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Britain has decided not to apply its new immigration law for the time being granting a temporary reprieve to Indian Doctors in UK. Four optional sites have been offered to Dutch Haryana Business Consortium (DHBC) in Gurgaon for setting up European Technology Park. National Highway Authority of India and Continental Engineering Corporation, Taiwan have agreed for constructing 83 Km stretch on Hyderabad-Banglore Section. A Price Waterhouse Coopers (PWC) comparison of tax rates shows that tax rates are much higher in developed countries. CII has called for evolving a new regulatory architecture for building India's infrastructure.

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FAQ

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FAQ

Question 1. What does the term ‘Overseas Citizen of India’ mean?
Ans. There was no such term prior to 28.06.2005. The Citizenship Act, 1955 was amended vide Act, 32 of 2005. Vide this amendment, at Section 2(ee) the term has been defined as a person, who is registered as an overseas citizen of India by Central Government (of India) under Section 7A of the said Act. This amendment entitles the person to have dual citizenship. These persons will be Indian citizens for limited purpose while simultaneously holding the overseas citizenship.

Question 2. Will the person who has applied for dual citizenship, get a passport?
Ans. No. A certificate will be issued as per rule 25G of the Citizenship Rules, 1956.

Question 3. Is it permissible for an NRI to open bank accounts in India?
Ans. Yes. Regulation 5 of FEM (Deposit) Regulations, 2000 permits any authorized bank in India to accept deposits from NRIs under following schemes:-
under NRE account scheme;
under Foreign currency NR Account Bank Scheme (FCNR – B account]
under NRO account scheme

Question 4. What is the basis of charging income tax in India? Is income tax payable by an NRI?
Ans. Income tax is charged at the applicable rates in respect of total income of the previous year of every person. This is as per section 4 of the Income Tax Act, 1961. In general the income is payable by residents but as per Section 5(2) of the Act, following income of an NRI is subjected to income tax:-
a- income received or deemed to be received in India in previous year by or on behalf of NRI; or
b- income accrued/arises or deemed to accrue/arisen to him in India.

Question 5. Can an NRI send foreign exchange to his relatives in India, as a gift?
Ans. Yes. It can be given.

Question 6. What are the customs duty concessions on goods being brought into India as accompanied baggage?
Ans. No customs duty is payable on goods valued upto Rs. 25,000/- per person as per rule 3 of baggage rules, 1998.

Question 7. Can a person bring jewellary?
Ans. Yes, a lady passenger can bring jewellary upto Rs. 20,000/- and a man passenger can bring jewellary upto Rs. 10,000/-

Question 8. We want to export to India. What is the custom duty structure in India?
Ans. The rate of customs duty in India have been drastically reduced in last few years. The peak rate of duty at present is 12.5% (except goods pertaining to Agricultural Sector).

Question 9. What are special economic zones?
Ans. This is a specified area within India for the promotion of exports and matters connected therewith. Such area must be notified under Section 3(4) or Section 4(1) of the Special Economic Zones Act, 2005.

Question 10. What is ‘Offshore Banking Unit’? What is the procedure to setup this in SEZ?
Ans. ‘Offshore Banking Unit’ means a branch of a bank located in SEZ who has obtained a permission under Section 23(1)(a) of the Banking Regulation Act, 1949. An application has to be made to Reserve Bank of India. The terms and conditions are given in FEM (offshore banking unit) Regulations, 2002. Such an unit may:-
a- undertake foreign exchange transactions with any authorized dealer in India only on principal-to-principal basis.
b- Undertake transaction in foreign exchange with a unit located in SEZ within the specified ceilings
c- conduct all sort of business as specified in Section 6(1) of Banking Regulation Act, 1949 in foreign exchange.
d- not conduct any activity or undertake any transaction with residents of India unless permitted by RBI.

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