meanwhile the originally overpriced tulips enjoyed a twenty-fold increase in value in one month!
• Since tulips bulbs enjoyed extensive over pricing some smart people decided to sell and lock in into the profits.
• A domino effect of progressively lower prices took people by surprise as everyone tried to sell. As price began to slide people panicked and rushed to sell regardless of the losses.
• When prices fell the participants refused to honour contracts. It suddenly dwelled upon speculators that they traded their homes for a piece of greenery. Chaos and Confusion enveloped the land. Amidst all this the government attempted to halt the crash by offering to honour contracts at 10% of the face value. The market plunged even lower making such restitution impossible.
• No one emerged unscathed from the crash. Even the people who had locked in their profit by getting out early suffered under the following depression. The effects of the tulip craze left the Dutch very hesitant about speculative investments for quite some time.
• At the peak of the market, a person could exchange a single tulip for an entire stretch of land and, at the bottom, that tulip was the price of a few tomatoes.

Top News - Issue -12/ November 15, 2007

• SBI customers can now transfer money online to accounts at other banks also thru Internet Banking using RTGS/NEFT. (http://www.onlinesbi.com/ )
• Kerala Government to bring all foreign recruitments under its direct control. Special cell to be formed in the police department to deal with illegal recruitments.
• India has surpassed South Korea to become the world's fifth largest holder of foreign exchange reserves. $260 billion as of September.
• UAE to take strong action against the institutions/persons violating labour rules.
• Mukesh Ambani became the richest person in the world when his Reliance group companies gained handsomely during latest stock market boom.
• India is the leading country of origin for students going to the USA. In the year 2006-07 more than 83 thousand enrolled in US Universities, most looking for degrees in Business and Engineering.
• United Arab Emirates is going to issue temporary work permits for 3 months – also called ‘mission visas’ to meet the shortage of workers.
• Indian schoolchildren have more global outlook than those of Britain. The British Council in India and nine other countries disclosed that Nigeria tops the list and India comes in at second while British schoolchildren come last.
• Gulf Corporation Council (GCC), a six-nation organisation, is thinking of limiting the stay period of unskilled foreign workers into six years.
• Ruling on UK doctors’ case will benefit other NRI professionals also. Bankers, accountants, marketing executives and other professionals are expected to benefit from the British Court of Appeals ruling on treating Indian and non European Union countries on a par with British and EU candidates for employment.
• Permanent Committee of Labour Affairs (PCLA) of UAE Government's has set up a hotline to help workers in trouble. This is after recent labour demonstrations that turned violent.
• Government has appointed Arathi Krishna as Community Development Officer at the Indian embassy in Washington DC to provide direct interface between the Indian government and NRIs in the USA.
• The United Arab Emirates will open labour offices in India to recruit workers, ending the role of recruitment agencies.
• UTI Mutual Fund has launched UTI Infrastructure Advantage fund, a new fund offer. It will invest in India’s booming infrastructure segment. Please contact your SBI branch or us for more details (issue closes on 19/12/07)

Announcement - Subscribe by email

Now you can subscribe to New Posts of NRK Sandesham to your email box also. For this click on the link given in the left side of the page. You can also subscribe our Fortnightly Newsletter "NRK Sandesham" thru email by sending an email to pradeepnaironline@gmail.com.

Photo - Kathakali

Kathakali - Colourful Classical Dance Drama of Kerala.

Quote - Outsourcing

“When I was growing up, my parents told me, 'Finish your dinner. People in China and India are starving'. I now tell my daughters 'Finish your homework. People in India and China are starving for your job.'."....
Tom Friedman, the influential columnist of The New York Times recounts this in his book, The World is Flat

Real Estate - JOMER PROPERTIES

JOMER PROPERTIES & INVESTMENTS (P) LTD was established in 1994 and has successfully handed over 7 residential & commercial projects to satisfied customers.
JOMER introduces a unique and prestigious investment opportunity for NRIs and Residents. JOMER SYMPHONY is a five star luxury in the very beautiful architectural marvel, standing tall at 26 floors in 1.06 acres of prime land facing NH bye pass, overlooking the city of Cochin.
JOMER SYMPHONY is a serviced apartment tower in Cochin. Kerala is a very important centre for Business, Industry, Tourism and Real Estate growth and development. Symphony has 266 suits with five star facilities which will be offered for sale to individuals who can use it as an investment for earning attractive income by letting it out to tourists and business travellers or corporate buyers for housing their own staff and saving substantial expenditure on stay at expensive hotels. The project will be run by an international hotel chain so good returns on investment are expected.
Since Cochin has become the financial capital of Kerala, the multinational companies have made it their favourite rendezvous for their high level conferences. Due to the insufficiency of good accommodation in the city most of the companies are compelled to provide accommodation to their delegates in other cities and it is highly expensive and uncomfortable. Considering all these facts serviced apartment will be a very good investment option. Apart from all these financial benefits, once a person decides to buy it will definitely become his prestigious address in Cochin. More over Symphony is the first and only building in Kerala to be lighted with optical fibre lighting system in a synchronizing manner.
For Details and Home loans from SBI contact – Kochi – Sreekumar (9447788755/9447788756, homeloans.ernakulam@sbi.co.in)

Tips - Emergency Number of Your Mobile

112 is the global emergency number for GSM mobile network. Dialling 112 forces the phone to make the call on any network possible, if your network has no range. It works without SIM card (and SIM card without credit) also in most networks. Most phones will allow emergency numbers to be dialled even while the keypad is locked.

Banking - Reverse Mortgage Loan

After 60 years of age, many persons end up without pension and adequate income. In many cases, such persons own a self occupied house. As such they cannot sell their house to meet the monthly expenses. Reverse Mortgage loans is a solution for such persons. Under this loan scheme bank will make regular monthly payments to such persons during their life time (maximum 10 or 15 years). After that, they or their legal heirs (sons/daughters) can pay the loan amount and interest and get the property released. Otherwise bank will recover the loan by selling the property.

• Purpose - To provide a source of additional income for senior citizens of India (age minimum 60 years) who own self-acquired and self-occupied house property in India.
• Mode -Can also be availed jointly with spouse. Age of spouse minimum 58 years.
• Age - Maximum payout years 10 for age above 68 years for the younger borrower, 15 years for others. OR upto the demise of the borrowers.
• Payment - Payments can be taken monthly, quarterly or in lump sum.
• Repayment - The borrowers will have option to repay the loan at any time during the loan tenor without penalty.
• Value - Total loan upto 90% of the property value.
• Amount - Minimum loan amount 3 Lacs, maximum 1 Crore (lump sum).

For Example Property value = Rs.10 lacs
Qualifying loan amount = (90% of property value) = Rs. 9 lacs
Tenor = 15 years
Monthly instalment Rs 225 per Lac for 15 years
= Rs. 225 x 9 = Rs.2,025/- per month

You can contact any SBI branch for more details.

News - Issue -11 - November 1, 2007

• After receiving CNBC Awaaz TV Channel’s “Mutual Fund of the Year” award, SBI Mutual Fund was named “Best Fund House of 2007” by NDTV Profit & Outlook Money.
• Kerala Government and Malaysian Government will start a 275 acres, 2500 Crore integrated Industrial Township Plan at Kinaloor, Calicut. It includes a medical city, entertainment facilities, homes and shopping malls.
• UAE will open labour offices in India to recruit workers, ending the role of recruitment agencies. The labour offices will educate potential workers about the labour laws and customs of the UAE before they go over to work.
• Qatar short-listed 50 agencies (regarded as acknowledged) to recruit workers.
• Kerala Government plans to start an airline in collaboration with an NRI for flights to the Gulf. Other interested players include Kingfisher, SpiceJet and Indigo.
• Kerala Government plans to check illegal recruiting agencies in the state by strengthening government agencies.
• America's most powerful business woman (Fortune magazine), Chennai born Pepsico Chief, Indra Nooyi, has bought an apartment worth $1.6 million in Chennai's posh Poes Garden, a neighbourhood that J. Jayalalithaa and Rajnikant call home.
• Kuwait will extract a health security fee from those who reach the nation on visiting visas.
• Bobby Jindal 36, became Governor of Louisiana state (USA), beating out eleven rivals, to be the first politician of South Asian origin and the country's youngest to become governor of an American state.
• Kerala day is celebrated on 1st of November.
• UAE to ban unauthorised labour within the country
• SBI Reduces Home Loan interest rates for the coming festival season, lowest interest rates in the recent times, valid upto 31st December.

Photo - Kerala Bull Race Photo

Bull Race of Kerala - 'Kakkoor Kaalavayal' Kakkor (dist-Eranakulam) -Called Maramandi Competition, it is 118 years old tradition.

Real Estate - Mir townships

The South India based Mir Group known for “zero-pollution zone, eco-friendly” image is coming up with residential townships at Kochi and Trivandrum. Mir Realtors Pvt. Ltd’s residential township projects include the ultra modern, 32-storey, Rs.200 crore project ‘Green Metropolis’ near Kakkanad, Cochin slated to be South India’s tallest tower apartment complex and the equally eco-friendly Rs.150 crore, designer township project ‘The Greens’ spread across 11 acres in Karakulam near Peroorkada, making it the largest ever housing project in Trivandrum city till date.

As an eco-friendly builder, Mir Realtors ensures that more than 50 percent of land is earmarked as free. Both projects are adopting eco-friendly practices. The Zero Pollution Zone ensures nature-friendly, effective waste management system, rain water harvesting and water recycling.
‘Green Metropolis’ near Kakkanad at Cochin, spread across 6 acres of pristine land, has already launched its second phase of operations which is lined up for completion in 2011.

“The Greens” at Karakulam near Peroorkada boasts of a versatile combination of 360 luxury living options ranging from apartments to independent villas set in the midst of lush, green landscape. The first phase of the project will be completed in 2009 and the second phase in 2011. “The Greens” will have 15-storied apartment blocks with four 2-bedroom apartments of 1250 sq.ft. and one 3-bedroom apartment of 1800 sq.ft. on each floor. The meticulously planned apartments offer ample room for natural ventilation and residents get to enjoy utmost privacy since windows of the neighbouring apartments are designed not to face each other but to open out to the breath-taking greenery outside.
“The Greens” has premium villas measuring 2000 to 3500 square feet. While villas measuring 3500 sq.ft. enjoy the privilege of a private pool and garden, other villas can be built to have customized pools, on request. The premium independent villas are spaciously designed with ample space to let in an abundance of fresh air and light. A well-manicured garden and an open terrace form an integral part of each villa. Every room has a separate balcony for cross ventilation as well as ample space for wardrobes. And all these are created optimally using the best use of available space and at the same time, ensuring total privacy to the residents.

Both “The Greens” as well as “Green Metropolis” offer a host of world-class amenities and comforts such as swimming pool, sauna / jacuzzi, hi-tech multi gym, club houses, amphitheatre, supermarket, cafeteria, business centre, ATMs, doctor’s clinic, crèche/daycare jogging track, kids play area, etc. to mention a few, all under a single roof.
For Details and Home loans from SBI contact – Kochi – Sreekumar (9447788755/9447788756, homeloans.ernakulam@sbi.co.in) OR Trivandrum – Prem (9447510099, osf.zotri@sbi.co.in).

Mutual Fund - New Fund - SBI Capital Protection Oriented Fund

• SBI Mutual Fund launches SBI CAPITAL PROTECTION ORIENTED FUND – SERIES I (SCPOF). It combines best features of equity and bond investments. Its investment style is oriented towards protecting the initial investment by investing a major portion of the fund in bonds/debts/securities and simultaneously offering higher returns of share market by investing the remaining amount in equities.
  
• SCPOF is a Fund whose structure ensures protection of the capital invested on scheme’s maturity
  
• Rated AAA (so) from CRISIL rating agency.
  
• The New Fund Offer is open from 15/10/2007 to 23/11/2007.
  
• Fund to invest 73 to 100% in debt/bond/govt. securities for capital protection and remaining 0 to 27% in stock market.
  
• As investment in equity is low, returns and risk will be lower than equity oriented mutual fund schemes.
  
• A 5 Year Close Ended Capital Protection Oriented Fund
  
• Launch date 15th October 2007
  
• NFO opens from 15th October 2007 to 23rd November 2007
  
• Allotment date 21st December 2007
  
• Date of Maturity 20th December 2012
  
• Fund Manager Mr. Ganti Murthy and Mr. Vivek Pandey
  
• The minimum investment limits Rs. 5000 and in multiples of Rs. 1 thereafter.
  
• Only Growth options available
  
• NAV would be declared on a weekly basis under the scheme
  
• Liquidity Only at maturity
  
• Switches allowed only during NFO period
  
• No SIP, STP, SWP facility
  
• Cheque/Demand Draft to be drawn in favor of “SBI Capital Protection Oriented Fund”
  
• Load Structure: Entry Load – Nil, Exit Load – Nil
  
• An Ideal Investment Avenue for Investors of low to medium risk profile, High tax bracket investors, Investors looking for diversification, Trusts, societies
  
• For Application form and more details please contact your nearest SBI branch or contact us directly at nri.lhotri@sbi.co.in +91-9447779783.
  

News - Issue -10 October 15, 2007

• The stock market Sensex on Monday crossed 19,000-point mark, adding 1,000 points in a record four sessions, on aggressive buying by foreign funds in front line stocks. India is witnessing heavy foreign inflow in the stock market recently.
  
• Non- resident Keralites (NRKs) will be issued with Photo ID cards. It is proposed that Panchayath will accept the applications.
  
• SBI Reduces Home Loan interest rates for the coming festival season, lowest interest rates in the recent times, valid upto 31st December. (more details in interest rate section)
  
• From next year, common entrance examination of Indian Institute of Technology will have Dubai as a centre (first centre outside India).
  
• Airports in UAE have put a curb on hand baggages being transported in flights. The rule will affect the transportation of liquid materials including liquefied detergent, perfume, shaving lotion and hair gel.
  
• Bahrain has removed the current restrictions in issuing driving licenses to foreign labourers and housekeepers. Such curbs have been imposed when it was observed that illegal taxi operators were on the rise after licenses were issued freely
  
• SBI launches Reverse Mortgage scheme for persons aged above 58. More details in the next issue.
  
• The new international terminal of Thiruvananthapuram Airport will be completed by August 2008.
  
• The Overseas Indian Affairs Ministry has decided to celebrate ‘Mini Pravasi Divas’ (Mini- PBD-2007) in New York on September 23.
  
• As per the new immigration law in Germany, both the foreigners and natives should know to read, write and speak German language, if they have to bring their spouses to the country.
  
• Saudi Arabia has clarified that if an employee wants to change the visa from one company to another, the NOC of the sponsor is compulsory except in certain cases.
  

Real Estate - Sobha City Thrissur

Banglore based Sobha Developers; known for their quality constructions, has launched an advanced self integrated township project named Sobha City in Thrissur. Project will be spread in 55 acres of land with a developable area of over 3.50 million SFT. It will have Super Luxury Apartments, Lake Front Villas, Spa, Gym, Centralized AC Shopping Mall, Office Complexes, Hotel, Food Court, 4 Multiplex Theatres, and Convention Centre with Multi Speciality Hospital. It will be located on the Thrissur – Guruvayoor highway. This project is expected to be completed over a period of five years. A man made lake, covering 6.5 acres with a long walkway around the lake is one of the features of the project.
Sobha is creating its own uniquely designed 6.5 acre self sustaining lake as the center point of The Sobha City. A 10 meter wide landscaped walkway around the lake is planned with rainwater harvesting facility that will gradually cater to the entire potable water requirement of the project.Sobha City offers a new dimension of luxury in 25 independent, internationally styled, elegant villas and many apartments. Apartments are planned to provide views of the lake from bedrooms, living rooms and dining spaces with green spaces.
Sobha City is all set with a big mall at its center. Wrapped in greenery and Surrounded by the lake, the mall will bring together technology, fashion, jewellery, food, and stationary and gizmo brands from around the world.
For More Details on the project and Home Loan from SBI please contact – Ms. Reshma, reshma.sudha@sbi.co.in, mobile - 9446574741

Mutual Fund - Common Myths

Myth 1 - You get Mutual fund cheaper when you are investing at the Time of NFO.
Most investors think that an NFO of Rs 10 is cheaper than an existing scheme with a higher NAV. It is the percentage return on invested funds that matters as far as investors are concerned. For example, given a similar performance level of 20 per cent appreciation, Rs 10 NFO will rise to Rs 12 whereas Rs 117 NAV will rise to Rs 128.7. In both the cases actual gains for investors remain the same.
The advantage one can think of is that some funds do not charge entry load during NFO period.

Myth 2 - Dividend declared is a Gain for Investors
When Hindustan Lever gives you a dividend, it transfers money from its pocket to your pocket. To that extent, Hindustan Lever becomes poorer and you become richer. However, when a mutual fund gives you dividend, it is transferring money from your Mutual Fund account to your Bank account. After dividend is declared and paid, neither is the mutual fund poorer nor are you richer. Its only your money coming back to you. In other words, the value of your investment (NAV) falls to the extent of the dividend. For example, NAV of a fund is Rs 43(face value 10). Fund declares a dividend of 100% (Rs 10). After dividend NAV will get reduced to Rs 33.

Myth 3 - Mutual Fund invests in Share Markets only
Mutual Funds also offer schemes that invest in Debt (bonds/securities) also. Debt schemes are not very popular among retail investors. Mutual funds also offer Hybrid funds (called Balanced funds) which invest in both shares and debts in almost equal proportion. Also recently Gold based ETF (Exchange Traded Fund) schemes were launched. Very soon we will see Real Estate Mutual funds as well.

Myth 4 - You should invest in Taxgain schemes only if you want to save Income Tax
Mutual Funds’ Tax Saving Schemes (ELSS – Equity Linked Saving Schemes) have a lock in period of 3 years. Apart from this there is no difference between them and other schemes. In fact due to lock in period – fund manager gets freedom to invest in shares which are out of favour for short term but expected to perform better over long term. SBI Mutual fund’s Magnum Taxgain has a very good track record.

Myth 5 - You cannot encash Close Ended Funds before Maturity
Close ended funds are “closed” only for fresh subscriptions. Investors can encash/redeem/exit the units by paying applicable charges.

Fun - Keralites Everywhere

India wins Twenty20 Cricket world cup. Final match last ball – Misbah Ul Haque thought he was hitting the ball safely into no-man’s land. He did not know – “There is a Keralite in every nook and corner of the globe waiting for an opportunity”.

News - Issue 9 October 1, 2007

• Banglore based Sobha Developers; known for their quality constructions, has launched an advanced integrated township project named Sobha City in Thrissur. (Details in Investment Section Page 3)
  
• Reserve Bank of India (RBI), enhanced personal Liberalized Remittance Scheme from current 1,00,000 US Dollars to 2,00,000 USD. RBI is continuously liberalizing outflow of foreign currency to protect Dollar from further appreciating.
  
• A project worth Rs 1000 Crore for establishing a satellite city and an industrial park in Kozhikode is being promoted by Kerala Government and Malaysian Government.
  
• From August 20th onwards the Dubai Naturalization and Residency Department (DNRD) has implemented a new rule for issuance of visas, which would make it mandatory for the applicants to provide their photographs. The new move is meant to prevent manipulation or tampering of the document.
  
• Following the amnesty declared by the U.A.E. Government, the stipulated time within which amnesty seekers are required to leave the country has been extended to the 3rd of November, 2007 for those amnesty seekers, who have completed the emigration procedures.
  
• The six-month amnesty announced by the Government of Bahrain for foreign workers staying illegally in that country has begun on September 1.
  
• To reduce the delay for passport applicants, the State Government has decided to shift the police verification for passports from the Special Branch wing of the Kerala Police to Sub Inspectors of the police stations.
  

Investments - Importance of Starting Early

• It is a story of two friends Ram & Shyam.
  
• Ram starts saving when he turns 25 and invests Rs 50,000 every year. At the end of ten years, Ram has been able to accumulate Rs 5 Lakh.
  
• After this, he stops further savings, but does not withdraw his investments. He would have been able to accumulate around Rs 95 Lakh by the time he turns 60. Let us assume that he earns a return of 10% every year.
  
• During the first few years of his life Shyam enjoyed life spending money on all kinds of things rather than invest regularly. At the age of 35 reality suddenly dawns on him and he starts investing Rs 50,000 every year. He invests this amount every year till he turns 60, i.e. for 25 years. Assuming he also earns a return of 10% per year on his investments. At the end Shyam would have managed to accumulate Rs 54.1 Lakh.
  
• Ram has invested only Rs 5 Lakh over the ten years he invested. In comparison, Shyam over the 25 years has invested Rs 12.5 Lakh (Rs 50,000 x 25 years).
  
• Even after investing more than twice, Shyam has managed to accumulate Rs 54.1 Lakh, which is around Rs 41 Lakh less in comparison to Ram.
  
• It not only important to Save but it is equally important to Save Early. It is never too late and it is never too early.
  

Investments - Power of Compounding

• We all know that Manhattan is the costliest place in America for real estate prices. But once upon a time it was a remote place in America occupied by Red Indians.
  
• When a group of Europeans reached Manhattan, they purchased it from the Red Indians. It happened in the year 1626.
  
• Manhattan was sold for 24 Dollars (960 Rupees at today’s rate) in trinkets and beads. Present Value of City – 100 Billion Dollar
  
• For many years the Red Indians have been the subjects of cruel jokes because of this.
  
• Had Red Indians saved this money in say a fixed deposit and earned 8% average Interest per Year compounding. In that case their present bank balance would have been 120,000 Billion US Dollars.
  
• This incident was first narrated in the book “One up on Wall Street”, written by Peter Lynch, one of the most successful mutual fund managers the Wall Street has ever seen
  
• This little story shows the power of compounding.
  

News - Issue -8 September 15, 2007

• Mobile service provider Etisalat has in association with UAE Zakat Fund Committee arranged for disbursement of Zakat thru Mobile phone.
  
• India’s largest airlines Jet Airways will fly on the India-Middle East routes from January. Jet Airways is allowed to operate flights to Kuwait, Oman, Qatar and Bahrain by the Government. The airline's request to fly to Dubai and Abu Dhabi is being considered.
  
• Kerala Government signed an agreement with the real estate & constructions major Sobha Developers, for the construction of a Hi-Tech City in Kochi worth Rs.5000 crore (is to come up in Maradu panchayat in Kochi on a 160 hectare land).
  
• Etihad Airways, UAE has commenced its flight service connecting Abu Dhabi and Thiruvananthapuram, inaugurated by the Chief Minister, who also looks after the portfolio of Non-resident Keralites’ Affairs.
  
• Kuwait made amendments to the rule of issuing visit visas, enabling certain persons to take a visit visa not only to his or her immediate relatives, but also to any person including non-skilled laborers.
  
• The Kuwaiti government has also decided to extend the current validity of visit visa from one month to three months.
  
• Kerala is soon to be declared as a fully banking State. The campaign on total financial inclusion by banks in the State is nearing successful completion with 97.5 per cent achievement.
  
• The international airport at Nedumbassery in Kochi will have three new domestic and three new international airline services. This includes IndiGo, Spice Jet, Alliance Air (domestic) and Tiger Airways, RAK Airways, Air Asia (International).
  
• Government of Kerala would float a new company to set up and run the proposed knowledge park near Kozhikode with private participation.
  
• Western Union Money Transfer facility is now available at all branches in SBI’s Kerala Circle. It offers an additional channel to NRIs for sending money quickly to their relatives in Kerala.
  
• SBI wishes Ramadan Mubarak to our well-wishers. Have a Blessed Ramadan.
  

Investments - Apply for PAN Card Online

PAN card which is now must for many financial transactions in India, including Mutual Fund investment, is expected to be made compulsory for more financial transactions. Very few NRIs are aware that PAN card can be applied online thru Internet and it can be received at foreign address. Details of one such facility offered by NSDL is enclosed.

• Visit the following website - https://tin.tin.nsdl.com/pan/index.html
  
• In the Column Named “Apply for a new PAN Card” (bottom of the screen), choose “Individual” and click on ‘Select’ box
• An Online form for PAN is displayed, Please fill. If there are any errors, rectify them and re-submit the form and then confirm.
  
• On confirmation, an acknowledgment will be displayed. The acknowledgment will contain a unique 15-digit acknowledgment number. Print and also save the same in your computer.
  
• 'Individual' applicants should affix a recent colour photograph (size 3.5 cm x 2.5 cm) in the space provided in the acknowledgment. The photograph should not be stapled or clipped to the acknowledgement.
  
• Signature should only be within the box provided in the acknowledgment.
  
• If communication Address is outside India or any of your address as given in application is outside India, the payment can be made only by way of demand draft payable at Mumbai drawn in favour of 'NSDL - PAN' and the acknowledgment number should be mentioned on the reverse of the demand draft. Fee includes postal charges also.
  
• The fee for processing PAN application is Rs.717 for foreign communication address and Rs 67 only if communication address is in India.
  
• At present this facility is available for a 101 countries including – India, US, UK, Middle East (UAE, Bahrain, Kuwait, Oman, Qatar etc.). All major countries covered.
  
• The acknowledgment duly signed, affixed with photograph alongwith Demand Draft, and proof of identity (name in the application should be same as in the proof of identity) & proof of address (as stated in the application) as specified in the application form is to be sent to NSDL at 'Income Tax PAN Services Unit, National Securities Depository Limited, 1st floor,Times Tower, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel (W), Mumbai - 400013'.
  

News - Issue -7 September 1, 2007

• State Bank of India branches are now offering products of Fidelity Mutual Fund. Fidelity Mutual Fund, one of world’s largest Mutual Funds has launched “Fidelity India Growth Fund” a new fund offer. Minimum investment is Rupee 5,000/-. Entry Load 2.25%. Fund can invest in India/international shares upto 95% of its corpus. Timeframe – 3 to 28th Sept. For more details & investment contact – your SBI branch or nri.lhotri@sbi.co.in .
  
• PAN card can be applied online thru Internet and it can be received at your foreign address also. Details of one such facility offered by NSDL is enclosed in NRI Helpdesk section.
  
• Central government has started a 24x7 helpline in foreign countries for Indian workers, especially women. Other measures include shelters for distressed emigrants, diplomatic pressure on host countries to protect workers.
  
• Government confirmed there were estimated 150,000 women household workers in the Gulf region alone.
  
• Most of the foreign national of Indian Origin are eligible to apply for an Overseas Citizenship of India (OCI) card, provided the foreign country of which the applicant is a citizen permits dual citizenship.
  
• Eighty-one-year-old Kumar Bahuleyan, a Dalit neurosurgeon based in Buffalo, New York, has given 20 million dollars to his village in Kerala. He has used the money to build a hospital specializing in neurosurgery, a health clinic and a spa in Chemmanakary in Kottayam District.
  
• Big daddy of Indian Real Estate – DLF group is entering Kerala with a Super Luxury water front apartment project at Vyttila, worth Rs. 250 Crores and a mini township in Kakkanad with an investment of Rs. 750 Crores. (contact homeloans.ernakulam@sbi.co.in Mr Sreekumar, SBI for details).
  
• The Kerala government is going to acquire 2,000 acre for developing an airport at Kannur in North Kerala. This project is planned as a public-private participation project on the model of Cochin International Airport.
  

Investments - LIBERALISED REMITTANCE SCHEMES FOR RESIDENTS

Reserve Bank of India’s liberalised remittance scheme now allows Resident Indians to draw up to $100,000, towards investments, purchases and spending in a foreign country per year. The scheme opens up a range of investment options for Indian residents who have children abroad, as they can purchase property and other assets at places where their children are resident.

• Eligibility
  
• Only resident Indians are eligible for this scheme. "Resident" means any Indian passport-holder living in India.
  
• Transactions Allowed
  
• Both capital account and current account transactions are allowed under this scheme. Generally speaking Capital account transactions create long term assets and liability while Current account transactions create short term assets and liability.
  
• The capital account transactions that can be made under this scheme range from buying stocks in overseas markets to acquiring property and trading in stock/commodity futures overseas.
  
• Current account transactions are also allowed within this $100,000 limit. For instance - gifts and donations abroad. Also residents can open account in foreign countries and transfer this $100,000 to that account.
  
• Certain purposes such as medical treatment, education expenses, travel and business transactions have separate limit over and above this general purpose limit of $100,000.
  
• How one draws funds
  
• The individual should, in the first place, have a sufficient bank balance in Indian rupees in his or her local bank account. The drawal of foreign exchange will be effected from this account and the transfer made abroad.
  
• An application to the authorised dealer (banks) will have to be made by the individual stating the purpose for which the drawal is being made.
  
• The individual will have to declare the income earned from such investments in his income-tax returns.
  
• He may also have to file a tax return in the country where the assets are held, if the local laws so require. He will be eligible for any tax benefits if there is a Double Tax Avoidance Agreement with that country.
  

News - Issue -6 August 15, 2007

• The Kerala Government proposes free air tickets to Indian workers wanting to return to India under the amnesty scheme offered by the United Arab Emirates.
  
• UAE has set a deadline for illegal foreign workers to acquire legal status or face deportation. Emirates Airlines and Air India have also announced discounted fares to amnesty seekers and additional flights.
  
• It is expected that in future all the financial transactions including real estate, bank accounts etc will require PAN card. SBI Mutual Fund is facilitating the process of applying and getting PAN card.
  
• Popular Archie comic will have an Indian Character named Raj, son of an Indian American NRI. Raj will join as Archie’s friend.
  
• Dubai, Washington and Kuala Lumpur will have Welfare Centers, set up at Indian missions that will provide financial, legal and medical help to Indians abroad. Dubai Centre will be under the Indian Ambassador to the UAE and will serve Middle East nations. Washington (US, Canada) & Kuala Lumpur (Southeast Asia).
  
• Time magazine says that India will overtake the US by 2050 as measured in dollar terms. Measured by purchasing power parity, India is already on the verge of overtaking Japan to become the third largest economy in the world.
  
• Ministry of Overseas Indian Affairs and the International Organization of Migration (IOM) signed an agreement, opening the way for Indian workers to the European Union.
  
• NRIs to establish International Business School at Kochi.
  
• Kochi hosted the 3-day Kerala Property Expo organized by Kerala Builders Forum.
  

Insurance - Pure Life Insurance

Want to buy insurance? Good idea. Want to save tax? Good idea. Want to buy insurance and save tax at the same time? Not such a good idea after all.
Talk to any financial expert and the first thing he will probably tell you is that you should never buy insurance to save tax or for Saving Only. Buy insurance to ‘insure’ yourself and to give your dependents financial freedom and security.
The income tax act of India allows a deduction under section 80C on premium paid towards buying an insurance policy. Yet, India remains a highly underinsured country. Simply because we don’t buy insurance for the purpose it is meant to serve. Statistics reveal that on an average 30% of annual premiums of life insurance companies come in the month of March. This is a clear indication of the fact that people buy insurance to save tax.
Tax should probably be the last consideration while buying life insurance. Amount of life insurance that a person requires depends mainly on his income level, total expenditure, the number of dependents, debts outstanding and other savings but definitely not the tax to be saved.
Assume a 35-year-old man with a taxable salary income of Rs 5 lakh per annum. His taxes saving instruments till now include investments in provident fund, postal savings and pension policy of up to Rs 75,000. He is willing to invest up to Rs 25,000 in an insurance policy and so he opts for an endowment insurance. And he thinks he has saved the best tax possible as well as got himself insurance. An endowment policy gives you a certain amount on maturity. In case of Term Insurance policy – a person will not get anything if he survives/outlives upto maturity of the policy.
For that kind of premium, the maximum sum insured on an endowment policy that he will get will be around Rs 5 lakh. That by no standard is enough to support his dependents, unless they start earning on their own.
So how much insurance does he need? Let us assume that he has a monthly expenditure of Rs 10,000 and an EMI of Rs 7,000 on his home loan. Let us also assume that the current value of his other investments is Rs 8,00,000. Now at an assumed inflation rate of 6%, he would need an insurance of at least Rs 33 lakh.
Only a pure risk cover term policy will offer him such a large cover at a low rate of premium. By paying a premium of Rs 10,000 per annum, he can get himself a cover worth Rs 33 lakh. Since this is not an investment product, this premium will be expensed and he will not get any returns on it. However, that’s a small price to pay to insure oneself. (SBI branches offer products of SBI Life Insurance.)

News - Issue -5 August 1, 2007

• Kerala Government decided to reduce stamp duty on flats. Flats assessed to be below a cost price of Rs 5 lakh would be totally exempted from tax. For those assessed to be above this threshold limit, the rates have been reduced to 10 per cent, nine per cent and 6.5 per cent in corporation, municipal and panchayat areas, in that order.
  
• Almost five million Indians working in the Arabian Gulf region have been affected by the appreciation of the rupee against the US dollar as well as rapidly rising inflation.
  
• The government's much touted Overseas Citizen of India (OCI) certificate scheme has seen a lukewarm response with just 140,000 people of Indian origin opting for it since the scheme's launch in '05. The reason cited is lack of publicity.
  
• Following the growing number of complaints of harassment and ill-treatment of workers at their workplaces in Gulf countries, the Ministry of Overseas Indian Affairs has announced the setting up of a dedicated helpline.
  
• The efforts of Rights To Information (RTI) activists in the US and India since November 2006 have been rewarded with the Indian Embassy in Washington DC being brought under the purview of the RTI Act, 2005.
  
• Self-funded engineering colleges falling under the government category in Kerala will reserve 15% of their seats for NRI students.
  
• SBI US operations now offers most competitive remittance products, details are available on website http://www.statebank.com/remittance.htm.
  

Banking - How to Gain Extra on your NRI Deposits

Declining Dollar
If a depositor thinks that Dollar is going to further decline in future. He can convert his FCNB Dollar deposits into NRE (Rupee) deposit. Both FCNB and NRE offer same facilities. Both are repatriable, tax free and can be converted into each other freely. When Dollar declines to a very low value, he can convert his deposit back to Dollar deposit. In this process he will gain extra Dollars in his account. An example will demonstrate it more clearly -
Year 2007
• A person is having FCNB deposit of US Dollar – 10,000
• He converts it into NRE (Rupee) deposit at present rate say - Rs 40 per Dollar
• He now holds NRE (Rupee) deposit of – 4,00,000
Year 2008
• At Present he holds NRE (Rupee) deposit of – 4, 00,000 + Interest
• Suppose now value of US Dollar is – Rs 36 per Dollar
• He converts it into Dollar deposit at this rate say - Rs 36 per Dollar
• He now has FCNB Dollar deposit of US Dollar – 11,111 + Interest
• His Gain is 1,111 Dollars (that is 11.11% gain Plus usual interest earned)

If Depositor thinks Dollar is going to Appreciate
He can use the reverse strategy, if he thinks that Dollar is going to appreciate in the future. In this case he can convert his NRE (Rupee) deposit to FCNB (Dollar) deposits.
Please note that we are neither predicting the future value of Dollar nor recommending any strategy in either case. Depositor has to take his own call.

Dollar Deposit with Forward Cover
FCNB (Dollar) deposit holder can enter Forward Contract with bank. Depositor earns forward premium plus normal interest also.
Depositor makes one year FCNB (Dollar) deposit.
He also applies for a forward contract with bank (charges around 900 Rs).
He earns Forward Premium say 1.5% to 2%
He also gets usual interest.
He will get maturity proceeds in Rupees, which can be converted back to Dollars.

News - Issue -4 July 15, 2007

• Microsoft plans to open a software development center in Canada this year to attract talent from countries like India and avoid tough U.S. immigration issues.
  
• Kerala Government has set up an emergency fund to bring back those NRKs (Non Resident Keralites) who are involved in accidents in foreign land.
  
• Cochin Cooperative, Kanur and SUT medical colleges fees will rise to $22,000 for '07-'08. The government has approved a 63 percent hike in the fees for NRIs at medical institutions for the coming year.
  
• Self-funded engineering colleges falling under the government category in Kerala will reserve 15 percent of their seats for NRI students.
  
• The proposed NRK pension scheme will have facilities for educational assistance to the children of low income NRKs.
  
• The Indian community in Dubai, United Arab Emirates is planning a festival entitled 'Tiranga' that will begin on August 15 to celebrate the 60th anniversary of India's independence.
  
• Union Minister for Overseas Indian Affairs, Mr. Vayalar Ravi said that, he would take up the demand for hiking NRI deposit interest rates.
  
• A cultural heritage village has been proposed on the banks of the River Pampa at Aranmula.
  
• The Kerala Government to depute officials to assist in bringing Malayalees, who benefited from the general amnesty scheme announced by the Gulf countries, back home at the earliest.
  
• The emigration of people from India has been recorded as starting over 2,500 years ago when adventurers traveled by sailboat to the shores of Africa, South East Asia and the Far East.
  

Fun - The intelligent and the super-intelligent

Headline of a village newspaper read 'only one survivor among hundreds in a freak train accident'.
Reading this, one journalist reached this village known as 'the village of fools' and approached the lone survivor for an interview.
Journalist: How did so many people die?
Survivor: There was an announcement on the speaker that train no.1249 will come on platform no.1 shortly". On hearing that the train is coming on the platform(instead of Tracks), everyone fearing for their lives jumped on the track to save themselves and died.
Journalist: then I must say you showed exceptional intelligence by not jumping on the track.
Survivor: what intelligence? I wanted to commit suicide and was lying on the track waiting for the train to come, but when I heard that the train was coming on the platform, got up and jumped onto the platform

Mutual Fund - UTI India Lifestyle Fund

State Bank of India is distributing Schemes of UTI Mutual Fund also. UTI Mutual Fund has come out with a New Fund Offer (NFO) called UTI India Lifestyle Fund. It will invest in companies getting benefited with changing life style of Indian Consumers.
Fund type: 3 year close ended fund. Units can be bought only during NFO at face value of Rs.10/-. Open on 2nd july 2007 and closes on 25th july 3, 2007. It is available at all the SBI branches in Kerala.
Asset allocation: sectors likely to benefit from changing Indian demographics, Indian life style & rising consumption pattern. Minimum 65% will be invested in equity and maximum 20% in debt.
Maturity: 3 years. After maturity automatically be converted to an open ended fund.
Redemption: the scheme will offer redemption/switch out of units on an ongoing basis at half-yearly intervals at NAV based prices. i.e., five business days on a half yearly basis.
Minimum investment: Rs.5000/-. Thereafter in multiples of Rs.1/-
Entry/exit load: entry load- nil, exit load – nil. (an early exit charge equivalent to unamortized NFO expenses will be recovered from the investor in case of redemption before expiry of 3 years.)
Options: growth and dividend options with dividend payout and reinvestment.
Fund manager: Mr. Anoop Bhasker
For forms and more details please contact the nearest SBI branch.

News - Issue -3 July 1, 2007

• Ministry of Overseas Indian Affairs to allow parity between Overseas Citizens of India and Non Resident Indians has been objected to by several ministries
  
• SBI hikes NRI deposit interest rates. Details in 3rd page
  
• Kerala Tourism Development Corporation (KTDC) would set up a Kerala House Hotel complex in Chennai.
  
• Indian Americans from across the USA and business leaders from India will attend a major fund raising event that aims to collect between $500,000 and $1,000,000 for Senator Hillary Clinton's Presidential campaign.
  
• Akkulam tourist village would get a big boost with the Rs.100 crore International Convention Centre complex.
  
• Kerala's famous black and brown Kozhikodan Halwa is making waves in the Gulf, and in keeping with its popularity, the Government of Kerala plans to protect it under the Geographical Indication (GI) status.
  
• Nehru Trophy boat race on August 11, 2007 at Punnamada backwaters, Alappuzha District.
  
• India has today set up two control rooms to ascertain the safety of its nationals in Oman after a super cyclone hit that country’s eastern coast yesterday. One Indian was killed and eight others are reported missing.
  
• Kerala Government’s Non-Resident Keralites' Affairs (NORKA) department would be set up in Chennai to oversee the welfare of Malayalees.
  
• About 100 Indians who entered Saudi Arabia on a pilgrim visa and overstayed in the search of jobs were deported recently.
  
• Hundreds of passengers travelling to India may have to make alternative arrangements with Kuwait indicating that it would not allow 'Air India' and 'Indian' flights to land in its capital from July 1. The dispute is since resolved.
  

Mutual Funds - Basics

Mutual Fund investment carries certain risks like any other investment option. The investors should compare the risks and expected yields after adjustment of tax on various instruments while taking investment decisions.
What is a Mutual Fund?

• Mutual fund is a mechanism for pooling the resources by issuing units to the investors and investing funds in securities in accordance with objectives as disclosed in offer document.
  
• Investments in securities are spread across a wide cross-section of industries and sectors and thus the risk is reduced. Diversification reduces the risk because all stocks may not move in the same direction in the same proportion at the same time.
  
• Mutual fund issues units to the investors in accordance with quantum of money invested by them. Investors of mutual funds are known as unitholders. The profits or losses are shared by the investors in proportion to their investments.
  
• The mutual funds normally come out with a number of schemes with different investment objectives which are launched from time to time.
  
• A mutual fund is required to be registered with Securities and Exchange Board of India (SEBI) which regulates securities markets before it can collect funds from the public.
  

How is a mutual fund set up?
A mutual fund is set up in the form of a trust, which has sponsor, trustees, Asset Management Company (AMC) and custodian. The trust is established by a sponsor or more than one sponsor who is like promoter of a company. The trustees of the mutual fund hold its property for the benefit of the unitholders.
What is Net Asset Value (NAV) of a scheme?
The performance of a particular scheme of a mutual fund is denoted by Net Asset Value (NAV). Mutual funds invest the money collected from the investors in securities markets. In simple words, Net Asset Value is the market value of the securities held by the scheme. Since market value of securities changes every day, NAV of a scheme also varies on day to day basis. The NAV per unit is the market value of securities of a scheme divided by the total number of units of the scheme on any particular date. For example, if the market value of securities of a mutual fund scheme is Rs 200 lakhs and the mutual fund has issued 10 lakhs units of Rs. 10 each to the investors, then the NAV per unit of the fund is Rs.20. NAV is required to be disclosed by the mutual funds on a regular basis - daily or weekly - depending on the type of scheme.
Can non-resident Indians (NRIs) invest in mutual funds?
Yes, non-resident Indians can also invest in mutual funds. Necessary details in this respect are given in the offer documents of the schemes.

News - Issue -2 June 15, 2007

• It is rainy season back home. The annual monsoon rains, lashed Kerala on 29th May, four days ahead of the normal date of June 1.
  
• The Kerala Government is planning to set up a welfare fund for Non-Resident Keralites (NRKs). The fund will also be used for proposed NRI pension scheme (details awaited).
  
• The combined wealth of the over 20 million strong Indian diasporas is estimated at over a trillion dollars, more than India's entire economy
  
• Indian Government has signed agreement with Kuwait and the UAE to protect the interests of NRIs. It includes Disputes Resolution Committees as well.
  
• There are some fraudulent websites operating which promises to provide “World Passport” for $600. Possession of such fake passports is a crime.
  
• Indian Government has opened a facilitation centre in association with Confederation of Indian Industry in New Delhi to provide assistance to Non-Resident Indians.
  
• A group of Keralites from Qatar called ‘Friends of Thiruvalla’, are going to release a film called ‘Thaniya’ (Alone), it is a story of NRKs in Gulf.
  
• Etihad Airways, the national airline of the United Arab Emirates, commenced operations to Kerala from May 30 with the inaugural flight from Abu Dhabi to Thiruvananthapuram.
  
• Hundreds of Indians students are hit by Britain's stringent new immigration rules that allegedly disenfranchise non-European nationals who hold Highly Skilled Migrant visas.
  
• Haj house in Karipur would start functioning from December. It will have all facilities for Haj pilgrims, including customs clearance. Its capacity is 1000 Haj pilgrims at a time.
  
• National Waterway II between Kochi and Kollam would be made functional by March 2009.
  

Banking - Remittances

SBI offers remittances to India through multiple channels. You can select the mode of remittance based on the time within which you need to remit to India.
• Instant Transfer - Instantaneously
• Online remittance -1 to 5 days depending on the mode of online remittance chosen
• Speed remittance - Within 1 day
• SWIFT - 1 to 3 days depending on the location of beneficiary branch
• Draft / Cashier's Cheque / Foreign Currency Cheque - 7 days to 28 days
Instant Transfer:
Instant Transfer is a real time rupee transfer facility to your / beneficiary's account maintained with SBI in India. The account may be held in any one of the 4500 Core Banking Branches. All branches in Kerala eligible. Available at SBI foreign branch offices only. Amount in converted into Rupees and account is credited within 3 to 10 minutes.
Online Remittance(SBI Express Remit):
You need not go to your bank or send cheques. You can transfer money from your account with any bank in US or UK to account in India thru Internet sitting at home. Register for this facility at www.onlinesbi.com/gls. After registration, simply log into the same website and transfer money. The scheme offers - Best exchange rates, Direct credit to over 4500 SBI branches in India including all branches in Kerala, Nil or minimum transaction fees (>100USD – Nil charge), Facility of credit to accounts held in other banks in India.
Speed Remittance (SBI Express):
SBI Express enables NRIs to send rupee remittances from a host of countries. The beneficiary in India can receive the remittance to account held in any Kerala branch within 24 hours OR if is not having account with SBI, Draft will be sent to the bank. It is available at all major Exchange Companies in Gulf and selected foreign branches. You have to visit them and instruct them to do the transfer.
SWIFT / Wire Transfer:
NRIs can send remittances to India using SBI's foreign branches or a vast network of 600 correspondent banks across the globe. The remittance can be sent to the beneficiary's branch directly. If SWIFT code is not available for your branch, you can select a SWIFT code of any SBI branch in Kerala (eg – Swift code of SBI OB Kochi Branch SBININBB128), which will handle the SWIFT transaction and transfer the funds to your beneficiary's account. Country specific instructions –
Currency SBI Branch/Corrsp & Swift Code
US Dollar SBI New York, SBINUS33 ABA routing -0260-0914-0, chips 034282,
Pound/Euro Pound - SBI London,SBINGB2L; Euro - SBI Frankfurt, SBINDEFF
AED National Bank of Abu Dhabi, NBADAEAAVOS
Draft / Cashier's Cheques / Foreign Currency Cheques
If a remittance is sent as a demand draft/cheque, the beneficiary can deposit it at his SBI branch. The draft/cheque will be sent collection. After collection, the proceeds will be deposited in the account. DDs issued by Exchange companies in Gulf are immediately credited to the account.

Real Estate - FAQ for NRIs

Q.1. Can an NRI /PIO acquire residential/ commercial property in India by way of purchase/ gift?
A.1. Yes. General Permission is available to purchase only residential/commercial property in India to a person resident outside India who is a citizen of India (NRI) and who is a Person of Indian Origin (PIO) (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan).

Q.2 Is there any restriction on the number of residential/commercial properties that an NRI /PIO can purchase under the general permission available?
A.2. No.

Q.3. Can the name of a foreign national of non-Indian origin be added as a second holder to a residential/commercial property purchased by NRI/PIO?
A.3. No.

Q.4. Can a foreign national of non-Indian origin resident outside India acquire any immovable property in India by way of purchase/ gift?
A.4. No. Under section 2 (ze) of the Foreign Exchange Management Act, 1999 'transfer' includes among others, 'purchase'. Therefore, a foreign national of non-Indian origin resident outside India cannot acquire any immovable property in India by way of purchase/gift.

Q.5. Can a person resident outside India (i.e. a NRI or a PIO or a foreign national of non-Indian origin) acquire agricultural land/plantation property/farm house in India by way of purchase/ gift?
A.5. No. A person resident outside India cannot acquire by way of purchase/gift agricultural land/plantation property/farm house in India.

Q.6 Under general permission available can NRI/PIO transfer his residential/commercial property by way of gift?
A.6. Yes. NRI/PIO may transfer by way of gift residential/commercial property in India or to a NRI or a PIO

Q.7. Can a person resident outside India (i.e. NRI or PIO or foreign national of non-Indian origin) hold any immovable property in India acquired by way of inheritance from a person resident outside India?
A.7. With the specific approval of Reserve Bank a person resident outside India may hold any immovable property in India acquired by way of inheritance from a person resident outside India.

News - Issue -1 June 1, 2007

• SBI has a host of money transfer facilities. SBI offers fastest remittance (Instant Transfer – 3 minutes) and cheapest remittances (SBI Express Remit – free above USD 100*). Details of all remittance schemes in 4th page.
  
• SBI hikes NRI deposit interest rates. Details in 3rd page
  
• SBI launches SBI Instant Transfer, the fastest ever Rupee Remittance from abroad. It takes only 3 to 10 minutes. Available at select SBI foreign branches.
  
• SBI Mutual Fund has launched SBI Infrastructure Fund, a new fund offering (NFO), closing on 8th June. Fund to invest in India’s booming infrastructure companies. Details in Page – 2.
  
• Government of Kerala is going to exempt NRKs (Non Resident Keralites) from the necessity of appearing personally to buy or sell land in Kerala. They will be able to delegate the power of attorney to family members or friends.
  
• India and United Arab Emirates to cooperate on NRI workforce, to penalise companies that employ illegal workers and to jointly train, source and deploy workers. Move targeted at preventing the exploitation of workers.
  
• The government of India is considering making it mandatory for the passport number of an NRI husband to be endorsed on that of his wife.
  
• The setting up of an NRI/PIO University in India has been given the go ahead by the Union Cabinet, planned in the Special Economic Zone.
  
• The United Arab Emirate's Dubai Internet City and the Kerala Government signed the agreement to build ‘Smart City’ at Kochi in Kerala.
  
• A comprehensive contributory pension scheme for all NRIs from Kerala is to be introduced by the Government allowing NRIs to contribute towards a pension fund.