Rupee at lifetime low against the $

Indian-Rupee

 

 

 

 

 

 

 

 

 

The falling rupee has given FII inflows in India the shiver; however Indians abroad (NRIs) are making the most of it.
Rupee on Monday slipped to a lifetime low of 57.33 vs dollar. Dropping to a record low in early trade, this comes after disappointing data from India and other Asian giants like China and slightly better-than-expected US jobs data.

Speculations now rise for a possible intervention by RBI

Another young Indian making a mark in US

barack-obama-praises-indian-american-student-for-her-science-projectIt comes as no surprise, yet another Indian-American student receiving praises for her work, this time around from none other than the US President Barack Obama himself.

Meghana Rao an Indian origin student from Portland, Oregon, exhibited her project based on ‘biochar’ (charcoal) to the US President at the fair in which around 30 student teams from across US participated.

American Natural History Museum Young Naturalist Award winner, Meghana, is a Jesuit High School student who-in addition to researching the ability of ‘biochar’ also directs a student-run non-profit organization, Portland Junior Scientists (PJS).

Her hard work helped her earn a 2013 Young Naturalist Award from the American Natural History Museum, and brought PJS a $5,000 grant from the Pepsi Refresh Project and an $11,500 grant from the Case Foundation’s Finding Fearless program.

Another Indian, making her nation and fellow Indians proud.

Pravasi Bharatiya Divas (PBD) Convention- Kochi 7th January 2013

The eleventh edition of the Pravasi Bharatiya Divas (PBD) Convention, the flagship event of The Ministry of Overseas Indian Affairs, will be held in Kochi, Kerala, on 7-9 January, 2013. The Government of Kerala will be the State partner of this event.

The day commemorates the return of Mahatma Gandhi from South Africa.The Pravasi Bharatiya Divas is celebrated every year to cherish the contributions of the Overseas Indian Community to the development of India.

The PBD Convention provides a unique platform for overseas Indians to interact among themselves and with the Government of India and the Governments of various Indian States. It is a forum where the Government of India showcases investment opportunities in India and its potential in various sectors.

In the forthcoming PBD, numerous enthusiastic participation is expected from heterogeneous and diverse overseas Indian community spread across the globe. The effort is to have a meaningful and interactive event that would address the issues and concerns of the overseas Indian community effectively.

The great Indian Diaspora embodies the indomitable spirit of enterprise, harmony and patriotism for the land of their origin. The enthusiastic participation in the Pravasi Bharatiya Divas over the years since 2003, and the eagerness to connect with the homeland, express the emotional bonds that all Non Resident Indians so fondly share with their motherland. The commercial capital of Kerala awaits to enchant everyone with its natural beauty of backwaters, and mesmerizing monuments of God’s Own Country.

Seattle-based coffee giant Starbucks inaugurated its first store in India

India a country known for tea lovers has witnessed yet another historic moment; Starbucks the coffee giant has opened its first store in India in association with Tata Global Beverages.

Like KFC, McDonalds and Pizza Hut, Starbucks too has menu items that reflect local as well as western tastes, featuring items such as Elaichi Mawa croissants – made with cardamom and milk solids – and tandoori paneer rolls.
With over 42 items on the menu, seating capacity of 120 people and free Wi-Fi it promises to appeal both youngsters as well as the office executives.

With the likes of Cafe Coffee Day, that has around 1,350 outlets (current market leader) along with a host of international players, like Gloria Jean’s, Costa Coffee, Coffee Bean & Tea Leaf already scrambling to catch up. Dunkin Donuts which also debuted this year, it would be interesting to know how the coffee giant goes about its business in India.

Remit2India introduces Fortune Offer

The Remit2India Fortune offer introduced this month allows users to avail extra paisa on completed transactions. This offer is valid on  remittances in the following currencies USD / GBP/ AUD and EUR.

The offer slabs are:-

Currency

Transaction Amount

Extra Paise*

USD

50 – 5000

5

GBP

> = 50

15

AUD

> = 50

15

EUR

> = 50

15

This offer is not valid for transaction amount above USD 5000, however there is no upper limit for other currencies. The extra paisa benefit is payable to the beneficiary in INR only

Make the  most of this, offer ends on 4th October 2012

For more information visit bit.ly/fortunepromo

Remit2India The Light of India Awards 2012 comes to your television

Remit2India the pioneer in online money transfer service to India has, over the past 11 years strived to offer its customer a simple, trusted and secure money transfer service.

Today we take pride of having over a million happy customers and strive in making our services better every day.

‘Remit2India The Light of India Awards’, our humble initiative introduced last year to thank the people that have helped shape the image of India around the world, witnessed another stupendous gathering this year. Arguably one of the largest gatherings of eminent Indians abroad under one roof.

Global Indians such as Arun Sarin (ex-CEO Vodafone), Lisa Ray (Model & Actress), Sabeer Bhatia (founder hotmail), Padma Lakshmi (Model, host & actress) and many more graced the occasion with their presence.

Catch them receiving the awards on SONY 18th August 2012 at 6:30 PM (local time) on your television sets.

15th August, 2012 – Celebrating India’s 66th Independence Day.

 

India can boast of its freedom much different than other nations, a freedom won without a war. Saw the birth of a super power, which still in many ways in its infancy.

A day to look back and feel the FREEDOM in the wind, the day the British bid adieu, a day that remind us that much more needs to be done for a majority of the population that lacks basic quality of life.

A proud moment for all and a reminder to the post-Independence born citizens to salute the endless spirit of its nation’s Heros that brought us freedom. With a promise to keep the struggle on to achieve what our leaders dreamt off.

And hope that someday our children value what they have and salute the sacrifice of many that has made this Independence Day possible.

Wishing all a Very Happy 66th Independence Day!

NRIs sent home $4.8 bn. (between April and May’12)

To take advantage of the weakening rupee vis-a-vis dollar and higher returns, non residents have pumped in a record $4.753 billion in local bank deposits during April and May, seven times higher than the same period last year.

Indians working abroad prefer NRE (non-resident external rupee accounts) scheme the most as the scheme offers interest rates akin to high domestic deposit rates. This scheme saw an net inflow of $5.502 billion in the two months, compared to an net outfow of $133 million in the corresponding period in 2011, according to Reserve Bank of India’s latest data published.

The non-resident ordinary rupee ( NRO) account, which is non repatriable or strictly for NRI’s local use has seen a modest inflow of $46 million.

Reserve Bank of India has deregulated the interest rates on NRI deposits in December last year which prompted NRIs to invest $4.658 billion between January and March this year which was 40% of total NRI flow of $11.9 billion in 2011-12.

 

A relief for NRIs: Remittances NOT to be taxed

 

The Central Board of Excise and Customs (CBEC) yesterday issued a clarification saying remittance of foreign currency to India from overseas will not be levied service tax. This surely comes as a relief for NRIs sending money home, as it ends days of speculation on whether their money sent home would be liable for tax.

 

“The matter has been examined and it is clarified that there is no service tax per se on the amount of foreign currency remitted to India from overseas,” the CBEC circular said. The negative list released earlier had excluded money transactions. The CBEC said, “As the amount of remittance comprises money, the activity does not comprise a ‘service’ and thus not subjected to service tax.”

It added that in case any fee or conversion charges are levied for sending such money, they are also not liable to service tax as the person sending the money and the company conducting the remittance are located outsideIndia. “In terms of the Place of Provision of Services Rules, 2012, such services are deemed to be provided outsideIndia and thus not liable to service tax,” CBEC said.

Asian population on the rise in US, Indians leading the way in income and education.

A recent study released by the Pew Research Center states that About 430,000 Asians – or 36 percent of all new immigrants, legal and illegal – moved to the United States in 2010. Just three years earlier, the ratio was reversed: about 390,000 Asians immigrated in 2007

The findings are part of a study called “The Rise of Asian-Americans,” a comprehensive analysis of the Asian population in the United States.

Among Asians 25 or older, 49 percent hold a college degree, compared with 28 percent of all people in that age range in the United States. Median annual household income among Asians is $66,000 versus $49,800 among the general population.

In the survey, Asians are also distinguished by their emphasis on traditional family mores. About 54 percent of the respondents, compared with 34 percent of all adults in the country, said having a successful marriage was one of the most important goals in life; another was being a good parent, according to 67 percent of Asian adults, compared with about half of all adults in the general population.

Asians also place greater importance on career and material success, the study reported, values reflected in child-rearing styles. About 62 percent of Asians in the United States believe that most American parents do not put enough pressure on their children to do well in school

A century ago, most Asian-Americans were low-skilled, low-wage laborers crowded into ethnic enclaves and targets of official discrimination,” the study said. “Today they are the most likely of any major racial or ethnic group in America to live in mixed neighborhoods and to marry across racial lines.”

Indians, for instance, lead all other Asian subgroups in income and education, the report said. Indians, Japanese and Filipinos have lower poverty rates than the general public, while Koreans, Vietnamese and Chinese have higher poverty rates.

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