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

40% rise in Remittances expected in the state of Kerala

With India expected to hold on to it No. 1 remittance receiving country tag with expected $70 billion in remittance flows according to a recent World Bank report. The southern state of Kerala is expected to rise by 40% to Rs 60,000 crore in 2012, as against Rs 50,000 crore in 2011.

“This shows that slowdown and other crises are no limits when it comes to sending money back home,” S Irudaya Rajan, chair professor, research unit on international migration, Ministry of Overseas Indian Affairs said.

Recent policy measures by the Reserve Bank of India have also given a fillip to the remittance business. After the interest rates on NSE and NRO accounts were deregulated last year, banks looked to shore up low cost deposits through this route, by increasing rates which were controlled. NRE saving deposits mirror domestic saving rates at 4% while interest on NRE term deposits range from 8.5% to 9%.

Indians lead the race of tech entrepreneurship in US

More and more Indians entrepreneurs are the faces behind a growing number of US tech startups. A study by the US based Kauffman Foundation shows that 33.2% of the co-founders of engineering and technology firms founded by immigrants in the US since 2006 were Indians. The next came the Chinese, at 8.1%.

Another study done in 2007 for the period 1995 to 2005 had found that Indians accounted for 26% of the co-founders during that period. So there’s been a 7 % increase in the Indian contribution in the post-2005 period. In fact, the Indian immigrant contribution was the only one that increased; most other immigrant communities saw a decline in their contributions, leading to a general stagnation in immigrant entrepreneurship in the US.

An interesting fact is “The Bay Area which has only six million people resides half a million Indians. And among those Indians, 72% work in the tech sector. Of the total tech firms that get funded in the US, 50% are in Silicon Valley. Not surprising that Indians are becoming founders or co-founders.

Remit2India’s Money on Referral (MOR) program

Remit2India’s Money on Referral program (MOR) just got BIGGER!

All one has to do is refer his/her NRI friend and he/she can earn Rs.1,000/- per referral. Your friends also get Rs. 500/- for using Remit2India services. And the good part is one can refer as many NRI friends as possible. So what are you waiting for? Start referring now and earn unlimited benefits!

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 word with Remit2India’s unique referral program ‘MOR’.

Glory for Indian Cricket

Undoubtedly cricket is a sport that Indians excel at. Heros time and again have inspired youngsters in our country to play this sport.
From Sunil Gavaskar, Kapil Dev, Sachin Tendulkar, Mahindra Singh Dhoni, Virat Kohli and now Unmukt Chand all have played their role.

No wonder the country boosts of a great future for the sport. With domestic cricket & IPL format it not only allows mass recognition but great career option too.

So what’s working for India when it comes to cricket compared to other sports?

Is it:-
• Individual excellence as oppose to group
• Talent
• Stardom and lineage of super stars from the past decades
• A great career option along with instant fame and recognition

Well whatever the answers maybe we are happy that the sport is doing well, allowing plenty of opportunity to new as well as old cricketers.

And we hope that the sportsmen who are treated ‘God like’ continue entertaining the masses.

On that note Remit2India congratulates the success the Under-19 cricketers who have brought home the World Cup.

Positive sign for times to come: Indians in Olympics

The Indian contingent is steadily making inroads at the ongoing London Olympics. The first medal came in the form of Gagan Narang winning the Olympic Bronze Medal in the Men’s 10m Air Rifle Event couple of days back.

While tennis and hockey have disappointed, hopes are alive with boxers, shooters and shuttlers (Both Sania Nehwal and Parupalli Kashyap have advanced).

Back home a billion people wait to see their heroes perform well and win more medals. In the true spirit of the game it’s overwhelming to see the interest of people in India growing for sports beyond cricket, a positive sign for times to come.

Let’s hope India wins more medals and keeps its spirits high.

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.

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.

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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