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Prime Minister <keyword id="6354477" type="PERSON" weightage="60" keywordseo="Narendra-Modi">Narendra Modi</keyword> Government’s stringent action towards <keyword id="6356023" type="UNKNOWN" weightage="80" keywordseo="Black-Money">black money</keyword> is forcing many wealthy Indians to migrate to Dubai and Singapore. 
 
According to informal email and text message exchanged by traders in Mumbai’s financial markets, many Indians are exploiting loopholes in foreign exchange laws. 
 
A leading tax professional told Economic Times that many of these people with undisclosed offshore bank accounts were using their contacts and arranging job appointment letters from companies in countries like the UAE and Singapore. 
 
According to Foreign Exchange Management Act (FEMA), Indian citizens employed abroad are considered non-residents. As per income tax law, such persons are required to stay out of India for at least 182 days in a financial year to claim non-resident status. 
 
When declared as a NRI, they don’t have to disclose foreign assets to Indian tax authorities. 
 
According to text messages, 80,000 Indians have applied for residency certificate in Dubai and other nations. 
 
Though employers and companies do exist, the persons receiving the letters have no intention to join the firms as employees. All required is a job offer letter which would be used to claim residency status in the respective countries. 
 Modi has promised to bring back <keyword id="670864" type="UNKNOWN" weightage="80" keywordseo="Black-money-stashed-abroad">black money stashed abroad</keyword>. Although there is no official estimate of the amount of money illegally deposited abroad, as per a Washington-based think-tank India suffered $344 billion in illicit fund outflows between 2002 and 2011.

Wealthy Indians are exploring ways to hide black money.  Know how

PM Modi who is in the United Arab Emirates on a two-day visit is concerned about workers’ conditions working in the Gulf countries. He expressed this concern while speaking at a labour camp in Abu Dhabi. Modi specifically spoke for India’smigrant labourers residing in the UAE, who over the years have become a major source of human resource in the Gulf countries, and are building glitzy skyscrapers, hotels and museums. 
 
Millions of Asian labourers are engaged in building mega projects like World Expo 2020 in Dubai and the FIFA World Cup 2022 in Qatar. Their earnings being quite a few times higher than what they could have earned in India, workers tend to migrate to Middle East and stay in unhygienic ghettos to save more money. 
 
About 200 workers broke into applause when Modi arrived at an indoor basketball court at the labour camp in the Industrial City of Abu Dhabi. Modi chatted with the workers, enquiring about the place and their welfare and jobs, but made no comments to the media. Some 2.6 million Indians live and work in the UAE, according to Indian embassy figures. The embassy estimates about 60 % of those are blue-collar workers. 
 
"The Indian government is aware that the UAE will employ thousands of Indian workers to organize the World Expo 2020, but after the recent Qatar experience, the government wants to send a clear message that India will not allow rampant exploitation of its workers,” an external affairs ministry official told Reuters. 
 
In November, India launched a campaign for higher wages for its workers in the Gulf states. Indian diplomats raised the minimum salaries they recommend because of higher living costs. 
 
UAE officials, including the labour minister, have said that labour legislation in the country is in line with the UAE constitution. Laws regulate the labour market, providing protection of workers and their rights, they said. 
 
Several measures, including mid-day breaks for workers in the country's sweltering summer heat, better healthcare facilities and accommodation have been provided across the UAE. 
 
"Lack of proper regulation by the authorities in both India and the UAE of the booming migrant-worker recruitment industry, including visa brokers, has allowed rogue recruiting agents to cause serious human rights abuses with impunity," Salil Shetty, secretary-general of Amnesty International, told to the news agency. 
 
"Some welcome improvements by the UAE over the last decade have been put in serious doubt by the crackdown on labour activists and failure to carry out meaningful reform of the kafala system, further increasing the vulnerability of migrant workers to human rights abuses,” added Shetty. 
 
Modi had earlier toured the Sheikh Zayed Grand Mosque in Abu Dhabi, in what analysts said was an attempt to put behind him allegations he had done nothing to save Indian Muslims during 2002 riots in which hundreds were killed. 
 
Modi will meet Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan as well as Dubai ruler Sheikh Mohammed bin Rashed al Maktoum, who is also the UAE prime minister. 
 
He will also be seeking to engage Abu Dhabi, one of the richest sovereign wealth funds in the world, to invest in India as well as expand cooperation in the energy sector. Abu Dhabi accounts for 9 % of India's energy needs and India wants to increase that, the official said. 
 
"The orientation of the Gulf countries has always been towards U.S. and Europe, but the prime minister wants to highlight the benefits of investing in India and he wants to engage Abu Dhabi on long-term projects," the official said.

The dismal state of Indian labourers in UAE had Modi really worried

Buoyed by attractive government incentives towards local manufacturing, <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> is all set to reach a remarkable $10 billion (over Rs 82,000 crore) worth smartphone exports in the fiscal year ending March 31, industry data showed on Wednesday. According to the India Cellular and Electronics Association (ICEA), <keyword id="6354427" type="General" weightage="80" keywordseo="apple" source="Orion">Apple</keyword>'s 'Make in India' smartphone now constitute 50 per cent of total exports. <keyword id="10591" type="General" weightage="50" keywordseo="samsung" source="Orion">Samsung</keyword> is second with 40 per cent mobile exports while other smartphone players constitute 10 per cent export share. Smartphone exports from India have doubled from a corresponding period from last fiscal year, driven by production-linked incentive (PLI) schemes. The top five global destinations India currently exports mobile phones to are the UAE, the US, the Netherlands, the UK and Italy, according to the ICEA data. "Efficacy and maturity of an industry is only judged with robust exports. Mobile phones policy and outreach initiatives have been relentless and the results are in front of us," Pankaj Mohindroo, Chairman of ICEA, told IANS. "The mobile phone industry will cross $40 billion manufacturing output and 25 per cent exports at $10 billion is a stellar performance," he added. Reports surfaced earlier this year that Tim Cook-led Apple will quickly shift some of its China manufacturing to India and Vietnam in the next 2-3 years. India is likely to produce 45-50 per cent of Apple's <keyword id="57315" type="General" weightage="80" keywordseo="iphones" source="Orion">iPhones</keyword> by 2027, at par with China, where 80-85 per cent of iPhones were produced in 2022. According to estimates by DigiTimes research analysts, India and Vietnam are to become the biggest beneficiaries of smartphone supply chain migration out of China. India accounted for 10-15 per cent of iPhones' overall production capacity at the end of 2022. Apple became the first smartphone player in India to have exported $1 billion worth iPhones in the month of December. It currently manufactures iPhones 12, 13, 14 and 14 Plus in the country. According to Mohindroo, the country is now moving in a different direction, "which is largely export-focused and led by the government's performance-linked scheme (PLI) push". The government is also working to strengthen the electronic manufacturing ecosystem beyond mobiles to boost its global share in hearables and wearables, IT hardware and electronic components etc. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indian-railways-reduces-fare-of-ac-3-tier-economy-tickets/articleshow/98908343.cms">Indian railways reduces fare of AC-3 tier economy tickets</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/gold-price-tumbled-by-480-to-58770-per-10-gram-on-wednesday/articleshow/98909456.cms">Gold price tumbled by ₹480 to ₹58,770 per 10 gram on Wednesday</a>

India to cross $10 billion worth mobile exports in FY22-23, Apple leads at 50%

<ul><li>At 7:49 am, the SGX Nifty was trading 0.20% down, indicating a lower start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst mixed cues from the Asian market, the Indian stock market is likely to open on a muted note. At 7:49 am, the SGX Nifty was trading 0.20% down, indicating a lower start for Nifty50. Whereas other Asain stocks were trading in green — with Hang Seng trading 1.45% higher and Australian stock market also up 2% at 7:50 am. These are the stocks to watch out for during the trading session on October 5: RIL Mukesh Ambani-owned Reliance Industries cleared yet another hefty cheque from <a href="https://www.businessinsider.in/business/news/reliance-retail-cashes-yet-another-hefty-cheque-mubadala-to-invest-6247-5-crore/articleshow/78430649.cms">UAE-based Mubadala</a> on Thursday. This is the fifth investment for Reliance Retail Ventures Limited. Reliance Retail continues to be valued at ₹4.285 lakh crore and has raised a total of ₹24,847.5 crore already. Along with that, Reliance Retail has also secured a deal with Singapore’s sovereign wealth fund GIC and global private equity firm TPG Capital. The company said GIC would invest ₹5,512 crore for a 1.22% stake, while TPG Capital Management will invest ₹ 1,838 crore in owning a 0.41% equity stake in the retail arm. The shares of RIL ended 0.24% lower on Thursday. TCS The IT giant Tata Consultancy Services (TCS) will be considering a buyback of shares of the company at a board meeting slated on October 7. The shares of TCS ended 2% higher on Thursday. HCL Tech IT services major HCL Tech announced a new partnership with IBM on Thursday to help clients accelerate their digital transformation by migrating mission-critical enterprise workloads to the IBM public cloud. The shares of HCL Tech ended 0.26% higher on Thursday. Vedanta The reverse book building process for buyback of shares to begin today. The process will remain open for public shareholders until October 9. The shares of Vedanta ended flat on Thursday. Solar Industries Solar Industries informed investors on Thursday that it has secured ₹409 crore order from the central government for supply of Multi-Mode Hand Grenade (MMHG). The shares of Solar Industries ended 1% higher on Thursday. ITI Limited ITI Limited also informed investors that it had signed a contract with the central government for the supply of Army Static Switched Communication Network (ASCON). The total value of the deal is ₹7,796 crore. The shares of Solar Industries ended 0.12% lower on Thursday. Dhanalakshmi Bank RBI approves an interim arrangement to form a new committee of directors of Dhanalakshmi Bank to exercise the powers of the bank’s MD and CEO till a new one is appointed. The shares of Dhanalakshmi Bank ended 0.81% higher on Thursday. Hero MotoCorp, Eicher Motors and other auto stocks Hero MotoCorp, Eicher Motors and other auto stocks will remain in focus during the trade today after auto companies posted robust sales recovery in September. The sales of two-wheeler giant, Hero MotoCorp was up 17% compared to the same period last year. Eicher Motors also reported a domestic sales growth of 1%. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/investors-must-brace-for-a-turbulent-october-in-the-stock-market-but-they-should-hold-on-for-a-strong-4th-quarter-finish-a-senior-wall-street-strategist-says/articleshow/78477243.cms" data-type="tilCustomLink">Investors must brace for a turbulent October in the stock market — but they should hold on for a strong 4th-quarter finish, a senior Wall Street strategist says</a> <a href="https://www.businessinsider.in/thelife/news/the-best-20-airports-in-the-world-for-2020-according-to-expert-reviewers/slidelist/78477301.cms" data-type="tilCustomLink">The best 20 airports in the world for 2020 according to expert reviewers</a>

Top stocks to watch— RIL, TCS, HCL Tech, Hero MotoCorp, Vedanta, Solar Industries, ITI and others

New Delhi, Jan 2 () The National Payments Corporation of India (NPCI) on Thursday said the homegrown payments technology RuPay will offer 40 per cent cashback for its international card users for transactions in select countries.
 Indians travelling to the UAE, Singapore, Sri Lanka, the UK, the US, Spain, Switzerland and Thailand will be able to earn up to Rs 16,000 cashback per month by getting their RuPay International Card activated, the NPCI said in a release.
With RuPay International cards --JCB, Discover and Diners Club--customers using multiple cards can earn more cashbacks under the 'RuPay Travel Tales' campaign.
To avail the cashback benefit, customers will have to do a minimum transaction of Rs 1000 and the maximum cashback is capped at Rs 4,000 for a single transaction. 
The offer can be availed by customers using RuPay International Card four times a month that can give them a chance of earning up to Rs 16,000 as cashback. 
Praveena Rai, COO, NPCI said, "We always aim to create an end-to-end value proposition for RuPay International cardholders to make their overseas travel experience seamless and memorable. The campaign is not only providing an exciting platform for travelers to earn cashbacks but also motivating them to migrate towards digital transactions nationally and globally".
Apart from earning cashbacks, RuPay International cardholders can access to RuPay affiliated domestic/international airport lounges. 
They also can avail attractive offers on booking international fights and hotels in association with Thomas Cook and Make My Trip, the release said.
RuPay has a partnership with Discover Financial Services (DFS) and Japan based JCB International, allowing RuPay users the access to across 190 countries. 
As on date, there are over 1,100 banks live on RuPay platform including SBI, HDFC Bank, Axis bank, among others.
RuPay card base has crossed 600 million, half of which are in the mid and premium segments, NCPI said.
NPCI was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. An initiative of RBI and IBA under the provisions of the Payment and Settlement Systems Act, 2007, NPCI was initiated for creating a robust payment and settlement infrastructure in the country. KPM MR
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Wealthy Indians are exploring ways to hide black money. Know how

BI India Bureau

The dismal state of Indian labourers in UAE had Modi really worried

BI India Bureau

India to cross $10 billion worth mobile exports in FY22-23, Apple leads at 50%

IANS

Top stocks to watch— RIL, TCS, HCL Tech, Hero MotoCorp, Vedanta, Solar Industries, ITI and others

Navdeep Yadav

RuPay International to offer cashback up to Rs 16K for transactions abroad

PTI

Here’s how the advertising and marketing industry reacted to Union Budget 2021

BI India Partner

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