Celebrating 100 glorious years of Indian Cinema

Remit2India celebrating 100 years of Indian Cinema

Some say it’s a passion, some an obsession, on completing 100 years Indian Cinema owes it to the man who is known as the father of the Indian Cinema ‘Dhundiraj Govind Phalke (1870 -1944)’.

Dadasaheb Phalke as we better know him as, held the first show of Raja Harishchandra what is widely considered to be the first Indian feature film at Bombay’s Olympia Picture Palace on April 21, 1913. The commercial screenings started 12 days later, on May 3, 1913 at Coronation Cinematograph and Variety Hall, Sandhurst Road, Girgaum, Bombay.

A salute to the every growing and ever enriching Indian Cinema which seems to be borne every day yet fulfills the legacy which started 100 years back.

Indian Cinema ‘Young at 100’

–       A tribute to all Indian by @Remit2India

31.2% of Kerala GDP is contributed by NRK (Non-resident Keralites) in 2011

Hardly a surprise for the people living in Kerala, the state witnessed remittance from Keralites working abroad (NRK) to account for a significant portion of its GDP. In 2011, at Rs 49,965 crore, it touched an all-time high of 31.2 per cent of the state GDP, according to a recent report on Kerala Migration Survey, prepared by Centre For Development Studies (CDS), for Department of Non-resident Keralites Affairs (NORKA) and Ministry of Overseas Indian Affairs. In 2011, there were 34,30,889 NRKs, up from 33,50,538 in 2008.

Most macroeconomic indicators show that NRK remittances in 2011 played a significant part in the economy of the state. “NRK remittances were 1.6 times the revenue receipt (Rs 31,181 crore), 6.2 times the money that the state got from the Centre (`7,982 crore) as revenue transfers and 2.2 times the entire government expenditure (Rs 22,546 crore).

Malappuram topped in overall remittance with Rs 9,040 crore accounting for 18.2 per cent of the state’s total remittance. Close on heels were Ernakulam (12.3 per cent), Kannur (10.4 per cent) and Thiruvananthapuram (9.5 per cent).

NRIs will now have to pay service tax for sending money home

Remitting money to dependents in India by non-resident Indians (NRIs) could attract a service tax beginning July 1, 2012. The service of transferring remittances into India have been brought under the service tax regime, and will attract 12.36 % tax. As proposed by The Union Government.

Experts say that this move is likely to push many NRIs to explore illegal channels to bring their dollars into the country.

Remittance flows intoIndiaamounted to $64 billion in 2011, compared with around $58 billion the previous year, according to World Bank’s Migration and Development report. Remittances are expected to be around $70 billion in 2012. According to the Reserve Bank of India data there are 30 million NRIs. Currently no other country imposes tax on remittances and India would be one of the first.

Experts also say that imposing tax on remittance is also unjust because a major share of the money is used to the daily needs of family members of the NRIs.

Advantage for NRIs

The Reserve Bank on Wednesday said Indians who have non-resident accounts in the country can now hold them in any currency which is fully convertible.

The move is likely to help NRIs/Persons of India Origin as it will give them more options in the holding of accounts, and lessen the risk from fluctuations in major currencies.

Earlier, FCNR(B) account holders were allowed to hold accounts in only certain currencies such as the Pound Sterling, US dollar, Japanese yen, euro, Canadian dollar and Australian dollar.

“…it has been decided that Authorised Dealer banks in India may be permitted to accept Foreign Currency (Non-Resident) Account (Banks) deposits in any permitted currency.

It may be noted that ‘Permitted currency’ for this purpose would mean a foreign currency which is freely convertible,” RBI said in a notification.“The Committee to Review the Facilities for Individuals under Foreign Exchange Management Act, 1999 in its Report has recommended that FCNR(B) accounts may be permitted to be opened in any freely convertible currency,” RBI said.

RBI also said that any citizen who was earlier residing in a foreign country can own or transfer property or other assets in that nation if it was acquired during the time of his residence there.

“… a person resident in India is free to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was acquired, held or owned by such person when he was resident outside India or inherited from a person who was resident outside India,” RBI said.In a clarification issued by it regarding repatriation of income and sale proceeds of assets held abroad by NRIs who have returned to India permanently, RBI said an investor can retain and reinvest the income earned on investments made under the Liberalised Remittance Scheme.The bank said that clarifications are as per relevant sections of the Foreign Exchange Management Act of 1999.

Source: The Hindu

Remit2India’s FXvoucher ‘the power to get EXTRA’ is back


Currency fluctuationshave been one of the prime concerns for NRIs when they look at sending money home. If one looks at the trend of the US$ in the past few months, it has been extremely volatile. From INR 44.5 in Feb’11 to touching highs of INR 49.3 a few days back against 1 US$, the fluctuations impact a NRI. This is true for most currencies and markets around the world. Compare that with the increasing inflation that has gone up from 1.5% – Feb’11 to 3.75% – Sept’11 in the US. The Inflation in India has also peaked to 8.43% in recent time thereby increasing the cost of living. NRIs who remit money to their family back home need to shell out extra, which becomes an expensive affair.The volatile nature of these currencies coupled with increasing inflation makes a NRI anxious to maximize his remittance.
At Remit2India, we understand this concern and to aid it, we have launched the FXvoucher– an assured way to earn EXTRA money. It helps a NRI gain 3 times as much back of the initial investment he makes. This festive season we re-introduce the FXvoucher with improved features and hope our NRI customers make the most of it.

Click here to purchase the FXvoucher

Surge in remittance as rupee hits 2-year low

With the Indian rupee continuing to decline against a dollar-pegged dirham, money transfer companies in the UAE recorded brisk business, with remittance volume surging by 20 pc over the past two weeks. On Wednesday, the rupee ended weaker after dropping to its lowest level in over two years as investors reduced their exposure to risk ahead of the US Federal Reserve’s policy meeting, where it is expected to unveil steps to revive a flagging US economy.

The partially convertible rupee ended at 13.6 per dirham or 48.325/335 per dollar, 0.58 per cent weaker than Tuesday’s close of 48.05/06 and after touching 48.34 intraday — its weakest since September16, 2009. The rupee has declined almost 10 per cent since it recent peak on July 27 when it was trading at 44 per dollar.

On Wednesday, the rupee opened stronger at 47.99 per dollar and rose to 47.8375 driven primarily on expectation of robust dollar inflows, traders said.

A flagging euro and choppy domestic equities, which slipped 0.2 per cent in volatile trade, added to the rupee’s woes, and market analysts predict that if the eurozone financial issue persists, the Indian currency will cross the two-year low of 48.47 per dollar and head further south to hit 50 per dollar.

In 2010, remittances by the UAE-based migrant workers grew 11 per cent to $10.54 billion from $9.51 billion in 2009. Total expatriate workers’ remittances from the GCC rose to $63.75 billion in 2010 from $60.03 billion in the previous year, according the World Bank, reached $325 billion from $317.23 billion in 2009.

The International Monetary Fund predicted that outward remittances from the GCC, which has over 12 million expatriates, are estimated to reach $74.9 billion in 2011. India, the largest recipient country, in terms of both global and GCC remittances, accounts for roughly 50 per cent of money transferred from the Gulf, estimated to be between $25 and $30 billion in 2010.

Source: GulfNews

Remit2India celebrates NRI Family Day

Remit2India, as part of its endeavour to build a bond with the families of NRIs, recently celebrated another chapter of its ‘Remit2India – NRI Family Day’ in Bengaluru. Known for being the pioneer in offering an online money transfer service for NRIs, the Remit2India – NRI Family Day was created as an occasion to celebrate & bond with the families who have their loved ones across the globe. Touted as an evening full of fun & entertainment, the event lived up to the hype with over 300 families in attendance. Held at the Palace Grounds in Bengaluru, it included live performances by Indian Idol star Rehan Khan as well as Bollywood actress Smiley Suri.

Also part of the evening celebrations was a range of activities from free health check-ups, tattoo artists, Tarot card readers, live international video chats etc. The icing on the cake was an elaborate spread of delicacies to suit the different tastes of the family members.

Speaking at the event, Avijit Nanda, President – TimesofMoney said “Every one of us miss not having our loved ones around. The Remit2India NRI Family Day is our way of trying to bridge the physical distance between the NRI & his family in India. We are overwhelmed with the response & really delighted to see the families having such a wonderful time”

The event would be extended to other cities. Key partners for the Bengaluru event include Clarks Exotica, Life Insurance Corporation, Mallya Hospital, Volkswagen, Chromozome Network, Jet Airways & Times Card.

RBI panel for hassle-free remittance, investment

The Reserve Bank of India (RBI)-appointed panel suggested significant liberalisation of forex regulation to allow hassle-free remittances and overseas investments. “To enable hassle-free remittances by resident individuals, banks may be advised by the RBI not to insist on the submission of form 15 CA/15 CB for any remittances under the Liberalised Remittance Scheme (LRS),” the report of the panel headed by former RBI Deputy Governor KJ Udeshi said.

The report of the Committee to Review the Facilities for Individuals under Foreign Exchange Management Act (FEMA), 1999 said over a period of time, the FEMA rules now contain contradictory provisions and there is also a need to make definitions uniform and consistent across FEMA.

The committee is of the considered view that the procedural ‘knots’ in the system need to be untied to enable the present forex liberalisation to be effective and in the absence of untying of these knots, any further forex liberalisation will not be meaningful.

The report also noted that instead of an erstwhile single regulator (the RBI), we now have a multitude of regulators, each interpreting FEMA in his own way.
General permission, it said, may be granted to resident individuals to acquire shares of a foreign company in part or full consideration of professional services rendered to the foreign company or in lieu of Director’s remuneration.
Besides, it suggested, general permission may be granted to resident individuals to acquire qualification shares of an overseas company for holding the post of a director without the existing limitations.

It is to be noted that the committee was set up, following the announcement in Annual Monetary Policy for 2011-12 in May. “Recognising the need for facilitating genuine foreign exchange transactions by individuals – Residents/Non-resident Indians (NRIs) and Persons of Indian Origin (PIOs) – under the current regulatory framework of FEMA, Reserve Bank has constituted a Committee under the Chairmanship of KJ Udeshi,” RBI Governor D Subbarao had said in the Annual Monetary Policy for 2011-12.

The objective of the review was to identify areas for streamlining and simplifying the procedure so as to remove the operational impediments and assess the level of efficiency in the functioning of authorised persons, including the infrastructure created by them.

Among other recommendations, Indian resident employees or directors may be permitted to accept shares offered through an ESOP Scheme globally.
It also suggested that the Portfolio Investment Scheme needs to be reviewed in its entirety and there is no need for continuation of the existing scheme.

Source:-Business Standard

Remit2India adopts innovative ways to connect with its NRI audience

Participates in community associations & events to increase brand presence and engage its audience

Believing in the philosophy of engaging with its customers Remit2India, pioneer in online money transfers, has adopted a novel way of reaching out to the Indian disapora by partnering with Indian communities such as the ‘Bruhan Maharashtra Mandal of North America’ (BMM), ‘Telugu Association of North America’ (TANA) and participating in their annual events in US. Associating with these communities provided the opportunity to interact with NRIs who send money back home.

The BMM and TANA events were held in Chicago and California respectively where a sizable NRI population resides, thereby providing the perfect platform for services such as Remit2India to interact with potential customers. Both events attracted thousands of locals who turned out in large strengths at the venues that showcased their cultural and Indian roots.

Remit2India’s booth at these events gave the audience a flavour of the ease and convenience of its services that NRIs could benefit from when sending money to their home country. This on-ground activity was targeted at effectively connecting, interacting and engaging with the NRI community. Several product demos were conducted and promotion brand collaterals were given out to excite the customers. Commenting on this initiative, Avijit Nanda, President of TimesofMoney said, “We have traditionally followed extensive online marketing activities, but over the last couple of months, we have adopted a more focused approach that allows us to interact with our consumers directly and educate them on transferring money in a safe and secure manner online. Remit2India has always been innovative in interacting with its audience and sharing relevant product information. For these events, we aided our representatives with iPads that allowed us to provide a real time service demo along with a chance for customer to signup for FREE on the spot. The feedback has been very promising and we hope to continue reaching out to our audience in an innovative manner”.

Remit2India’s MOR(Money on Referral) Hat-Trick Offer is back

And certainly with a bang…


Remit2India gives you MOR reasons to smile and earn with its referral program ‘Money On Referral’ (MOR). All one has to do is refer his/her NRI friends and he/she can earn Rs. 1,000/- per referral. Your friends also get Rs. 500 for using our service through your referral.

And the good part is one can refer as many NRI friends as possible. Which means more the friends one refers, more money he/she can earn.

So what are you waiting for. Start referring now and make an unlimited amount of money!

The customer also has the choice to redeem this as extra money sent as remittance or even as a Gift Voucher against a host of gifting items from a special catalog.

So, spread the smile with Remit2India’s unique referral program ‘MOR’.

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