NRIs can transfer funds
from NRO to NRE A/C
MUMBAI: Reserve Bank of
India has allowed NRIs to
transfer funds from nonresident
ordinary (NRO)
account to Non-Resident
External (NRE) account
subject to a ceiling of US$1
million in a financial year.
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RBI to mobilise NRI
support to lift rupee
MUMBAI: Alarmed over
the deep slump of the
rupee against dollar with
more demand for the
greenback from importers,
RBI has eased some curbs
to attract dollars from NRIs
and scrapped the interest
rate ceiling on exporters’
foreign currency credit.
But the measures, aimed
at taking the steam off the
currency, are yet to show
any significant impact.
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Drive against black money
may affect NRI investments
NEW DELHI: India’s drive
against black money overseas
is having an unintended
consequence ——
one that could affect one
of its stable sources of
dollars. Investments by
NRIs and their funds
parked in India are coming
under the glare of the
tax authorities in their
home countries. Indian
income tax authorities are
sending financial details
of NRIs to their respective
countries under the information
exchange agreements
inked by New Delhi
with many countries.
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Oman visa system goes electronic
MUSCAT: Procedures for issuing visas, especially for
businessmen and tourists, and residence permits for
expatriates will be simplified when a new electronic
system comes into force shortly. It will also ease entry
and exit procedures at the border checkpoints.
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Indian girl sues
New York City
NEW YORK: The teenage
daughter of an Indian diplomat
who says she was
wrongfully arrested for
sending threatening e-mails
to two of her New York City
teachers has sued the city
for $1.5 million, claiming
civil rights violations.
Krittika Biswas, the daughter
of the vice-consul in the
Consulate General of India
in New York, was arrested
and imprisoned for a night
last year after gym and
calculus teachers at her
Queens high school accused
her of sending lewd
and violent e-mails.
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