NRI investments to be considered domestic

May 22, 2015

New Delhi, May 22: In an attempt to attract overseas funds, the Centre on Thursday said non-repatriable investments by non-resident Indians (NRIs), overseas citizens of India (OCIs) and persons of Indian origin (PIOs) will be treated as domestic investments and will not be subject to FDI caps.

NRI investmentsThe Cabinet approved some amendments, including changes in definition of NRI, to be incorporated in the FDI policy.

“Investment by NRIs under Schedule 4 of FEMA (Transfer or issue of security by persons residing outside India) Regulations will be deemed to be domestic investment at par with the investment made by residents.” an official statement said.

The NDA government, which has liberalised the FDI policy for sectors such as Defence, Railways, infrastructure, medical devices and insurance, is keen to tap NRIs, OCIs and PIOs.

The government wants to channelise the funds of NRIs, who now have set up large companies abroad, by treating their non-repatriable investments as domestic investment.

NRIs have been demanding the government that their investment be considered as domestic investment.

A committee set up to look into the possibility of treating non-repatriable NRI funds as domestic investment, had earlier said that NRIs might prefer investing through corporate entities.

“It was intended to provide NRIs an incentive to bring funds into India without repatriation rights, at a time when foreign exchange reserves were limited and capital inflows were modest,” the statement said.

The provision should continue to incentivise investments by NRIs, including OCIs and PIOs, resulting in increased investments in the country.

“This will enable investments by NRIs, OCI and PIO cardholders under Schedule 4 on non-repatriation basis, across sectors without being subjected to any of the conditions associated to foreign investment,” it said.

During the April-February period of the previous fiscal, FDI rose by 39 per cent to $28.81 billion as against $20.76 billion in the same period last fiscal.

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Agencies
July 27,2020

New Delhi, Jul 27: Congress leader Rahul Gandhi on Monday said he is not going to lie about Chinese transgressions in eastern Ladakh even if it costs him politically, asserting he will say the truth as far as Indian territory is concerned.

Gandhi made these remarks in a tweet, along with an over-a-minute-long video, as part of a series launched by him on the India-China face-off along the Line of Actual Control(LAC) in eastern Ladakh.

Asked in the video how he would react to people who say his questions to Prime Minister Narendra Modi on China weakened India, the former Congress chief said, "If you want me to lie that the Chinese have not entered this country, I am not going to lie. I will simply not do it. I do not care if my whole career goes to hell. I am not going to lie."

"This disturbs me. Frankly, it makes my blood boil. How can some other nation just come into our territory?"

"Hiding the truth is anti-national. Bringing it to people's attention is patriotic," Gandhi said.

"So frankly, I do not care if it costs me politically. I do not care if I have no political career at all after that. But I am going to say the truth as far as Indian territory is concerned," he added.

Gandhi has been repeatedly attacking the prime minister and the government over Chinese transgressions on the LAC in eastern Ladakh.

"As an Indian, my number one priority is the nation and its people," he said on Monday.

The Bharatiya Janata Party (BJP) has hit back at Gandhi over his attack on the government on the Ladakh face-off, alleging he is seeking to politicise defence and foreign policy matters and "wash their past sins of 1962 and weaken India".

BJP president JP Nadda has also alleged that for years, a dynasty has been trying to destroy Modi, while adding that those who want to destroy the prime minister will only end up causing further damage to their own party.

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News Network
July 1,2020

Chennai, Jul 1: In a case of cluster infection, 58 of the 65 mourners who attended the funeral a Central government official, Selvam, 56, who had worked in the Ministry of Foreign Trade and who died in Coimbatore and was brought for burial at Pannavaadi near Kolathur near Mettur in Salem district, tested positive for Covid-19, after three of them initially tested positive as they neither wore face masks not observed social distancing during the funeral, sources said.

Even as Dr Vijayabaskar said AIADMK MLA from Sriperumbudur, K Palani who tested positive for Covid-19 has recovered and will be discharged from hospital in couple of days, the MIOT International Hospital in Chennai said that the State Higher Education Minister, K P Anbazhagan, who initially showed no symptoms of coronavirus, subsequently tested positive in his second sample. He was now under treatment, his condition very stable and all his vital parameters are normal, MIOT said in a statement.

In what continues to be an unrestrained run, Tamil Nadu added its biggest day-wise spike so far of 3,943 positive Covid-19 cases, while another 60 deaths due to the novel coronavirus confirmed on Tuesday took the total death toll in the state to 1,201.

Of the new positive cases, Chennai alone accounted for its highest per-day jump of 2,393 positives with the number of persons tested today across Tamil Nadu put at 30,053. The total number os Covid-19 positive cases in the State as a whole till date is racing towards the one lakh mark at 90,167.

However, these outcomes are all on anticipated lines with the ICMR's push for more aggressive testing, even if they want lockdown controls to be now more focused at the district level, and want the Chennai model to be taken to the districts.

In this backdrop, the Health minister, Dr C Vijayabaskar chaired a detailed Covid review meeting this evening through video conference with all the hospital deans and other top officials on different facets of the disease prevention and control measures and the state's overall preparedness.

Chief Minister, Mr. Edappadi K Palaniswami in a statement in Chennai assured that with the 'full lockdown' continuing in greater Chennai, parts of three neighbouring districts of Chengalpattu, Thiruvallur and Kancheepuram and parts of Madurai district till July 5, the free community kitchens for the elderly, disabled and destitute will continue to function in those places till July 5 and hygienically cooked food packets served to them.

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News Network
July 21,2020

Lucknow, Jul 21: Madhya Pradesh Governor Lalji Tandon, a veteran political figure in Uttar Pradesh where he had served as a cabinet minister, died at a hospital here early Tuesday.

The 85-year-old was admitted to the hospital on June 11 with breathing problems, fever and difficulty in urination.

He died at 5:35 am in Medanata Hospital, according to his son Ashutosh Tandon, a UP cabinet minister.

Lalji Tandon is survived by wife and three sons.

His body will be kept at his official residence in Hazratganj and later at his Sindhi Tola residence in Chowk to enable people to pay their last respects.

The last journey will start at 4 in the evening for the Gulala Ghat where his last rites will be performed later in the day, Ashutosh Tandon said in a statement.

The UP government has announced three days mourning as a mark of respect to Lalji Tandon, a former cabinet minister, a government spokesman said.

Belonging to the Atal Bihari Vajpayee and L K Advani era of BJP leaders, Lalji Tandon proved himself as an able administrator during his decades-long political career in Uttar Pradesh.

A former Lok Sabha MP, he was later given gubernatorial responsibility.

He took oath as Madhya Pradesh governor on July 29, 2019, when the Congress was in power in the state, after serving in the same post in Bihar for nearly 11 months. 

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