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<keyword id="58225" type="ORGANIZATION" weightage="100" keywordseo="NRIs">NRIs</keyword> with offshore bank accounts would not be able to escape the investigation by tax authorities. If found guilty, they will have to instruct the overseas banks to share their account information with the Indian tax office to prove themselves innocent. 
 
Only after the authorities are convinced that the money in the account does not belong to the person who has been pulled up for hiding offshore assets, would they be able to escape their eyes. 
 In a recent case, the Bombay High Court has dismissed the writ petition filed by an NRI, who was an alleged beneficiary of a trust which was linked to an <keyword id="832748" type="ORGANIZATION" weightage="100" keywordseo="HSBC-Geneva">HSBC Geneva</keyword> account, after she refused to sign the "consent waiver" form. Due to secrecy rules, Switzerland banks and tax havens don’t divulge account information until they get consent from account holders. 
 
The court, in its order dated April 5, said, "In the normal course of human conduct if a person has nothing to hide and serious allegations/questions are being raised about the funds, a person would make available the documents which would put to rest all questions which seem to arise in the mind of the authorities." 
 
Since the petition was not withdrawn, the order would most likely be used by the taxmen against those they suspect to have HSBC Geneva accounts. 
 
<a href="http://s3.amazonaws.com/armstrongeconomics-wp/2014/06/Swiss-COW.jpg">Image source</a>

Tax authorities can investigate NRIs with offshore bank accounts until they give consent for information sharing

Some US-based NRIs are under the impression that a new information-sharing protocol might bring their assets, financial details and capital market investments in India under the scanner of US tax authorities. This is the reason why many of them are considering selling their properties in India, even at discounted rates as the <keyword id="847167" type="UNKNOWN" weightage="100" keywordseo="Indian-real-estate">Indian real estate</keyword> market is going through a low phase. 
 The protocol under question is called the US Foreign Account Tax Compliance Act (<keyword id="838871" type="ORGANIZATION" weightage="100" keywordseo="FATCA">FATCA</keyword>), which was recently agreed to be implemented by both India and the US. The law aims to make sure that tax is paid on the income generated from residents’ overseas wealth. Under the agreement, both governments would be sharing information about their respective citizens that have assets in each other's countries. 
 
Even though it’s easy for the Indian government to take notice of mutual funds and bank accounts held by NRIs, identifying property held by them is not a cakewalk. 
 
However, with the new law coming in action and proper regulations being unclear to commoners, NRIs are anticipating that with time, details of their assets would be shared with US authorities automatically, which they want to avoid and are hence selling off their properties. 
 
The last decade saw many NRIs investing in Indian properties, because of the boom that the industry had seen. Many of these investments were done in coming-of-age cities, like Gurgaon. 
 
As of now, there are two schemes in the US under which NRIs can declare their wealth back home in India. In the first, there is no penalty for those who claim that they were unaware of the liability, although they have to pay the tax for income generated over the past three years. In the second scheme, however, one is required to pay back taxes for eight years, along with interest as well as a 27.5% penalty to compensate for non-compliance. 
 
<a href="http://www.dawnsandovalresidential.co.uk/wp-content/uploads/2011/01/iStock_000009966323Small.jpg">Image source</a>

FATCA scaring US NRIs to sell off investment properties in India

Buying a home ‘back in India’ is every NRI’s dream. Thankfully, it can be fulfilled due to availability of easy home loan facilities, relaxed rules by the RBI and online transacting options. 
 
While the guidelines to apply for NRI home loans are same as those for resident Indians, certain terms differ for the former. NRIs are allowed to buy any property or plot for commercial or residential use however agricultural land, plantation property and farmhouse are not permissible unless specific consent from the RBI is attained. 
 
So if you’ve shortlisted a property and want to approach a bank, it will be a good idea to ensure that you meet the following criteria. 
This begins with the NRI status in the first place. Both Non-Resident Indians and Persons of Indian Origin can apply for home loans. While salaried people need to have spent a minimum of one year in employment abroad, businessmen or self-employed are eligible only after three years of employment. 
 
Furthermore, self-employed might find themselves battling stricter rules and challenges. For example, those with office spaces and white collared jobs get granted loans, but a taxi driver might not. PIO and OCI may not be allowed to buy plots and commercial properties but those classified as NRIs can. Certain jobs may also be treated differently. For instance, Indian Merchant Navy personnel can be classified as NRI if they possess a foreign account and the same rules will apply. 
 
Any person above the age of 21 can apply but a ruling factor for home loan sanctions are the income and educational qualification of the applicant. One is required to possess at least a graduation degree or diploma certificate. With respect to income, banks differ on minimum income limits but an average of USD 30,000 for those living in Western countries and 35,000Dhms for those in the Middle East usually suffices. But do keep in mind that banks don’t fund negative locations like Africa. 
 
The documentation requisites mostly include passport copy, valid visa and work permit copies, proof of foreign residence, employment contracts, salary certificate and updated NRE/NRO account statements. Certain banks may ask for more documents either based on your income or location. However, the good news is one needn’t make a visit to India to apply for home loans. Most reputed banks have their branches on foreign shores, or one can even apply online. However, a friend or family member living in India will have to mandatorily be assigned the Power of Attorney and as co-applicant to carry out further formalities with the bank. 
 
Most banks allow 80-85% of the value of property subject to gross monthly income. The rate of interest for NRI home loans tend to be the same or sometimes marginally higher than resident loans due to the higher risk involved. In case of flat purchases, the banks pay the loan amount directly in favour of the builder as per the due dates mentioned in the agreement. Unlike resident Indians, the tenure for NRI home loans is usually restricted to 15 years and can be extended at the discretion of the bank for select individuals. This is because most banks have a general idea that repayment capability is much higher for those living abroad. 
 
The down payment and repayment of the loan can only be done in Indian Rupees and through normal banking channels or NRE/NRO accounts by way of remittances from abroad. In case the house bought is for investment purpose, the RBI also permits rent received to be paid against the EMI. 
 
However, before going ahead with the loan, do make sure to check for any hidden costs or loopholes involved. Comparing rates of different banks and checking other costs like processing and administrative fee, pre and late payment charges etc. will help make a more informed choice. 
 
Assigning the Power of Attorney in advance can further quicken the process. With numerous housing portals dominating the online space today, the ease of shortlisting a house and applying for loans has become a child’s play. Some of these portals have also partnered with financial institutions to provide better service and a hassle free experience. Not only do they liaison between the bank and the customer, but also ease the documentation work with builders. 
 
So if you intend to apply for a home loan by either doing a quick visit to India or sitting comfortably on foreign shores, here is a quick checklist to keep in mind. 
 
· Cross check your eligibility for applying, compare bank rates and terms of the loan. 
· Study the market, shortlist a property and verify its details. 
· Have all the documents like the passport, valid visa and work permit, contract of employment, work experience certificate, salary certificate and statements of NRE/NRO accounts etc., ready in advance. This reduces approval and processing time. 
· Assign the POA to a trusted family member or friend. 
· Keep a track on repayment and smooth closure for a clean credit history. 
 
The Indian real estate market has much to offer today. For those sitting on foreign shores and looking to invest in India, there couldn’t be a better time. 
 
(The article is contributed by Housing.com) 
 
(Image: Thinkstock)

Here are dos and don’ts for NRIs who apply for home loans

We have some good news for <a href="http://www.businessinsider.in/searchresult.cms?query=NRI">Non Resident Indians (NRIs)</a>, who are yet fidgeting over new policies that the Modi-government has introduced, can claim tax benefits as per the <a href="http://www.businessinsider.in/searchresult.cms?query=DTAA">Double Taxation Avoidance Agreement (DTAA)</a>. This agreement fundamentally happens between two countries to help their citizens avoid tax related hazards. 
 As per an Economic Times report, India has signed the <keyword id="96355" type="ORGANIZATION" weightage="20" keywordseo="DTAA">DTAA</keyword> with several countries. As per the agreement, the provision of the <a href="http://www.businessinsider.in/searchresult.cms?query=income+tax">Income Tax </a>applies to the assessee to an extent they provide maximum benefits to him during the assessment. Provisions of the DTAA prevail over the statutory provisions. <keyword id="58225" type="ORGANIZATION" weightage="20" keywordseo="NRIs">NRIs</keyword> residing in any of the DTAA countries can avail of tax benefits provided under DTAA by timely submission of the following documents. 
 
<keyword id="896047" type="UNKNOWN" weightage="20" keywordseo="Tax-Residency-Certificate">Tax residency certificate</keyword> (TRC): The Tax Residency Certificate (TRC) can be obtained from the government of the country where the NRI resides. The mandatory information for TRC is the name, status (individual, company, firm etc), address, nationality, country, tax identification number of the person in that country, tax status and period for which the tax certificate is issued. The TRC containing details mentioned above should be duly verified by the government of the country or the specified territory of which the NRI claims to be a resident for the purposes of tax. 
 
If the TRC is not submitted within the timeline required by the deductor, the deductor (eg. Bank) will deduct tax on NRO deposits at the presently applicable rate of 30.9%. 
 
Self declaration-cum-indemnity form: This form is to be submitted in the format prescribed by the particular bank. Information such as account number, country of residence, period for which TRC is submitted, tax rate applicable under DTAA needs to be mentioned in the form. 
 
Other documents: The NRI is required to submit a self attested copy of PAN card, passport and visa. If the passport has been renewed during the financial year, a copy of PIO card will also have to be submitted. 
 
 Image: indiatimes

NRIs, here’s how you can claim tax benefits under DTAA

With the 2019 Lok Sabha Elections fast approaching, the media is abuzz with elections and polling related topics. But there is a lot of misinformation about how NRIs can vote in the forthcoming elections. A few months back, the Lok Sabha passed a bill that allowed proxy voting by NRIs. The measure followed the concerns that NRIs also need the proxy voting facility to cast their votes in the same way the service personnel make use of this arrangement. The Ministry of External Affairs has estimated that over 3.10 crores of NRIs are living across different countries in the world. The Lok Sabha felt it was necessary to respect the contributions of these NRIs who are doing well in different parts of the globe and give them voting rights in India. While framing the rules that will allow the NRIs to vote through a proxy, the government said it will also ensure that the system is not misused by anyone. The EC cautions about fake news On its official website, the Election Commission has issued a warning not to believe the fake news being circulated in the media that the NRIs holding a valid Indian passport can vote online in the 2019 Lok Sabha Elections. It has confirmed that there is no online voting facility given to any category of voter as per the present state of things. How an NRI can vote? At present, there are two remote voting facilities available in India namely postal ballot and proxy voting. Postal ballot lets the voter vote via post. This facility is available to the armed forces personnel, electors facing preventive detention and those people on election duty. The proxy voting facility is at present made available for the armed personnel, police personnel and the government officials who are posted outside of India. This arrangement lets the concerned individual authorize another person living in his or her area to cast a vote on their behalf. The bill that wished to extend the proxy voting to NRIs was passed in the Lok Sabha, but could not get approved in the Rajya Sabha and hence got lapsed. Since India does not support online voting and hence the proxy voting bill could not come through successfully, the only way an NRI can vote during the upcoming elections is to personally visit the polling booth and exercise his or her franchise. Registering of overseas voters NRIs can vote in their hometown by visiting the polling booth personally on the date of polling after registering as an overseas voter. The form is available online at <a href="http://ecisveep.nic.in/voters/overseas-voters/">http://ecisveep.nic.in/voters/overseas-voters/</a>. Alternatively, it can also be collected from any nearest Indian mission. The duly filled in form with the supporting documents asked can be supported to the Electoral Registration Officer in the respective constituency either in person or via post. Once the details are verified, the ECI will approve the candidate as an overseas voter. This candidate needs to get an EPIC card upon returning to India by re-registering as a general voter.

Lok Sabha Elections 2019: Can NRIs vote?

This year <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">real estate</keyword> players in India will have a reason to smile. Studies indicate that NRI property buyers’ investment is expected to surge by 35% against 18% in the last fiscal year. 
	 “NRIs feel confident about the new government of India and waiting for an investment-friendly market in various fields” said D S Rawat, secretary general of <keyword id="6355988" type="CITY" weightage="20" keywordseo="Assocham">ASSOCHAM</keyword> in a report. According to a survey conducted by the industry body, where 850 real estate developers were questioned, there has been a substantial increase in number of enquiries from NRIs. The survey was carried out in Delhi-NCR, Chandigarh, Mumbai, Kolkata, Bangalore, Hyderabad, Ahemdabad, Pune, Dehradun and Chennai among others. 
	 Rawat attributed this rise to the revival of global economies. “People are more optimistic and looking for property to invest in. Both small and big developers are foc<keyword id="6354458" type="COUNTRY" weightage="20" keywordseo="US">us</keyword>ing the NRI base in the US, <keyword id="6354868" type="COUNTRY" weightage="20" keywordseo="UK">UK</keyword> and Asia Pacific Region this year. ” 
	 According to the findings of the survey, NRI property buyers have shown inclination towards high-end residential and commercial properties in the country. A large number of enquiries are coming from Indians residing primarily in the Middle East, the US, <keyword id="6356662" type="COUNTRY" weightage="20" keywordseo="Singapore">Singapore</keyword>, Australia, UK, Canada and South Africa. 
	 
	In terms of the most preferred city, Bangalore has topped the charts followed by Ahmedabad, Pune, Goa and Chennai. Surprisingly, Delhi is among the least preferred real estate markets. 
	 
	“Bangalore tops in terms of investment from Non Resident Indians (NRIs) who are considering settling down in India in coming years. The major factors that drive NRIs to invest in Bangalore’s property market is the booming IT sector. On the other hand, Ahmedabad has continued to be the most stable market in terms of demand and absorption of both residential and commercial spaces. NRI’s consider Ahemdabad as a safe place to invest in, with lenient government regulations regarding property investments by NRIs. While Pune takes the 3rd place with 30.5%, Chennai at 28% per cent assumes 4th position and Goa is at 5th position with 23%. While in Delhi, only 21% NRIs are interested in property purchase,” the study disclosed. 
	 
	In order to woo the cash-rich NRI clientele, real estate players have not only organised property shows and exhibitions, but have also expanded their existing distribution chains and entering into strategic partnerships to encourage investments in the Indian property market. 
	 
	 NRI Investments In India’s Real Estate Market To Surge By 35%NRI property buyers’ investment is expected to surge by 35% against 18% in the last fiscal year.“NRIs feel confident about the new government of India and waiting for an investment-friendly market in various fields” said D S Rawat, secretary general of ASSOCHAM in a report. 
	 
	According to a survey conducted by the industry body, where 850 real estate developers were questioned, there has been a substantial increase in number of enquiries from NRIs. The survey was carried out in Delhi-NCR, Chandigarh, Mumbai, Kolkata, Bangalore, Hyderabad, Ahemdabad, Pune, Dehradun and Chennai among others.Rawat attributed this rise to the revival of global economies. “People are more optimistic and looking for property to invest in. Both small and big developers are focusing the NRI base in the US, UK and Asia Pacific Region this year. ” 
	 
	NRI property buyers have shown inclination towards high-end residential and commercial properties in the country. A large number of enquiries are coming from Indians residing primarily in the Middle East, the US, Singapore, Australia, UK, Canada and South Africa.Ahmedabad, Pune, Goa and Chennai. Surprisingly, Delhi is among the least preferred real estate markets.NRIs) who are considering settling down in India in coming years. The major factors that drive NRIs to invest in Bangalore’s property market is the booming IT sector. 
	 
	On the other hand, Ahmedabad has continued to be the most stable market in terms of demand and absorption of both residential and commercial spaces. NRI’s consider Ahemdabad as a safe place to invest in, with lenient government regulations regarding property investments by NRIs. While Pune takes the 3rd

NRI Investments In India’s Real Estate Market To Surge By 35%

<ul><li>Yesterday, the <keyword id="6355187" type="UNKNOWN" weightage="20" keywordseo="lok-sabha">Lok Sabha</keyword> passed a bill that allows Non-Resident Indians (NRIs) to cast their vote through an Indian resident. </li><li>The bill amends the Representation of People Act, which only allows government officials abroad or members of the army to submit their votes through a proxy. </li><li>As of December 2016, there were 13 million NRIs around the world, according to the Ministry of External Affairs. </li></ul> Till now, if you were a Indian citizen living abroad and you wished to vote in an Indian election, you would have to physically travel back to your constituency in India and cast your vote. However, that looks set to change. Yesterday, the lower house of India’s Parliament passed a bill that affords Non-Resident Indians (NRIs) the privilege of submitting their votes through “proxies”, or a person living in India. The bill amends the Representation of People Act, which only allows government officials abroad or members of the army to submit their votes through a proxy. The move has been in the works for a while. A proposal to allow NRIs to cast their votes electronically was mooted by the Election Commission in 2015, however after the central government accepted the proposal the following year, there hadn’t been any real movement on the issue. Additionally, a proposal to allow NRIs to vote through postal ballots was shot down over concerns that it would too difficult to implement. The issue of <keyword id="6357804" type="UNKNOWN" weightage="20" keywordseo="NRI">NRI</keyword> <keyword id="43546" type="EVENT" weightage="20" keywordseo="Voting">voting</keyword> was given a new lease of life <a href="https://indianexpress.com/article/india/government-clears-proxy-vote-move-for-nris-4779759/">in August 2017</a>, when the Cabinet cleared a proposal to allow proxy voting, thereby preparing the policy for discussion in the Parliament. At the time, the proposal included a provision that made it mandatory for NRIs to nominate a new person every time they vote in an election, unlike service personnel who are allowed to nominate a permanent proxy. A number of concerns NRIs are an important vote bank. As of December 2016, there were 13 million NRIs around the world, according to the Ministry of External Affairs. They have consistently complained about their inability to vote in <keyword id="6355644" type="DEFINITION" weightage="20" keywordseo="elections">elections</keyword> and the bill addresses their complaints. However, the bill also raises a number of important issues. Firstly, the party that is currently in power, the <keyword id="14666" type="ORGANIZATION" weightage="20" keywordseo="BJP">BJP</keyword>, enjoys a huge following among the NRI community, and this bill could be an important ploy to win them over ahead of national elections next year. Secondly, the proxy voting process is vulnerable to misuse. There don’t seem to be any sufficient checks and balances in place to ensure proxies vote for the NRI’s choice of candidate. Lastly, and this issue is largely unsolvable, only parties with sufficient financial resources will be able to roll out significant promotional campaigns abroad, which tilts the balance of power against smaller, regional parties. There is no adequate mechanism to track how much is spent by these parties outside India. All things considered, however, the move is a step in the right direction. A number of NRIs, especially manual workers, are unable to travel back home for elections. The bill allows them to have a say in India’s democracy. The amended act will now be sent to the upper house of Parliament. After it is approved by the Rajya Sabha, it will be codified into law.

The Indian Parliament has passed a bill that allows “proxy voting” for Non-Resident Indians

A slump in the consumer demand in the realty market has definitely hit the developers hard. But they can heave a sigh of relief. It seems our <keyword id="58225" type="ORGANIZATION" weightage="20" keywordseo="NRIs">NRIs</keyword> community has revived its interest in the property market back home for investment purposes. 
	 “For a protracted period, investments in India did not offer good returns, causing NRIs to choose to invest in the countries they migrated to - or anywhere else where the markets were attractive. However, with the resurgence of the Indian economy after the arrival of a stable government intent on boosting business in the country, things are changing. Today, the Indian realty market is once again a prime focus area for NRI investors,” said Ashwinder Raj Singh, CEO, Residential Services at <keyword id="484198" type="COMPANY" weightage="20" keywordseo="JLL-India">JLL India</keyword>. 
	 
	He added that while NRI property buyers have their preferences amongst Indian cities, a larger chunk of investment in the residential property is done in these two cities—Delhi and Mumbai. 
	 
	“Generally, the NRI community prefers to invest in their states of origin – primarily Kerala, Karnataka, Tamil Nadu, Maharashtra and Delhi NCR. However, since residential inventory has piled up in the two major cities of Delhi and Mumbai, investors are currently very well placed to find good bargains in these markets, as most developers there are offering discounts and attractive financial schemes,” Singh noted. 
	 According to industry experts, NRIs who are soon to retire should look at investing in India as the basic social <keyword id="17408" type="PERSON" weightage="20" keywordseo="infrastructure">infrastructure</keyword> in most of the larger Indian cities has been upgraded. 
	 
	However, the industry also suggested that NRIs must consult professionals with extensive research-driven background to ensure that they will get the best returns for their investment. “As a rule, NRI investors should be wary of projects by unknown developers who have no existing track record. Innumerable numbers of buyers are currently falling in trouble because they have plugged their funds in projects which do not have all the mandatory clearances and fall short of even the minimum standards of quality construction. Unless a NRI plans to visit India and personally evaluate projects, he or she should opt only for reputed developers,” he stated. 
	 
	Additionally, he said that NRIs should take care of other factors such as the credibility and brand visibility of a developer in the market, the location of the project in terms of social and civic infrastructure, the amenities and the timelines for possession in the case of under-construction projects. 
	 
	“NRI investors focused on benefiting from discounts can consider booking in projects which are in the pre-launch stage, as prices tend to be competitive. Again - while due diligence is important for end-users, it is even more important for investors who are considering projects in upcoming or peripheral locations of the primary cities. Professional real estate advisors should be consulted to establish for the legitimacy of such projects,” said Singh. 
	 
	It should be noted that in the last few years, Indian developers had miscalculated the demand in the market and how much buyers - including NRIs - are willing to spend on their first or second homes. This resulted in increased levels of supply overhang of larger-configuration apartments. However, selective correction in many such property markets is taking place and the prices of real estate projects is expected to come down substantially.

Know why NRI home buyers are back on property
developers’ radar

New Delhi, Mar 4 () The government on Wednesday permitted NRIs to own up to 100 per cent stake in disinvestment-bound Air India. The decision comes at a time when the government is looking to sell 100 per cent stake sale in the national carrier. Union minister Prakash Javadekar said the Cabinet has approved allowing Non-Residents Indians (NRIs) to hold up to 100 per cent stake in Air India. Allowing 100 per cent investment by Non-Resident Indians (NRIs) in the carrier would also not be in violation of SOEC norms. NRI investments would be treated as domestic investments. Under the Substantial Ownership and Effective Control (SOEC) framework, which is followed in the airline industry globally, a carrier that flies overseas from a particular country should be substantially owned by that country's government or its nationals. Currently, NRIs can acquire only 49 per cent in Air India. Foreign Direct Investment (FDI) in the airline is also 49 per cent through the government approval route. As per the existing norms, 100 per cent FDI is permitted in scheduled domestic carriers, subject to certain conditions, including that it would not be applicable for overseas airlines. In the case of scheduled airlines, 49 per cent FDI is permitted through automatic approval route and any such investment beyond that level requires government nod. On January 27, the government came out witha Preliminary Information Memorandum (PIM) for Air India disinvestment. It has proposed selling 100 per cent stake in Air India along with budget airline Air India Express and the national carrier's 50 per cent stake in AISATS, an equal joint venture with Singapore Airlines. Under the latest disinvestment plan, the successful bidder would have to take over only debt worth Rs 23,286.5 crore while the liabilities would be decided depending on current assets at the time of closing of the transaction. This is the second attempt by the government in as many years to divest Air India, which has been in the red for long. RR NKD RAM RAM

Govt permits NRIs to own up to 100% stake in Air India

Canada, Australia, the US still might be a hot favorite among Indians who dream of going and staying abroad, but the heart of non-resident Indians lies in India. No wonder, they are planning for a ‘ghar wapasi’ considering the pace of recovery that India’s economy has shown in the recent past. 
 
A recent Economic Times report reveals that the trend of Indians returning from abroad to work here has picked up pace with the recovery in the country's economy. The reasons for the homing pigeons coming back to their lofts are quite similar — family matters and better job prospects, the report mentioned. 
 
So, who all are coming back? IT professionals? Doctors? Everyone say recruitment experts, who feel that it is a more broad-based trend encompassing sectors like banking and finance, pharma, auto, textiles and food processing. Moorthy K Uppaluri, CEO, Randstad India, told ET that with the recovery of the Indian economy and increase in the number of Indian companies looking to expand globally, there is a definite rise in the number of Indian repatriates. 
 Better prospects and avenues in the country are some of the factors, which <keyword id="58225" type="ORGANIZATION" weightage="20" keywordseo="NRIs">NRIs</keyword> are considering to come back to India. The fact that salaries in the West and India are now almost at par is also helping them take this decision. Uppaluri told ET, "About a decade ago, the difference in the junior and middle levels was as much as 75%, and at the top management level it was about 50% to 60%. Today, the difference at the junior and middle levels is about 50%, and at the top it's just about 30% to 40%." 
 
Nilay Khandelwal, regional director, Michael Page, a recruitment firm also agrees. He told the financial daily, “The gap has been reduced as the early movers had a better advantage than people moving at later stages. So, for example, a 40-50% premium in the past is now reduced to 20-30%." 
 Foreign banks have started witnessing this reversal of brain drain. "We have seen a lot of interest across the developed markets from managers wanting to relocate to India, whether for personal or professional reasons. In the last 18 months, the trend of returning Indians has gathered momentum," Anuranjita Kumar, chief HR officer, Citi South Asia told ET. "The last time around when we witnessed such a trend was a decade ago between 2005-07 when Indian <keyword id="35050" type="CITY" weightage="20" keywordseo="gdp">GDP</keyword> growth was around 8% to 9%. However, following the subsequent uncertainty surrounding the global financial crisis and lower growth in India, the trend plateaued out," said Kumar.

‘Ghar wapsi’ of a lucrative kind!

New Delhi, Mar 20 () The Department for Promotion of Industry and Internal Trade (DPIIT) has notified a decision of the union cabinet to allow non-resident Indians (NRIs) to control up to 100 per cent stake in disinvestment-bound Air India. The FDI policy earlier permitted NRIs to take only 49 per cent stake in the airline. In its press note, the DPIIT said: "Foreign investments in Air India including that of foreign airlines shall not exceed 49 per cent either directly or indirectly except in case of those NRIs, who are Indian Nationals, where foreign investment is permitted up to 100 per cent under automatic route". On March 4, the cabinet had taken a decision in this regard. The decision came at a time when the government has sought preliminary bids for 100 per cent stake sale in the national carrier. It also said that the condition that substantial ownership and effective control (SOEC) of Air India shall continue to be vested in Indian nationals. An official statement has earlier stated that in light of the proposed strategic disinvestment of 100 per cent of Air India by the government, it has been decided that foreign investment in Air India be brought on a level-playing field with other scheduled airline operators. The national carrier will have no residual government ownership and will be completely privately owned. Under the SOEC framework, which is followed in the airline industry globally, a carrier that flies overseas from a particular country should be substantially owned by that country's government or its nationals. RR ANSANS

DPIIT notifies decision to permit NRIs to own up to 100 pc stake in Air India

An NRI often faces this dilemma when his loyalties are in question. Are you with the country, or are you against it? That’s the most uncomfortable question he needs to answer, every time an NRI voices his concern about his homeland. Because, in simple words, an NRI is often pilloried with the accusation of running away from the country, than serving it. 
 Consider this. The answer is never easy, assumptions are complicated and conclusions on this can never be simpler. ‘It’s complicated’ if you have to answer this question in a facebook style. Broadly classify them into categories and you can find two kinds of <keyword id="58225" type="ORGANIZATION" weightage="20" keywordseo="NRIs">NRIs</keyword>. One that left the country in search of greener pastures, and the other who plan to come back with all the knowledge and help the country turn better. Either way, both categories can be copies of each other, often juxtaposing, intersecting and meeting each other at strategic points. 
 The recent general elections changed their role in a substantial way. PM <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>, who comes from the state of Gujarat that presumably has highest population of NRIs living in various foreign countries, has always been engaging with the NRIs. Sometimes, he has made them share holders of his road to occupying the power corridors of central government. He has engaged the Indian diaspora with equal passion as he engaged the voters inland. 
 
His journey from Gujarat CM to being the PM of the world’s biggest democracy, has been very gratifying for those people living away from their homeland, and yet yearn to do something to change the image of India. The India of aspirations and hopes is what Modi stands for. 
Keeping his word, Modi during his initial days in the office, ensured most of the practical assurances he gave to his voters and supporters were acted upon. NRIs , of course, have a bigger role to play in the emerging India than ever before. 
 
The crowd at Madison Square during his recent US visit was a testimony of his popularity even with Indians abroad. Those who left the soil for better future were hoping to hear the man, assure them their share of ‘acche din’ and engage them in a way that is gratifying for both the country and themselves. 
 
While the diaspora as a community is cautious of the radical image that has been associated with him, NRIs as a lot are also desperate to engage with a lot of passion in the future of the country. Salvaging as a word doesn’t quite convey every emotion that’s associated with it. There’s a tangible change in the attitude of NRIs towards their homeland. Some of them want to return home and participate in the bigger and brighter journey the country is going to undertake while the new leadership steers the nation towards a balanced <keyword id="42546" type="UNKNOWN" weightage="20" keywordseo="Growth">growth</keyword>. Economy, money, funds, and business aren’t so dirty as they used to be when India rested on the laurels of socialism smitten ideology! 
 During the first phase of this ‘dream’ turning into reality, <keyword id="2238662" type="UNKNOWN" weightage="20" keywordseo="PM-Modi">PM Modi</keyword> has initiated talks with many NRI scientists to woo them to return to their homeland and be partners in the success walk. ISRO’s astounding success with Mangalyaan has put India on a trajectory where the world watches its next step in the field of science with awe. Just as he is at home with his ‘Sangh’ image, Modi has always known the role research and science plays in the future of the country. 
 
The Ministry of Science and Technology has already approached many scientists for talks that could lead to some of the brightest minds to return to bolster the image of ‘Bharat’ as much as India. 
 
The recent slogan of ‘Make in India’ is something that puts India on center stage of things that are going to turn out in the near future. 
NRI participation will be sought on all fronts, especially where revitalisation of Indian education system, reinstating of the culture that has seemingly diluted in the recent years, and put a check to the practice of mindless borrowing from western countries. 
 
BJP-led NDA government has come at the most appropriate moment when the ‘Bharat’ will occupy the space of ‘India’ with great trade relations with the rest of the world. Mind you, focus would be a fruitful relationship that will ensure some mutual benefit. 
 
For this, the negotiating power comes from best minds that will be urged to return home and take part in the path to progress. This way, India, the largest democracy in the world, will march towards being a country of high intellect and strategic growth. And, PM Modi will lead the march.

Indian Diaspora May Play Greater Role In Future ‘Bharat’

The fancy villas with infinity pool or a private gymnasium in Gurgaon or those luxury apartments in the Pune that boast of a big closet, mahogany furniture and Italian floorings, <keyword id="386983" type="UNKNOWN" weightage="20" keywordseo="Luxury-homes">luxury homes</keyword> across the country has certainly been able to beat the slump in the Indian realty market. Catering the crème de la crème of the country, the luxury homes segment has ‘surpassed expectations, which were modest at best this year”. 
 “The times have changed more and more Indians are now travelling abroad regularly, and getting a taste of what the high life means in other countries. Consequently, their expectations now extend quite a bit beyond just a fancy town-side address. Though the address is still important, luxury home buyers now also expect to buy into a lifestyle that, by definition, only a few in the world can afford to have,” says Ashwinder Raj Singh, CEO of Residential Services at <keyword id="484198" type="COMPANY" weightage="20" keywordseo="JLL-India">JLL India</keyword>. 
 
The growing desire to live in fancy houses with the best in comfort has divided this segment in sub categories. BI India takes a look at them. 
 
Super luxury 
 
This category of homes is for uber-rich buyers who want nothing but the best. Mediterranean architecture- style interiors, a private gym, swimming pools, gardens and home automation are just a few things that this class of buyers wants. 
 
“Whether or not half of the facilities and technological embellishments they seek are available in the country or not is immaterial - today's Indian luxury home buyers are willing and able to pay for having them imported, and builders are happy to comply. The desire to stand out and be 'a cut above the rest' is creating a demand for super-luxurious homes wherein price is not a constraint,” say Singh. 
 
The prices of these properties vary from city to city, depending upon the average income levels of the buyers. 
 
Price tags: Anywhere between Rs 40 crore and Rs 100 crore in mega cities such as Delhi and Mumbai to Rs 2 crore to Rs 5 crore in Hyderabad and Kolkata. 
 
Branded Homes 
 
These are typically built by developers who expertise in building projects for the masses. But since, luxury homes are the hot cakes, hence, they too want a share of the pie. The developer ties-up with global realty builders who have experience in building luxury homes. 
 
“Apart from the knowhow, such brands also bring with them an aspirational value that immediately connects with the super-rich. The experience and brand equity advantage inherent in associating with major brands gives a developer's luxury project an extra edge,” notes Singh. 
 
And what do buyers get? Well, they are getting the rich international experience of luxury with an exotic label at an extravagant location! 
 
Out of the entire lot of luxury homes, branded luxury homes have been the most profitable proposition for both buyers and developers. 
 “Branded luxury homes are especially in vogue with <keyword id="58225" type="ORGANIZATION" weightage="20" keywordseo="NRIs">NRIs</keyword> and PIO HNI investors, who prefer such properties for the simple reason that they get an assurance of the quality of services which they are used to in their adopted countries. Also, with the backing of a well-known brand, they can expect better returns on their investments which are better than the prevailing market rates,” says Singh. 
 
Price tags: Anywhere between Rs 12 crore to Rs 25 crore in Delhi and Mumbai to Rs 1 crore- Rs 4 crore in Hyderabad and Kolkata. 
 
Affordable Luxury 
 
These are for the cattle class people who are rising above the line and are now viewed as ‘the aspiring luxury home buyers’. Singh tells us home buyers in this segment get most of the amenities that any super luxury home buyer gets; however, the spin is that they are shared. 
 
“The 'a class above' ethos still comes through, but the residents of such affordable luxury projects are definitely not rubbing shoulders with the city's richest and most influential people at 'snob value' addresses,” he says. 
 
A high salaried professional who belongs to the upper middle class and has never had any prior experience of luxury generally forms the core target audience of this segment. Hence, the onus of giving them the luxury experience lies on the developers. 
 
“In the considerably rarefied stratosphere of super-luxury, everything takes place at a more languid pace befitting of the 'idle rich' ethos. Exclusive super-luxury homes take longer to be built and also to be sold. This is a high investment arena wherein exclusive customizations are the norm, and both developers and buyers take their time to ensure that the deal results in complete satisfaction to all involved,” he adds. 
 
Price tags: Anywhere between Rs 10 crore to Rs 25 crore in Delhi and Mumbai to Rs 60 lakh- Rs 2 crore in Kolkata and Hyderabad. 
 
So the next time you scout for your perfect luxury home, you know where exactly you are! 
 
Image Credit: www.luxurious-estates.com

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