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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News Network
April 1,2020

Amaravati, Apr 1: All the 43 patients who were tested positive for COVID-19 in Andhra Pradesh on Wednesday have returned after attending the event at Delhi's Nizamuddin Markaz, said Chief Minister's Office, Andhra Pradesh.

With 43 new COVID-19 positive cases, the total number of coronavirus cases in Andhra Pradesh has reached 87, informed the state Nodal Office earlier today.

The 43 new coronavirus positive cases were reported between March 31, 9 pm and April 1, 9 am. A total of 373 samples were tested during this time period and of these samples, 330 were negative and 43 came out to be positive.

There has been an increase of 240 COVID-19 cases in the last 12 hours across the country.
According to the Ministry of Health and Family Welfare, the total number of COVID-19 positive cases have reached 1637 in India, including 1466 active cases, 133 cured/discharged/migrated people and 38 deaths.

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July 13,2020

New Delhi, July 13: The number of active Covid-19 cases in India crossed the 3 lakh mark on Sunday even as fresh infections during the day surged to another new peak, crossing 29,000 for the first time. After staying over 500 for the past two days, the daily death toll came down slightly to 492.

While the focus has been on recoveries, the number of active Covid-19 cases in the country has been steadily rising. It hit the 1 lakh mark on June 4 and went past 2 lakh 23 days later. It has taken just 15 days more to reach 3 lakh.

India reported 29,271 new cases on Sunday, the fifth straight day of record rise in daily infections. With this, the country’s coronavirus caseload has risen to 8,79,060, two days after hitting the 8 lakh mark, as per data collated from state governments. Active cases stood at 3,02,466 while more than 5.53 lakh people were declared cured of the infection.

Covid-19 deaths in the country rose to 23,175 after 492 fatalities were added on Sunday, translating to a case fatality rate of 2.6%. The CFR has been steadily dropping with the surge in cases.
 

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April 2,2020

Thiruvananthapuram, Apr 2: With the coronavirus lockdown in place, liquor would be delivered home by state-run retail outlets in Kerala after the left government has decided to issue special passes to tipplers, who exhibit withdrawal symptoms and have doctors prescription.

Protesting the government decision, the Kerala Government Medical Officers Association (KGMOA) wore black badges on Wednesday, but attended duty and seeking immediate withdrawal of the order, saying it was "anti-people".

As per guidelines issued by the Kerala State Beverages Corporation managing director G Sparjan Kumar, for the supply of liquor, a service charge of Rs 100 would be collected from each pass holder for meeting the delivery expenses.

Each person would be entitled to 3 litres of Indian Made Foreign Liquor (IMFL) and sale of wine and beer was not envisaged, the order stated.

Those not willing to undertake the home delivery, the name and details of the employee should be reported to the Head office for submission to the government, it said.

A civil police officer will have to accompany the distribution vehicle.

The sale of liquor should be only to the pass holders, limiting it to the quantity mentioned in the pass.

Any excess sale to pass holders or sales to non-pass holders is strictly prohibited, the order said.

In the order issued on Monday, the government said, following the lockdown and the closure of liquor outlets in the state, there were many instances of social issues, including suicidal tendencies shown by those who consumed liquor regularly and the state government has decided to initiate steps to resolve the matter.

Speaking to reporters, chief minister Pinarayi Vijayan said his government has not forced anyone to prescribe liquor to addicts.

He was responding to a query on the indifference of doctors towards the matter of prescribing liquor to addicts.

"If the doctors are not ready to prescribe liquor, it's fine. We are not forcing anyone to do so. We were just following the protocol which are prevalent at many places. It's been over a week. The family and friends of the addicts can gently persuade them to approach the de-addiction centres," he said.

Sparjan Kumar said the order on home delivery was just a modality, as part of the earlier order issued by the government to provide liquor under prescription.

"We have worked out a modality. We have a meeting tomorrow. Some new order has been issued by the Centre today. The meeting will discuss the implementation of the orders," Kumar told.

A person showing withdrawal symptoms has to get a doctor's prescription on his condition so that he could be provided liquor in a "controlled manner", the order added.

The Indian Medical Association (IMA) has also come out against the government's move.

Meanwhile, Vimukthi, an anti-narcotics campaign launched by the state government, has till now admitted 64 patients since March 24.

"Since March 24, the day lockdown started, we have 64 patients admitted due to withdrawal symptoms. We have also registered at least 200 out patients at various de-addiction centres across Kerala," K Mohammed Resheed, Joint Excise Commissioner in charge of awareness told.

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