Non-Resident Indians (NRIs) can now open joint bank accounts with Indian residents, thanks to regulatory changes made by the Reserve Bank of India in 2011. This allows NRIs to provide financial support to their families in India more easily. NRIs can only hold resident savings accounts as joint holders with Indian residents, and cannot be single holders of the resident account.
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Starting from October 1, 2023, Indian residents investing in foreign assets will be subject to a Tax Collected at Source (TCS) of 20% on foreign remittances exceeding Rs 7 lakh. This change in tax regulations will impact those investing in international stocks or planning to acquire real estate abroad.
Banks and the Reserve Bank had flagged the difficulty in executing the TCS regime on credit cards to the government. The finance ministry on May 16 scrapped Rule 7 of the Foreign Exchange Management (Current Account Transactions) Rules, 2000, which kept international credit card spends out of the LRS ambit.
NRIs are attracted by Mumbai's cosmopolitan nature and iconic locations, but there is also a shift towards exploring newer micro-markets. Factors such as emotional connection, diversification, favorable exchange rates, a growing economy, and potential return on investment contribute to NRI interest in the Indian real estate market.
While purchasing property in India is an attractive proposition and a common investment option among the Indian diaspora, selling these assets isn't always straightforward. It calls for heightened understanding and thorough planning on the part of the NRIs, particularly concerning tax implications. Therefore, NRI sellers need to understand these intricacies to ensure full compliance and maximize profit.
Non-Resident Indians (NRIs) can now open joint bank accounts with Indian residents, thanks to regulatory changes made by the Reserve Bank of India in 2011. This allows NRIs to provide financial support to their families in India more easily. NRIs can only hold resident savings accounts as joint holders with Indian residents, and cannot be single holders of the resident account.
Factors such as India's stable investment avenue, cost of living, cultural familiarity, family and social connections, healthcare facilities, and investment opportunities are influencing their decision. The survey also highlights that a significant percentage of NRIs have already started making financial preparations and investments in India to support their retirement plans.
The Australian government is increasing the minimum savings requirement for international students applying for a student visa in order to ensure their financial stability and discourage immediate job-seeking. From October 1, students will need to demonstrate savings of $24,505, a 17% increase from the previous threshold.
The global pandemic and Brexit have forced companies in the UK to improve employment terms to attract staff in a tight labor market. Big employers in sectors such as hospitality, retail, logistics, and security are offering more flexibility in working hours, better sick leave support, and other perks.
