Latest news with #Non-Resident
Mint
05-07-2025
- Business
- Mint
Donald Trump's ‘One Big Beautiful Bill Act': How tax on remittances are set to impact Indians in US
Several provisions in Donald Trump's 'One Big, Beautiful Act' raise taxes on immigrants. That includes a new 1 percent tax on transfers of money to foreign countries like India, known as remittances. Many immigrants in the US send money to relatives in their countries of origin. As per the 'One Big, Beautiful Act', signed by Trump on Friday during a July 4 White House picnic, migrants and others who send money abroad would be taxed at 1 percent of the amount of the transfer. The Act states: 'There is hereby imposed on any remittance transfer a tax equal to 1 per cent of the amount of such transfer… The tax imposed by this section… shall be paid by the sender.' As per the rule, the tax will apply to transfers made via cash, money orders, or cashier's checks. However, transfers made from financial institutions or funded through debit/credit cards issued in the US will be exempt. Those using a 'qualified remittance transfer service' will also be exempt. The remittance tax rate was originally set at 5% but it was reduced to 1% in the final version of the Bill — easing concerns among millions of Non-Resident Indians. The rule applies to US residents who aren't citizens, including Green Card holders, H-1B and H-2A visa holders, and international students. This provision in the 'One Big, Beautiful Act' raises the cost for Indians in the US to send money back home. Remittances have long been a critical source of income for low- and middle-income countries, and have continued to exceed foreign direct investment (FDI) flows and ODA combined. According to the Reserve Bank of India's March Bulletin, 'The share of the US in India's total remittances remained the largest, rising to 27.7 percent in 2023-24 from 23.4 per cent in 2020-21.' Meanwhile, the World Bank said in December 2024 that India received a record $129 billion in remittances, the highest in the world, with 28 per cent of that coming from the US alone. There are nearly 54 lakh overseas Indians in the US, including about 33 lakh Persons of Indian Origin (PIOs), according to Ministry of External Affairs' data.
The Hindu
01-07-2025
- The Hindu
Register FIR in complaints sent from abroad if they are about cognizable offences, Kerala HC tells police
The police cannot refuse to register an FIR in a complaint sent by email from abroad if it is about a cognizable offence, the Kerala High Court has said. Justice Kauser Edappagath issued the ruling while considering a petition filed by a Non-Resident Indian woman residing in Australia. The petitioner approached the court alleging that the Muttom police did not act on a complaint against her husband she had sent by email in 2020 to the then State Police Chief (SPC) though the SPC had forwarded it to the jurisdictional police station for necessary action. She added that the local police declined to register an FIR citing that the complaint was unsigned, it was submitted through email and that the petitioner's physical presence could not be ensured due to her residence abroad. Sans territorial limitations The court observed that the concept of Zero FIR was introduced to ensure that victims are able to file complaints, irrespective of territorial limitations. Thus, an FIR should be registered if the complaint was about a cognizable offence, even if it was sent from abroad. Subsequently, the court directed the police to act on the petitioner's complaint by following the procedure prescribed under the Bharatiya Nagarik Suraksha Sanhita (BNSS), particularly Section 173 (Every information relating to the commission of a cognizable offence, irrespective of the area where the offence is committed, may be given orally or by electronic communication to an officer in charge of a police station).
Indian Express
22-06-2025
- Indian Express
The Reader's Corner: Bold reminders from the Air India crash
Written by Rameshinder Singh Sandhu It was on Instagram that I first learnt about the crash of Air India flight AI 171 which took off for London Gatwick from Ahmedabad but tragically landed on a hostel building for medical students during its 'initial climb'. In an instant, I felt jolted, like many worldwide. The accident, titled as one of the 'worst air disasters' by aviation experts, took scores of lives, including that of many students and staff of the hostel. From the aircraft, a Boeing 787, more commonly known as the Dreamliner, only one passenger survived, proving that miracles do happen. This is the first crash since the Dreamliner was launched by Boeing in December 2011, and industry insiders have always regarded the aircraft as very efficient and smart. Having often been on a 787 flight, I adore its large windows and it doesn't make much noise, be it during take-off or landing. My first Dreamliner flight was with Air India from Delhi to Amritsar – my hometown, in October 2017. Being an aviation geek, as I expressed excitement for my first 787 flight to one of the crew members, she offered me a quick tour of the aircraft, not missing the cockpit and even the crew rest areas, upon landing. Just a few weeks earlier, I had been inside the first Dreamliner plane at the Museum of Flight in Seattle, which went on a world tour in 2011 for the aircraft's promotion at several airports. The tour made 40 stops in 23 countries, covering 1,31,000 nautical miles (2,44,153 km). It was half with seats and half without to showcase its spaciousness. The area without seats was also used for cocktail parties and presentations. Coming back to the disaster, I have been imagining the passengers, for many of whom it may have been their first flight. I wondered about families with children, newly married couples with holiday plans in England, Non-Resident Indians who had to return to the UK after holidays in their hometowns, and parents who booked the flight to meet their children living in Britain. As I attended a three-week-long cabin crew training last year with Virgin Atlantic near Gatwick Airport, I have also been imagining the crew's side, from dressing up as per the company policies to attending the meeting led by the pilots along with the flight manager. The meeting could either take place in a dedicated room at the airport or near the boarding area in which positions on the aircraft are finalised for the crew members, besides discussion of the route, any turbulence expected or any special needs of passengers. Before passenger boarding commences, the crew checks the plane, from emergency equipment to anything hidden anywhere. One of the pilots steps down to check the plane from the outside with the engineers on duty. Once all checks are complete, the flight manager is updated, and the boarding commences. During the boarding, screening of passengers is done, especially to find out if everyone is in the right state of mind, besides showing them their seats. After all the cabins are secured, take-off happens, which treats one with amazing views as the crew members remain in their jump seats. The same was the scene on AI 171, but it lasted less than a minute and turned into a disaster which none on the flight must have imagined. Thankfully, the plane's black box, which has been found, will tell us the reasons behind the crash. An Air India pilot on Instagram shared that he had flown the same aircraft (registered as VT-ANB) from Milan to Delhi a week ago. My Spanish friend, who is an engineer at Zurich airport, told me that this aircraft also visited Zurich twice in the last six months. 'In terms of airworthiness, it was in good condition,' he said. But the disaster has left many lessons – 'bold reminders' – for us. Most importantly, life is uncertain as death comes unannounced. Despite that, we don't value the present time and prefer postponing almost everything for the future, about which we worry too much. Is the present not everything? Many of us also keep grudges and hatred towards others, forgetting that any moment could be the last with them. I wish we can all think deeper now and bring about the required changes to our minds. We will end up living more fully. Rameshinder Singh Sandhu is a freelance travel writer
Time of India
09-06-2025
- Business
- Time of India
Explained: Why holding mutual fund units in demat form makes sense
We live in an age where everything is becoming digital — faster, smarter, and more transparent. The financial sector has been relentlessly trying to innovate to make transactions seamless and investment journeys more efficient. Those who've witnessed the open outcry system of stock exchanges will gladly recall how the shift to online trading and the dematerialization of securities marked a defining leap. What once took days and physical paperwork, now takes just minutes — with a few clicks on a screen. And now, we are witnessing the logical evolution in this journey: Mutual Funds in demat form. Over a decade and a half ago, the Securities and Exchange Board of India ('SEBI') enabled investors to hold Mutual Fund investments — earlier available only as Statement of Account ('SOA') — in demat form through the stock exchange infrastructure. Best MF to invest Looking for the best mutual funds to invest? Here are our recommendations. View Details » by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Help abandoned elders today HelpAge India Donate Now Undo Since then, the depository ecosystem has continually evolved, enabling investors to manage their Mutual Fund holdings with ease. Today, you can convert your Mutual Fund SOA into demat form through your existing account — without the need to open a separate one. This facility is available to the Non-Resident Indians too, offering a unified experience for all investors. Each mutual fund scheme is assigned a unique ISIN, simplifying tracking and portfolio consolidation. Investors can subscribe to fresh units, Systematic Investment Plans , Equity Linked Savings Schemes, and/or New Fund Offers directly through their stockbroker and the units are credited straight into their demat account. Redemption is equally effortless—through your Depository Participants, broker, or electronically via NSDL 's SPEED-e services. Live Events Holding Mutual Fund units in demat form offers several advantages: a single consolidated portfolio view, automatic updates across all holdings, the ability to pledge for margin or loans, simple off-market transfers for gifting, and unified nomination—all within one digital framework. In a nutshell, this evolution aims to bring greater control, efficiency, and transparency to your mutual fund investments. While investors should factor in demat maintenance charges and brokerage fees. At NSDL, we remain committed to trying to enhance investor experience by building digital infrastructure that aims to support financial inclusion and investor empowerment . We believe holding mutual funds in demat form is not just a technical upgrade—it is the foundation of a more connected, secure, and simplified future of investing. So, start your investment journey by holding mutual fund units in your demat account. (The author Vijay Chandok is Managing Director and CEO, NSDL. Views are own) ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Economic Times
09-06-2025
- Business
- Economic Times
Explained: Why holding mutual fund units in demat form makes sense
iStock The system simplifies investing. NSDL highlights this as a transformative step in India's financial evolution. We live in an age where everything is becoming digital — faster, smarter, and more transparent. The financial sector has been relentlessly trying to innovate to make transactions seamless and investment journeys more efficient. Those who've witnessed the open outcry system of stock exchanges will gladly recall how the shift to online trading and the dematerialization of securities marked a defining leap. What once took days and physical paperwork, now takes just minutes — with a few clicks on a screen. And now, we are witnessing the logical evolution in this journey: Mutual Funds in demat form. Over a decade and a half ago, the Securities and Exchange Board of India ('SEBI') enabled investors to hold Mutual Fund investments — earlier available only as Statement of Account ('SOA') — in demat form through the stock exchange then, the depository ecosystem has continually evolved, enabling investors to manage their Mutual Fund holdings with ease. Today, you can convert your Mutual Fund SOA into demat form through your existing account — without the need to open a separate one. This facility is available to the Non-Resident Indians too, offering a unified experience for all investors. Each mutual fund scheme is assigned a unique ISIN, simplifying tracking and portfolio consolidation. Investors can subscribe to fresh units, Systematic Investment Plans, Equity Linked Savings Schemes, and/or New Fund Offers directly through their stockbroker and the units are credited straight into their demat account. Redemption is equally effortless—through your Depository Participants, broker, or electronically via NSDL's SPEED-e services. Holding Mutual Fund units in demat form offers several advantages: a single consolidated portfolio view, automatic updates across all holdings, the ability to pledge for margin or loans, simple off-market transfers for gifting, and unified nomination—all within one digital a nutshell, this evolution aims to bring greater control, efficiency, and transparency to your mutual fund investments. While investors should factor in demat maintenance charges and brokerage NSDL, we remain committed to trying to enhance investor experience by building digital infrastructure that aims to support financial inclusion and investor empowerment. We believe holding mutual funds in demat form is not just a technical upgrade—it is the foundation of a more connected, secure, and simplified future of investing. So, start your investment journey by holding mutual fund units in your demat account. (The author Vijay Chandok is Managing Director and CEO, NSDL. Views are own) (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
