Wednesday, August 27, 2008

Fresh News

Kerala government will set up an electronics park in Kasargod district.

 

KTDC, Etihad Holidays in talks to develop tour packages to Kerala.

 

Foundation stone laid for Hindustan Aeronautics’ Kerala unit at Kasargod.

 

Karnataka and Kerala have decided to operate more inter-state buses during festivals such as Dasara, Onam, Deepavali, Christmas.

 

The seventh annual conclave of the Pravasi Bharatiya Divas, or NRI Day (Chennai Jan 7 to 9) kicked off with  launching a website www.pbindia.org. It provides for online registration.

Friday, August 22, 2008

Fresh News

Several IT parks will be set up in Kerala in the next few months, Chief Minister VS Achuthanandan said.

 

US has proposed changes to the rules for hiring temporary workers under the H-2B visa programme with provision to deny visas to nationals of countries including India.

 

Prime Minister stated that India hopes to send a spacecraft 'Chandrayan' to the moon this year.

 

Real Estate Consultant Jones Lang LaSalle said that by 2025 almost 600 million Indians will have enough to invest in British residential property.

 

India to put in place a mechanism to help Persons of Indian Origin (PIOs) of Caribbean Islands to trace their roots in India.

 

On July 31 the population of NRIs in Qatar stood at nearly 420,000, more than double the indigenous Qatari population.

 

NRIs visiting monuments in India are being asked to pay entry fees at in dollars, even more so, if they are accompanied by foreign tourists.

 

India's Overseas Citizens status holder are soon to reach 300,000 in numbers. The status allows them life long visa free travel to India and certain economic, educational and cultural benefits.

 

The common scholarship entrance tests will be held on October 26th in 40 countries, to select overseas Indian students for the government's scholarships for undergraduate courses in India.

 

In a study by Rebtel Stockholm, it was found that Indian Americans make calls to families and friends back home for an average of three and a half hours a month, most often on their cell phones.

 

Foreign students heading for Britain will be faced with tough new controls such as fingerprints under new Tier 4 system.

 

The next two day mini Pravasi Bharatiya Divas is to be held in Singapore this October the theme of which is Towards a Dynamic Diaspora.

 

America has replaced the UK as the country sending the most tourists to India, at 799,000 - out of a total of 5 million foreigners who visited India last year.

 

In a move to encourage more business and family visits to Bahrain, the Interior Ministry will now give Indians two week visit visas on arrival, also hoping to attract tourists from the subcontinent.

 

The Kerala government Thursday gave the green signal for setting up a medical university in Thrissur.

Fresh News

NRIs travelling into India are advised to be alert as a well organised conspiracy by Immigration, Police, Customs and airline staff has been suspected at all Indian International Airports. The way it works is that when a traveller hands his passport to the Immigration/Customs or airline counter staff, they tamper with it. When the passenger is departing, the exit officer tears away a page of the passport and the passenger's details are Red Flagged so the next time he arrives he is interrogated. Then, subject to the passenger's period of stay abroad, income, status etc the price to be rid of the problem is negotiated.

Wednesday, August 20, 2008

Dubai ruler issues first mortgage law

Shaikh Mohammad Bin Rashid Al Maktoum, UAE Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued a new mortgage law to regulate the country’s real estate sector, said the chief executive of the Real Estate Regulatory Authority.

 

The new law regulates the mortgage process in an effort to protect the rights of lenders and borrowers and improve transparency, Marwan Ahmed bin Ghalita said on Tuesday.

 

The law, which comes into effect 60 days after its publication in the official gazette, stipulates that mortgage contracts be registered with the land department, specifying the size of the loan, the repayment period and the value of the property to which the loan is linked.

"The new law is basically covering the mortgage procedures in Dubai...All property purchases happening offplan for example and all financing must be registered at the land department," Ghalita said.

 

The law requires that mortgages taken out on properties in Dubai be sold by registered financial institutions, and be insured.

 

The law also requires borrower and lender to present full financial documents when the mortgage is registered. Property granted by the government to nationals is exempt.

 

"It gives more confidence to the lender and gives more security for banks," Ghalita said, adding that the land department and banks were now working together to calculate mortgage rates independently from the central bank.

Sunday, August 17, 2008

Three types of health policies announced by Dubai for visit visa seekers to the UAE

Oman and Aman insurance companies have been selected by Dubai Naturalisation and Residency Department to provide health insurance to visit visa seekers, it was announced at a meeting on Tuesday.

 

The UAE government revamped visa requirements, which came into effect on July 29, 2008.

 

Under the new regulations, visitors to the UAE are required to purchase health coverage as a condition of obtaining visit visas.

 

The department on Tuesday announced three types of health policies: Dh40 for a short-term visa of 30 days, Dh90 for 90 days, and Dh180 for multiple-entry visa valid for 185 days.

 

Residents of 34 countries, mainly those from Europe and North America, are exempt from this health insurance rule.

Tuesday, August 12, 2008

Top News

•             Kerala law panel recommends Rs 10 Lakh fine for hartal calls.

•             Kerala mulls passenger ship service to the Gulf.

•             Kerala government will be investing Rs.12,000 Crores for developing ports within the next three years.

•             Kerala slaps 10% surcharge on retail chains.

•             The government Thursday decided to fund the restoration of the original environment in the famous Kuttanad lowlands of Kerala

•             In a move to encourage more business and family visits to Bahrain, the Interior Ministry will now give Indians two week visit visas on arrival.

•             Britain has decided to allow thousands of Indian professionals, who left the UK after being affected by the November 2006 changes to immigration rules, to return to work in Britain.

•             Property sales in India turned sluggish but sales to NRIs have tripled in the last six months, according to consultants Jones Lang LaSalle Meghraj.

•             The UK government announced that foreign students can now work in the UK for two years after completing their courses, instead of the one year allowed earlier.

•             The British government announced that resident families of visitors travelling on short term visas will be held responsible for their guests overstaying or breaking any laws.

•             Kerala mulls law to check extravagance during marriages.

•             Mumbai-based Ambulance Access for All (AAA) Foundation has lined up plans to expand its ‘Dial 1298 for Ambulance' services to all districts of Kerala by 2009.

•             Kerala invites air taxi operators to promote tourism.

•             A Kerala fish curry was all it took for an Indian restaurant in Cardiff to win the Tiffin Cup 2008, awarded by the House of Commons in London.

•             The Kerala government has asked the Centre to allow it to acquire land compulsorily for setting up SEZs owned by the state.

NRIs and Indian Taxation

•             Applicability of Income Tax depends on a person's residential status. A person (taxable entity) can be termed as either Resident or Non-Resident.

•             A person is classified as Resident if he stays in India for 182 days or more in a given financial year.

•             A person will be classified as Resident even if he stays only for 60 days or more and 365 days or more in previous 4 years. This 2nd condition is not applicable for Indian Citizens/Person of Indian Origin

             Going abroad for Employment

             Coming to India for temporary visit.

•             All other persons are classified as Non Residents (NRIs). For them only Indian Income is taxable while for Residents all income (Indian and foreign) are taxable.

•             The above definition is given as per Income Tax act. There is another definition given by FEMA act which is very liberal. Bank deposits are covered by FEMA act and not by Income Tax act.

•             As per FEMA act – if a person goes out of India for Job/Business or any purpose indicating indefinite stay, he is a Non Resident. Also a person who normally stays out of India and visits India for any temporary visit is a Non-Resident. In both the above cases number of days of stay is immaterial.

•             FEMA act - If a person do not fall any of the above 2 categories then he will be Non Resident only if he stays in India for 182 days or less.

•             Interest from NRE and FCNB deposits are tax free as per FEMA act.

•             Students studying abroad are NRIs.

•             For Non-Residents - Foreign Income not Taxable at all, Indian income is Taxable, Non-Residents to file income tax returns if their Indian income is above minimum slab (at present 1,50,000 Rs).

•             NRI Can Avail Concessional Rate @ 20% of Income Tax for Investment Income invested out of Repatriable funds.

•             NRO deposit – TDS is deducted at 30% + cess on interest income and if interest is more than basic limit - at present 1,50,000 Rs then NRI has to file Returns (although TDS is deducted).

•             NRI Can obtain Certificate from IT officer for lesser/nil rate TDS.

•             Gift Tax abolished wef 1-9-2004.

•             Gift from other than relative is a Taxable Income – Income Tax applicable.

•             Capital gains Tax – part of Income Tax, applicable on sale of land, house, Mutual Fund, Shares, Jewellery. Divided into Short Term and Long Term based on holding period of the asset.

Investments

Stock Market

Stock Markets are not moving in any clear direction at present. High Inflation and Interest rates are holding back all the possible gains. But after a dull period of 6 months – market has some positive news flows. Cooling of Crude Oil prices and possibilities of further reforms after the success of the Government in the trust vote process are positive factors. The market is expected to consolidate in a range for some time with positive bias and wait for some future trigger. FIIs continue to sell and earnings growth and GDP is expected to slow down.

Dollar/Commodities

Due to RBI rate hike and cooling of crude oil prices, rupee is strengthened against Dollar. Any future movement of currencies depend on actions of various central banks. Crude Oil and Gold have softened and expected to remain so.

SBI Life’s Unit Plus Elite Plan

SBI Life Insurance Company has launched Unit Plus Elite Plan. It suits needs of high networth NRIs. It is a unit linked plan which invests in stock market. SBI Life has a very good performance record for their old schemes like – Unit Plus II. The minimum investment is Rs 3 lac per year for 3, 5, 7 or 10 years. Various options for withdrawals are available. The main advantage is lower charges as compared to other unit linked plans and good track record of SBI Life Insurance.

Fun - Jokes

The Taxi Driver

A taxi passenger sitting on the back seat tapped the driver on the shoulder to ask him a question.

The driver screamed, lost control of the car, nearly hit a truck, went up on the footpath, and stopped millimetres from a shop window.

For a second everything went quiet in the taxi, then the driver said, "Look dear, don't ever do that again. You scared the daylights out of me!"

The passenger apologized and said, "I didn't realize that a little tap would scare you so much."

The driver replied, "Sorry, it's not really your fault. Today is my first day as a taxi driver - I've been driving a funeral van for the last 25 years".

 

Three Sons

Three sons left home, went out on their own and prospered. Getting back together, they discussed the gifts they were able to give their elderly mother.

The first said, "I built a big house for our mother."

The second said, "I sent her a Mercedes”.

The third smiled and said, "My gift is the best. Remember how mom enjoyed reading the newspaper? And you know she can't see very well. I sent her a parrot that reads out newspaper. It took trainers 12 years to teach him to read out things"

Soon thereafter, mom sent a letter to each son. "Rajan," she wrote one son, "the house you built is so huge. I live in only one room, but I have to clean the whole house."

"Rajesh," she wrote to another, "I am too old to travel. I stay most of the time at home, so I rarely use the Mercedes. Maintenance is a big problem!"

"Dearest Roshan," she wrote to her third son, "you have the good sense to know what your mother likes. The chicken was delicious."

Fresh News

Kerala to spend Rs.2.5 bn for tourism development.

 

Hindustan Aeronautics to set up unit in Kerala. The factory would come up on 200 acres at the Kinfra Industrial Park in Kasargod district.

 

Bahrain-based Indian businessman and entrepreneur Ravi Pillai has taken over the management of the New Millenium School (NMS) in Manama.

 

Marking a sea change in its policies, the Kerala unit of CPM on Saturday decided to distance itself from further land reforms.

 

SBI has entered into an arrangement with Arab National Bank for SBI EXPRESS. Customers of SBI can now send money from Saudi Arabia thru SBI Express facility at Arab National Bank and can get money credited in their account within 24 hours electronically. SBI Express in also available at all major exchange companies in Gulf.

Monday, August 11, 2008

Fresh News

Kerala witnesses 20.37% jump in arrival foreign tourists.

 

The Law Reforms Commission of Kerala headed by eminent jurist Justice VR Krishna Iyer has recommended a penalty of Rs 10000 and withdrawal of free education and health care for anyone who goes for a third child.

 

SBI Life ranked 2nd in Quarter I of 2008-09 amongst the New Generation Life Insurance Players, overtaking Bajaj Allianz by Rs.319.43 crores YTD June-08

 

The Kerala government is planning to go in for mega power projects with Central assistance to tide over the power crisis,

 

Defence ministry clears Kerala’s Vizhinjam port.

 

NRI/PIO scholarships common test to be held in Oct.

 

The Kerala cabinet yesterday approved a decision to acquire over 1000 hectares of land at Vizhinjam to build port.

Residence visa renewal linked to tenancy contract in Sharjah

Thousands of families who live in shared accommodation in Sharjah will be hard hit by the new rule of the Sharjah Naturalisation and Residency Department requiring a tenancy contract in the applicant's name or his close relative.

According to the new regulations, those applying for residency visas for their families should produce a copy of their tenancy contract.

The contract, which is considered proof of one's eligibility to afford a family, must be attested by the Sharjah Municipality.

Residents said they will have to send their families back home as it is no longer affordable to rent a one-bedroom or two-bedroom apartment in Sharjah.

Many said since the rents started skyrocketing in Sharjah in the last two years by more than 30 to 50 per cent, people have opted for shared accommodation. Under the new rule they will not be able to renew their residency permits without having tenancy contracts in their names.

Lieutenant Colonel Salim Ali Mazaini, head of the visa section at the Sharjah Naturalisation and Residency Department, told Gulf News that the rule has been introduced to ensure that only those who are financially capable of providing decent accommodation can bring their families to the emirate.

"We are not insisting that the tenancy contract should be in the applicant's name. The contract can be in the name of his close relatives also, such as a brother or sister," said Mazaini.

He added that it is acceptable to share living space with one's own family members, but not with friends.

According to him, the rule is not applicable to professionals like doctors, engineers and people in managerial positions because they earn enough money to sponsor their families.

"We are being very flexible and taking each application on a case by case basis. For example, if a family does not have children, a studio flat in their name is more than enough to get a family residence permit.

"Or if a family with one or two children can show that they are sharing a three-bedroom apartment with a close relative, it will also get them the residency status," Mazaini said.

However, some residents said their applications have been rejected even after they produced tenancy contracts of their relatives.

Hussain, a Sharjah resident who refused to give his second name, said his application to sponsor his family was rejected because he could not produce a tenancy contract.

"Now with this new rule, I doubt whether I can bring my wife and child to the UAE," said Hussain who works as an administrative assistant.

Another resident, Riyas Mohammad from Pakistan, said he has shelved his plan to bring his family because of the new regulations.

New categories: Renewal for one year only

The Sharjah Naturalisation and Residency department has also issued a list of 60 categories of low income groups including hairdressers, butchers, shop assistants, chefs, clerks and others for whom residency permits will be renewed only for a period of one year.

These categories must also get prior approval before their applications are typed.

The typing centres have been instructed that the categories listed below need prior approval before applications are typed.

1. Beauty therapist                         31. Barber

2. Spice/pulse grinder                   32. Makeup artist

3. Watchman                    33. Janitor

4. Dining-room servant                 34. Shift operator

5. Fishmonger                  35. Typist

6. Fisherman                     36. Watchman

7. Calligrapher                  37. Chef

8. Digger                             38. Turner

9. Porter                             39. Plumber

10. Office boy                   40. Tile fitter

11. Pipe fitter                    41. Meat griller

12. Cobbler                         42. Falafel maker

13. Sailor                             43. Dessert maker

14. Pipe filer                      44. Pastry maker

15. Grocer                          45. Waiter

16. Tyre repairer                              46. Machine operator

17. Shoemaker                 47. Clothes presser

18. Manicurist                   48. Car washer

19. Hairdresser                 49. Coffee maker

20. Clerk                              50. Butcher

21. Follow-up clerk                         51. Slaughterer

22. Archive clerk                              52. Painter

23. Tinker                           53. Tailor

24. Mechanic assistant                  54. Baker

25. Ironsmith                     55. Kneader

26. Welder                         56. Goldsmith

27. Carpenter                   57. Electrician

28. Builder                          58. Upholsterer

29. Shop attendants                       59. Blancher

30. Light vehicle driver                  60. Drawer/draftsman

 

 

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.