NRI Worldwide > NRIssues
Punjab announces high level committee on NRI affairs
Report dated 05/01/2013 @ 5:21 PM
Speaking at the Pravasi Punjabi Sammellan 2013, Punjab chief minister Parkash Singh Badal announced the formation of a high-level committee on NRI affairs that will comprise of five senior cabinet ministers and an equal number of Punjabi NRIs from across the globe as representatives.
Badal said the state has introduced landmark legislation by enacting the Compulsory Registration of Marriages Act and the Human Trafficking/Smuggling Act to prevent the practice of illegal immigration, as well as the Urban Rent Control Act to safeguard property and ownership rights of NRIs.
He announced a slew of other NRI friendly measures and the set up of three more NRI Police Stations, as well as a fast track court for NRIs.
At the outset of his address Badal asked attendees to observe two minutes silence as a mark of respect to the memory of Ghadar heroes as part of the centenary celebrations of the movement in the history of the Indian National Freedom struggle.
Social security scheme could cover Indian workers in Malaysia
Report dated 27/12/2012 @ 5:10 PM
Malaysian Human Resources Minister Datuk Seri Dr S. Subramaniam and India's Overseas Affairs Minister Vayalar Ravi, held a meeting where they touched on various labour-related issues, after which at a joint press conference it was announced that workers from India can look forward to benefit from the India social security scheme being extended to include them.
Subramaniam said this could be another area where both countries can work together to strengthen the relationship and safeguard Indian workers in Malaysia. The social security scheme that was introduced in India in 2008 provides retirement and insurance benefits to employees working in factories or other establishments.
There are around 100,000 workers from India in Malaysia, 74,000 of which are in the semi-skilled and unskilled categories.
Online complaint system comes through for US NRI
Report dated 21/12/2012 @ 2:40 PM
Amarjit Singh Saini of Gaithersburg USA sent an email to the office of the Ferozepur deputy commissioner complaining that he had awarded a power of attorney to his aide Paramjit Singh to allow him to manage his plot of land worth Rs.1 crore in Guru Har Sahai, but Paramjit instead transferred some property to the favour of his grandson without the owner's knowledge or consent.
Saini has asked for a thorough investigation and the annulment of the registration of the land in question and restoration of his ownership rights.
Police found that Saini had a genuine complaint when they scrutinised the documents and an investigation was initiated right away, commencing the process to restore the ownership rights to the NRI. The deputy commissioner's office has mailed an appraisal report to Saini and the authority has opened a round-the-clock phone helpline.
NRI grooms abandoning brides a serious problem : Chief Justice
Report dated 17/12/2012 @ 3:09 PM
Speaking at a seminar titled 'NRI Abandoned Brides and Illegal Immigration' that was jointly organised by the Punjab Legal Services Authority in association with the Punjab State Commission for NRIs at Bajwara near Hoshiarpur, Chief Justice of India, Altamas Kabir asked parents to be wary and verify details of their prospective in-laws.
He said youths are attracted to greener pastures in foreign countries and consequently many of them are exploited by fake travel agents who indulge in illegal immigration that is responsible for the growing problem.
Justic Kabir said the government cannot be blamed for delays in disposal of the large number of pending cases.
Taxes can impact US NRIs who make gifts to persons in India
Report dated 09/12/2012 @ 3:28 PM
Before 1998 gifts were taxed in the hands of the giver in the form of the so called Gift Tax. In 1998 however, this was abolished and subsequently in 2004 a new tax was introduced in the Income Tax Act by which, tax would be levied, in some cases in the hands of the receiver.
By this provision gifts in excess of Rs.50,000 received by an individual will be taxed in the hands of the receiver. The value of the gift is added to the receiver's total income and tax calculated thereon. This includes cash as well as gifts in kind such as property, jewellery etc.
There are some exemptions on the tax on gifts however such as :
Any gift from a blood relative is exempt beyond Rs.50,000. Wedding gifts are also exempt beyond the limit of Rs.50,000 as are gifts received under a Will or inheritance.
Apart from this an Indian American making a gift to someone in India may attract tax in the US, depending on the amount gifted, which again includes cash as well as property and includes cash transfers made from an NRE or NRO account.
Gift tax exemption limits are fairly liberal and as always fairly complicated in its selection of the receivers and their relationship with the giver.
As always only qualified accountants or experts in the field can guide you to the best and most economical way to give one's family back home a gift.