NRI Worldwide > NRIssues
US NRIs advised to be aware of Foreign Account Tax law
Report dated 16/05/2013 @ 2:41 PM
The Foreign Account Tax Compliance Act or FATCA was implemented in January by the US Department of Treasury and the IRS that contains comprehensive final regulations that mark a key step in establishing their approach to combating tax evasion. For Indian Americans this only means more compliance, but it can get complicated.
In effect FATCA provisions focus on keeping track of non-compliance by US taxpayers who hold foreign financial accounts, which must be declared and tax paid on their global income in the US. One of the most significant indictments of US taxpayers hiding income offshore includes the multi-million value account holders of HSBC India.
There are many many options one can apply but they are extremely complicated and the reams of forms and papers that need to be signed and attested are mind boggling. Ignorance of the ruling is not counted as a reason not to be penalised, so in short it is strongly advised that NRIs talk to their tax accountants, banks and financial consultants to make sure they are following the rule of law of FATCA.
S Arabia hands over 15,000 Indian passports to Embassy
Report dated 14/05/2013 @ 1:30 PM
Saudi Arabian employers have surrendered 15,000 passports of Indian workers to the Indian Embassy in Riyadh in a move to resolve cases of immigration law violations.
According to the deputy chief at the Indian mission most passports surrendered by sponsors to the Saudi authorities belong to stranded Indian workers, including those in jails or on absconding charges or violation of Saudi residency laws. This will now help repatriate all those workers provided they have no civil or criminal cases against them.
The Embassy has uploaded the list of passports returned and said they will be given only to holders who provide a photocopy of the document. All cases against immigrants who have violated the laws will be dropped once the new Nitaqat law is implemented.
Punjab NRI Commission takes cognisance of fraud by travel agents
Report dated 03/05/2013 @ 3:27 PM
The NRI Commission of Punjab has taken suo-motu cognisance of media reports on allegations of fraud by local travel agents, made by 13 youths who have returned from Iraq.
Travel agents Parminder Singh, Sunil Kumar and Saheb who have offices in Jalandhar, had sent the young men to Iraq for a fee of Rs.15 lakhs and promised them jobs. The jobs did not materialise as promises were not kept, and the youths were forced to spend very hard days in the foreign country.
One of their companions Jagdeep Singh, is still held hostage by goons in Iraq as he could not arrange Rs.50,000. His family have a video showing their son surrounded by people carrying lethal weapons.
The travel agents are absconding and their offices have been shut down.
Goa NRI commission launches new website
Report dated 28/04/2013 @ 2:25 PM
The Goa NRI commission launched its newly redesigned website at an event that was attended by chief minister Manohar Parrikar, the commissioner for NRI affairs Wilfred Mesquita and other dignitaries, in Porvorim.
Parrikar lauded the NRI commission for their good work and announced the intention of the government to convert it into a full-fledged government department. He urged the commission to try and provide a link in the website to the Dharnakshya website of the directorate of settlement and land records that receives a number of hits from North America, indicating that many Goans are worried about their property back home in Goa.
The earlier website www.globalgoans.org will be functional till September. The new site is more user-friendly and easy to navigate, and includes the latest laws passed, government schemes and circulars and other important aspect. The new site also links to local banks and hotels giving NRIs easy access across the board.
The new site address is www.nri.goa.gov.in.
NRIs protest customs rules restricting gold import as archaic
Report dated 11/04/2013 @ 1:44 PM
NRIs say rules that restrict the amount of gold cash and baggage they can carry back home are archaic. They are subjected to spot and random checks at Indian airports and anyone found carrying over the prescribed limit is told to pay duty. Though the gold limits were raised recently NRIs believe the limit should be based on quantity instead of value.
An average Indian woman wears much more than of the Rs.100,000 gold limit specified for females.
NRIs and others can take foreign exchange home but they have to declare it if the amount exceeds $5000 or equivalent or where the aggregate value of foreign exchange such as banknotes and travellers cheques exceeds $10,000 or equivalent, a ruling NRIs say is illogical and bizarre.