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.