NRI Top Stories ( Page 27 of 32 )

Easing FDI Norms by Govt for NRIs March 03, 2015 13:06

The government of India is trying to tap the potential of NRI community by easing the investment norms against the conventional FDI norms. Liberalising the FDI norms for NRI investments can boost the capital inflows in defence and railways effectively. The department of industrial policy and promotion (DIPP) has sought Cabinet approval for considering NRI non-repatriable funds as domestic investment instead of FDI. The government authorities are planning to ease the sectoral restrictions for NRIs to strengthen the defence, railways, medical devices and insurance. So far NRIs are allowed to invest up to100% in Civil aviation sector against an FDI cap of 74% cap for scheduled air transport service and up to 49% for non-scheduled air carriers. This will ensure promotion in India’s ranking for ease of doing business from 142 of 189 countries; government is aiming to see India in the top 50 countries in upcoming years. The inflows have been increased in past 9 months and the government also opened up railways infrastructure to 100% foreign funding and raised the FDI cap in defence to 49% from 26% earlier. We have to wait and see how the Indian Diaspora responds to the wish and push by the government in recent times. -Kannamsai

Jaitley’s Budget Energising NRI Investors March 02, 2015 06:58

Right from the change in government, NRIs and Foreign Investors were given higher importance in the investment sector. After resolving the issue of PIO cards, the government has provided sufficient room for the Indian Diaspora to invest in industries, and other manufacturing sectors. The Union budget for the fiscal year 2015-2016, prominently encouraging the foreign investors, especially Indians from abroad. The ease in taxation, stress on implementing the GST, reduction in corporate tax, lowered taxation for the products manufactured locally (in India) are very positive for bringing huge capital from NRIs. As per the budget notes the restrictions in investing by NRIs in real estate, industries were limited and providing higher room from the government. The government’s target of achieving double digit growth can be realized in few years if the norms of starting ventures are eased further. -Kannamsai

Work Permit to Spouses of US H-1B Visa Holders},{Work Permit to Spouses of US H-1B Visa Holders

Work Permit to Spouses of US H-1B Visa Holders February 25, 2015 05:40

A good news from the United States Citizenship and Immigration Services (USCIS), that they will begin accepting applications from the spouses of H-1B visa holders from May 26th. The decision will benefit thousands of qualified and talented professional Indian spouses who were denied to work earlier. Due to the restrictions prescribed under existing laws, they were unable to work for any organization in US. Once the spouse got approval for his or her 'Form I-765' by the USCIS, H-4 dependent spouse will receive an Employment Authorization Card. The Employment Authorization Card holder can start working in US thereafter. According to the USCIS estimates, the eligible spouses will be around 179,600 in the first year and 55,000 annually in subsequent years. H-4 dependent spouses of H-1B visa holders who are seeking employment-based lawful permanent resident (LPR) status, can feel better with permitted work and earnings. The USCIS, in a statement, said the Department of Homeland Security is extending the eligibility for employment authorization (EAD) to certain H-4 dependent spouses of H-1B non-immigrants who are seeking employment based Permanent Residency. The individuals can avail the facility if they can satisfy at least one of the stipulated three conditions. The conditions include that the principal H1B worker has an approved 'I-140' or is currently on an extended H1B status beyond the 6-year limitation based upon an I-140 petition application pending for at least 365 days (one calendar year). The decision by the authorities is being welcome by the associations of India in US, and South Asian communities for providing the work permit facility. -Kannamsai

NRI died of Cardiac Arrest January 02, 2015 07:02

Hasan Abdul Kabir Bagef Chaush (54), an NRI from U.A.E died of Cardiac Arrest on Tuesday night, who is in India for attending his nephew’s marriage scheduled on Wednesday at Gangapur, Aurangabad. He suffered the fatal Cardiac arrest while performing the Sharaa, a traditional dance. After his death his relatives postponed the marriage. According to relatives of Hasan Abdul Kabir Bagef Chaush, he was an official with the oil and petroleum ministry in UAE, after autopsy his body was carried to Mumbai and it shall be flown back to UAE. AW: Kannamsai

Richard Verma sworn in as US ambassador to India December 20, 2014 05:00

Indian-American Richard Verma sworn in as US diplomat to NEW DELHI, by Secretary of State John Kerry. He is the first Indian-American to be appointed for this High post. Richard Verma was confirmed by the United States Senate a week ago by voice vote. He will replace Nancy Powell, who resigned for this post over Indian officer in US Devyani Khobragade's issue. Verma was chosen for strong Indo-American ties and he’ll be arrived in India before Kerry’s visit in early January and Obama for R-Day ceremony to India. Verma parents migrated to US in early 1960s. Many affirmed his choice as the right step for better relations with India and He will deserve the position. AW: Kannamsai

Indian American jailed in fraud case December 17, 2014 10:47

Sachin Uppal, 37, An Indian American in Brighton, Michigan sentenced to 64 months imprisonment by a federal court for $3.8-million in a fraudulent investment scheme. U.S. District Judge Nancy G. Edmunds sentenced Uppal, following his August guilty plea to wire fraud charges. Court documents shows that, Uppal maintained the Jefferson Smith Trading Company LLC (“JSTCO”) from July 2007through September 2013. Though Uppal was not a licensed investment advisor, he marketed JSTCO to potential investors and accumulated investor funds, describing it as a “hedge fund.” Uppal introduced himself to the investors as a “day trader,” who commonly use investor funds to buy and sell financial instruments within the same trading day, which can reduce risk to investors.Among the victims of Uppal his family friends were also there. In this type of affinity fraud cheaters oftenly targets members from identifiable groups, such as a religious or ethnic communities or clubs. Uppal was ordered to compensate his victims in the amount of $3,867,187. Uppal simply filled his stomach with the money without conducting any trades at all. When investors asked to close their accounts and withdraw their investment funds, Uppal smoothly suggested them not loose profitable duck. Uppal promised a return of 18 to 20 percent of the total amount per year, with a minimum investment commitment of only 12 months. After accumulating initial investment, Uppal emailed his victims fake “year-to-date investment summaries” to pretend that their accounts were performing continuously and to convey them to invest additional funds. Investors are suggested to approach the Financial Industry Regulatory Authority (FINRA) website (http://www.finra.org) and its Broker Check resource before investing in any firm or to any person. Uppal really betrayed everyone who believed in him including family members and well wishers also. AW: Kannamsai

Vijay Jolly made GOPIO's Political Advisor December 10, 2014 11:53

Vijay Jolly, Member of the National Executive Committee of the BJP, has been appointed Global Political Affairs advisor of the Global Organization of People of Indian Origin, International. GOPIO established in the year 1989 and has been working for 28million NRI and Persons of Indian Origin (PIOs), in more than 25 nations across the globe. Ashook Ramsaran, president GOPIO International with headquarters in New York, US, wrote to Jolly and confirmed his appointment, said a release from Jolly's office. Vijay Jolly was in news with strong comments on than Delhi Cheif Minister Sheila Dixit and Suresh Kalmadi over alleged financial irregularities in the 3–14 October 2010, XIX Common Wealth Games in Delhi.He was member of Delhi's Legislative assembly from saket constituency. He was attacked by a mob in Nepal on july 3rd of 2014, while returning after addressing a meeting of Nepal's ruling coalition partner CPN-UML. This former BJP MLA was active in Delhi politics and is now associated with All India Incharge & Prabhari of Tripura State, BJP and All India Incharge & Convenor of Foreign Cell, BJP. Aw: Kannamsai

Lakshmi Mittal's Home in Second Most Expensive Street November 22, 2013 12:00

Indian steel tycoon, Lakshmi Mittal's home in London's Kensington Palace Gardens is the second most expensive street in the world. The steel baron owns house number 9a and 18-19 in the coveted tree-lined avenue. According to reports, he has put his neo-Georgian style mansion, bought in 2008, on sale. The 14,736 square feet property (9a) has been put up for only £110 million, seven million pounds less than the price it was bought by Mittal. When Mittal had bought it at £117 million, the palatial house with 12 bedrooms was the most expensive in Britain. According to realtors the average price of properties in this coveted street are sold at £122 million. The house was bought for Lakshmi Mittal's son Aditya. (Picture Source: img.thesun.co.uk) (AW: Pratima Tigga)

Indian scientist in US creates 'brain' for robots October 04, 2013 11:56

A US scientist of Indian-origin has created a new feedback system that would facilitate robots to operate with minimal supervision. In short, the scientist has developed a robot brain. His latest invention might allow robots to think for themselves, learn, adapt and use active critique to work unassisted. Dr Jagannathan Sarangapani, from Missouri University of Science and Technology has developed a new feedback system will allow a "follower" robot to take over as the "leader" robot if the original leader has a system or mechanical failure. “In a leader/follower formation, the lead robot is controlled through a nonholonomic system, meaning that the trajectory is set in advance, and the followers are tracing the same pattern that the leader takes by using sonar. When a problem occurs and roles need to change to continue, the fault tolerant control system comes into use. It uses reinforcement learning and active critique, both inspired by behaviourist psychology to show how machines act in environments to maximise work rate, to help the new, unmanned robot to estimate its new course. Without this, the follower wouldn't have a path to follow and the task would fail. "Imagine you have one operator in an office controlling 10 bulldozers remotely," said Sarangapani, the William A Rutledge - Emerson Electric Company's distinguished professor in Electrical Engineering at S&T. "In the event that the lead one suffers a mechanical problem, this hardware allows the work to continue," said Sarangapani. The innovative research will be useful for robotic security surveillance, mining and even aerial maneuvering. AW: Suchorita Dutta Choudhury

Overpoweringly rejoiced! September 26, 2013 10:31

Prominently overwhelming joy was brought in when Nina Davuluri was befit in appearance as the first contestant of Indian heritage as well as the second consecutive contestant from New York to experience victory with the Miss America pageant during Sunday night. Miss New York Nina Davuluri walks down the runway in succession to winning the Miss America 2014 pageant during Sunday that's Sept 15, 2013. Davuluri who's 24 years age, gained victory accompanied by the title as the nationally televised pageant returned home to Atlantic City. Moreover, she turned out successfully another Miss New York, Mallory Hagan, whose holding was cut short when the pageant moved back to Atlantic City subsequent to a six-year stint in Las Vegas, where winners were picked by preference during January. Interestingly, Davuluri performed a classical Bollywood fusion dance for her talent competition. Congratulations Nina! (AW:SB)

A lawyer of India origin appointed as US state judge September 11, 2013 11:37

Sunil R Kulkarni, a Indian-American lawyer of great eminence has been appointed as a state judge in Northern California. He is the first South Asian to take up the esteemed role. Kulkarni, 41, has previously worked as a senior counsel in the litigation group at the University of California. He was appointed to Santa Clara County Superior Court by Governor Jerry Brown last month. Although of an Indian origin, Kulkarni was born in Los Angeles and is currently residing in Palo Alto in California. On the esteemed offer, Kulkarni said, he was "thrilled to get the call" from the governor's office about the appointment. Asked about the fact that more South Asian Americans are advancing in the legal and judicial fields, Kulkarni said he believes "it is because South Asians in my generation" are "more open about law as a career." “Kulkarni has a BS from UC-Berkeley and a law degree from the University of California's Hastings College of the Law. He has also served as a law clerk for Judge Oliver W Wanger in the US District Court for the Eastern District of California from 1996-97,” revealed the Economic Times. AW: Suchorita Dutta

Prince William have Indian ancestry! June 21, 2013 14:46

A DNA test accompanied by an analysis has brought into prominence that Prince William is the first member of the British royal family to have Indian ancestry. Furthermore, a genetic link has been revealed between the Duke of Cambridge and a half-Indian woman, a very distant relative from his mother’s side. Initially described as Armenian, DNA analysis has resolved that a relative of William’s great-great-great-great-great grandmother, Eliza Kewark, was at least half-Indian as well lived in India’s western region.The link was substantiated by Scottish scientists, who discovered that Kewark’s descendants carried a rare strand of DNA, known as mitochondrial DNA, that can only be passed on by a mother. Until now, almost every single person who has been found to carry this strand originates from India. While 14 strands of the DNA have been recorded, 13 of which came from India, having others coming from a native of Nepal.Genetics expert Jim Wilson of the University of Edinburgh was in charge of the research who explained that even though the DNA is found in William and his brother Harry, the princes are not able to pass this strand on to their children. It has not been disclosed as to which member of the family supplied saliva samples used in the test. It was known that Eliza Kewar was married to Scotsman Theodore Forbes, who left Eliza and sent their daughter, Katherine, to live in England at age six. Letters sent from Kewark to Forbes recommend that Forbes left her due to fact of her race. In his will, he rejected to recognize the existence that she was the biological mother of his child, rather referring to her as the purported mother as well as his housekeeper.Interestingly, Historian Alistair Moffatt discovered that Theodore Forbes went to India to make his fortune in the booming Indian tea industry. While staying in India he was known to have employed a housekeeper with whom he had three children one of these children was a distant relative of Princess Diana. The Duke of Cambridge’s Indian heritage could be used to uplift the British’s monarchy’s popularity in India in actuality was formerly part of the British Empire during the 19th century.Image Source: Prince William have Indian ancestry(AW:Samrat Biswas)