Search Result for : Nris

The Dollar Business Bureau The Reserve Bank of India (RBI) has permitted non-resident Indians (NRIs) to exchange scrapped notes of Rs.500 and Rs.1,000 till June 30. This exchange facility will be only available through specified offices of RBI in Delhi, Mumbai, Kolkata, Chennai and Nagpur.  Resident Indian nationals who failed to deposit the junked notes and were out of the country between November 9 and December 30, 2016 can get the facility to exchange the old notes up to March 31, 2017, and NRIs can exchange their old notes up to June 30, 2017.  NRIs (Non-Resident Indians) and Indian citizens abroad can deposit the demonetised currency up to Rs.25,000 during the grace period of 3-6 month, but only if they declare the junked banknotes to ...

The Dollar Business Bureau Reserve Bank of India (RBI) has given its approval to foreign investors to increase their share up to 30 percent in Motherson Sumi Systems Ltd, the flagship company of the Samvardhana Motherson Group. Earlier, the limit was 24 percent. “Foreign institutional investors (FIIs)/registered foreign portfolio investors (RFPIs) can, under the Portfolio Investment Scheme (PIS), now invest up to 30 percent of the paid up capital of Motherson Sumi Systems Limited,” the central bank said in a notification. The Board of Directors of the Motherson Sumi Systems had cleared a resolution and a special resolution has been passed by the shareholders agreeing to enhance the purchase limit of company’s equity shares by RFPIs/FIIs. Through PIS, the FIIs, NRIs and Persons of Indian Origin ...

PTI Qatar-based Doha Bank will open a state-of-the-art branch in Kochi next week, the only branch of a Gulf Cooperation Council (GCC)-based bank in India. Kerela chief minister Pinarayi Vijayan will inaugurate the branch, which will be located in the LULU International shopping Mall at Edapally, a press statement said Wednesday. It will mainly cater to the needs of the large NRI population, both in Kerala and the Gulf. The inauguration is set to take place on August 27 in the presence of senior government functionaries from Kerala, senior businessmen from Qatar, Board members of Doha Bank and prominent local corporates who have business interest in the GCC. Doha bank, which commenced its operation in Mumbai in April, 2015, provides corporate banking, retail banking, treasury, trade finance ...

Government has already allowed 100% FDI through automatic route in various sectors The Dollar Business Bureau Government has decided to introduce full fungibility of foreign investment in Banking-Private sector, says Commerce Minister   Towards creating a better ease of doing business environment in the country, government is taking moremeasures to carry out FDI-related reforms and bring in more foreign investments. This was informed by the Commerce Minister Nirmala Sitharaman in a written reply to Rajya Sabha on Wednesday. The investment commitments, through Foreign Direct Investment (FDI) equity inflows after launch of Make in India in September, 2014 has been worked out as $45,682 million for the period between October 2014 December 2015 (15 months after Make in India initiative launch), said the Commerce Minister. Taking ...

Dated November 10th, 2015 | Press Note | Today, India is the fastest growing economy among major Nations. The World Bank has improved India’s ranking by 12 places in the 2016 Study of Ease of Doing Business. FDI has gone up by 40%. Several Global Institutions have projected India as the leading destination for FDI in the World. IMF has branded India as the brightest spot in the Global Economy whereas the World Bank projects India's growth at 7.5% and even better. 2. With coming of NDA Government to power, Shri Narendra Modi has expressed his commitment to poverty elimination, inclusive development [make India a developed Country] and also to make India a Global Manufacturing Hub. Being aware of the constraint of financial ...

Sai Nikesh | The Dollar Business In a move towards attracting more foreign funds into the country, Reserve Bank of India (RBI) has allowed the Non-Resident Indians (NRIs) to make investments in chit funds without limit and on a non-repatriation basis. Welcoming the move, T S Sivaramakrishnan, General Secretary, All India Association of Chit Funds (AIACF), told The Dollar Business that the government’s decision allowing NRIs subscribe to the chit funds, without limit, on non-repatriation basis, is a positive one and this will give a major boost to Indian chit fund business. However, investments cannot be expected from foreigners other than NRIs, he added. We made many representations to the government in this regard. Finally, Indian government came up with ...

 The Dollar Business Bureau The Union Cabinet, chaired by the Prime Minister of India Narendra Modi, on Thursday, gave its approval to review the Foreign Direct Investment (FDI) Policy on investments by Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs). In this regard, the Cabinet gave its nod for the amendments to be incorporated in the new FDI policy. As per the proposed amendment, the definition of NRI also includes OCIs as well as PIOs and a decision in this regard is meant to align the FDI policy with the Government’s stated policy in order to provide the PIOs and OCIs an equal recognition with that of NRIs in terms of economic, financial ...