The government said the provision was an “anti-abuse” one and will only apply to income that is generated locally.
High income earners could find staying with old I-T regime more attractive.
Jaishankar, while interacting with NRIs in Australia, Surinam, the US, Singapore, Quatar, Malaysia, the UK and Mauritius through video conferencing on the occasion of Pravasi Bharatiya Divas, also said he would find a practical solution to the issue of tracing of roots for non-resident Indians (NRIs) and persons of Indian origin (PIOs).
NRIs are currently allowed to invest in Indian markets directly and indirectly through multiple routes.
Two hotel projects of the company are in the advanced stage of completion at Kakkanad, the IT valley of the state.
Most fund houses in India don’t allow NRIs from US and Canada because of the cumbersome compliance requirements under FATCA.
The Karnataka government is expecting to create multiple corridors with countries such as Portugal and Suriname whose top officials attended the event.
Siddaramaiah further stressed Karnataka's pro-NRI stance by pointing to the newly-released policy catering to their interests
Swaraj said this while chairing a meeting of India Development Foundation of Overseas Indians, a trust established to supplement development efforts.
The scheme, popularly known as Qrops, has been approved by Her Majesty’s Revenues and Customs, the body in the UK that collects and administers taxes.
Seeking to allay concerns, the sources said that government is ready to redeem $20 billion FCNR-B deposits as there is adequate forex reserves.
United Arab Emirates-based Lulu Group, has decided to invest Rs 5,000 crore in India over the next four years, largely for setting up shopping malls.
Lord Swraj Paul today met PM Narendra Modi and conveyed his appreciation of the recent decision of Indian government to treat NRI investments at par with resident investments.
Liberty House had last year stepped in to acquire units of Caparo Group, Lord Swraj Paul's steel company that went into administration.
25% of the international realty market in London also belongs to Indians with investments around GBP 1 bn while they also invested more than $2 bn in the Dubai real estate mkt in the first half of 2015.
The investment in UP will create an employment for 3,000 people, Ali said while addressing the maiden UP Prawasi Divas in Agra on Monday.
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