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Budget 2021: India notifies about concessions to its citizens living in Gulf, abroad Wam/New Delhi (Wam) The concession is expected to benefit a large number of Indians living in the Gulf. India has formally notified a major economic concession to its citizens living abroad, allowing them to set up one person companies (OPCs) in their home country. Until now, the facility was available only for those living in India. The concession is expected to benefit a large number of Indians living in the Gulf, which has the highest number of non-resident Indians (NRIs). These Gulf-resident Indians will now be able to better plan their future for a day when their overseas work or contracts end and they have to leave their countries of limited residence to return home. ....
I remember returning to New Delhi after a semester at Yale University in Connecticut some years back and trying to move what I had in U.S. dollars to my bank account in India. The process of remitting these savings was so clunky – involving applications in banks in both countries — that I just used my U.S. debit card until the account ran dry. ....
Department for Promotion of Industry and Internal Trade (DPIIT) Secretary, Ministry of Commerce and Industry, Guruprasad Mohapatra on Friday said that the measures envisaged in the Budget for 2021-22 will further boost the Start-ups in the country. In a press briefing held here, Dr. Mahapatra said that measures such as Incentivizing incorporation of One Person Companies (OPCs) directly benefits Startups and Innovators in the country, according to an official release. The budget incentivizes the incorporation of One Person Companies (OPCs) by amending the Companies (Incorporation) Rules to allow OPCs to grow without any restrictions on paid-up capital and turnover, allowing their conversion into any other type of company at any time, reducing the residency limit for an Indian citizen to set up an OPC from 182 days to 120 days and also allow Non-Resident Indians (NRIs) to incorporate OPCs in India. ....
India Budget 2021: Why it matters to NRIs too Last year’s Union budget had revised norms on who qualifies as an NRI. In just a few hours, at 9:30am (UAE time), India’s finance minister Nirmala Sitharaman will be unveiling the country’s annual budget. The document is as important for the non-resident Indians as it is for the resident Indians, for the incentives it offers for savings and investments and taxes it levies on the income generated in India. On Sunday, Khaleej Times hosted an online discussion with fours experts to know their views on what to expect and how can the Indian finance ministry encourage more participation of NRIs in the Indian economy. ....
India Budget 2021: Will FM gift NRIs with a special package? Suneeti Ahuja-Kohli/Dubai Nirmala Sitharaman. NRIs deserve more choices to invest freely back home. India’s finance minister Nirmala Sitharaman has described the upcoming budget as unlike anything seen before. While it’s the first one to go paperless, what’s keeping non-resident Indians (NRIs) in the Arabian Gulf interested are expectations of incentives and sops that’ll allow them to remit more and make long-term investments back home more attractive. ALSO READ: LIVE: President Kovind addresses both Houses of the Parliament https://t.co/Yttlwt3mj8 President of India (@rashtrapatibhvn) January 29, 2021 ....