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
February 16,2020

New Delhi, Feb 16: RSS chief Mohan Bhagwat on Saturday said everyone is unhappy in the society and constantly agitating notwithstanding a "many-fold rise" in materialistic comforts and pleasures.

Addressing a gathering of Sangh workers and intellectuals here in Gujarat, Mr Bhagwat also said that even political parties who are not in power are also agitating.

"Inspite of increase in comforts and materialistic pleasures, everyone is unhappy and is staging agitations. Be it owner or servant, a party in opposition, the common man students, teachers, everyone is unhappy and dissatisfied," the Rashtriya Swayamsewak Sangh (RSS) chief said.

He was speaking on the topic "India's Role in the Present World Context".

Mr Bhagwat further said that bigotry, violence and terrorism are on the rise in the present world.

"India has to give 'dharma'  (wisdom) to the world so that knowledge spreads but humans do not become robotic. We have always talked about the concept of global family but not global market," he said.

The lecture was organised by "Madhav Smruti Nyas", an organisation backed by the RSS.

"To think that we are living in a better world is a half truth. Facilities are not evenly distributed. Rule of Jungle is prevailing. A capable person is crushing the weak to climb up. Knowledge is used more for the destruction of the world," the Sangh chief said.

Mr Bhagwat said people are also misusing social media by spreading "false information" to create controversies.

He also stated that trying to put "everyone into one uniform" is also a form of bigotry.

"US and Russia are super powers. China would become a super power too. Now, what super power nations did to others? They just took control of other countries for their own selfish agenda. These super powers gave it back only when they were asked to do so. Otherwise, they never gave anything to others," said Mr Bhagwat.

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Agencies
August 4,2020

Lucknow, Aug 4: Rashtriya Swayamsewak Sangh (RSS) Chief Mohan Bhagwat on Tuesday left for Ayodhya to attend foundation laying ceremony of Ram Temple tomorrow.

The Prime Minister is scheduled to lay the foundation stone of the Ram temple in Ayodhya on August 5. The construction of Ram temple will begin in Ayodhya after the said ceremony in which various dignitaries from political and religious fields are scheduled to participate.

Bhagwat, along with PM Modi, Uttar Pradesh Chief Minister Yogi Adityanath, Governor Anandiben Patel and President of Ram Mandir Trust, Nitya Gopal Das will be present on stage for the event.

Supreme Court, on November 9 last year, had directed the Central government to hand over the site at Ayodhya for the construction of a Ram temple.

The formation of Shri Ram Janmabhoomi Teertha Kshetra Trust was announced on February 5 for the construction of Ram temple at Ayodhya. The Trust has been mandated by the Central government to oversee the construction of Ram temple in Ayodhya.

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News Network
April 11,2020

New Delhi, Apr 11: As India battles the Covid-19 crisis, Prime Minister Narendra Modi on Saturday held a video conference with chief ministers primarily to take their feedback on whether the 21-nation-wide lockdown be extended beyond April 14 to stem the tide of the infections.

The Central government is understood to have also obtained views on the issue from all the relevant agencies and stakeholders involved in the efforts to contain the spread of the pandemic.

The video conference, which began at 11am, comes amidst indications that the central government may extend the nationwide lockdown with some possible relaxations even as Punjab and Odisha have already announced extending the lockdown beyond April 14 when the current spell of 21-day shutdown across the country ends on Tuesday.

The Union Home Ministry has sought views of state governments on various aspects, including whether more categories of people and services need to be exempted. In the current lockdown only essential services are exempted.

This is for the second time the prime minister is interacting with the chief ministers via video link after the lockdown was imposed.

During his April 2 interaction with chief ministers, Modi had pitched for a "staggered" exit from the ongoing lockdown.

A PTI tally of numbers reported by various states as on Thursday at 9.30pm showed a total of 7,510 having been affected by the virus nationwide so far with at least 251 deaths. More than 700 have been cured and discharged. However, the last update from the Union Health Ministry put the number of confirmed infections at 7,447 and the death toll at 239.

Addressing floor leaders of various parties who have representation in Parliament, Modi had on Wednesday made it clear that the lockdown cannot be lifted in one go, asserting that the priority of his government is to "save each and every life".

According to an official statement after the Wednesday interaction, the prime minister told these leaders that states, district administrations and experts have suggested extension of the lockdown to contain the spread of the virus.

Before the lockdown was announced on March 24, the prime minister had interacted with the chief ministers on March 20 to discuss ways and means to check the spread of the novel coronavirus.

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