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South Indian NRI docs head home 2007-03-31 05:15:00 An increasingly large number of non-resident Indian doctors is returning home to south India, giving a third leg to the reverse brain drain phenomenon that mostly involved software engineers and corporate scientists.A trickle of NRI doctors returning home has been there all around the country for decades now (that is how Apollo Hospitals started), but what marks out the present phase is the accelerating pace and the peninsular focus. The latter is only to be expected since more doctors from the south left India in the first place."We get enquiries on a daily basis from NRI doctors wanting to come back," says K Hari Prasad, CEO of Apollo Hospitals, Hyderabad. On an average, Manipal Hospital, Bangalore, gets five to six resumes every week from NRI doctors in the US and UK. Corporate hospitals in Kerala are seeing a similar inflow of applications. A good 15 per cent of the doctors at the Kerala Institute of Medical Sciences are former NRIs. Wockhardt hospitals have 28 specialists who have Read more:South
, South Indian
NRIs seeking home loan? Check this out 2007-03-28 13:22:00 While home loans are available to resident individuals as well as non-resident Indians (NRIs), there are some differences in the terms and conditions applicable to the two. Here are a few points to get started:Who is an NRI?Banks follow the RBI definition, that is, an Indian citizen who holds a valid Indian passport and who stays abroad for employment or for carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay.Terms and conditionsEligibility:The NRI has to be a graduate. The same does not apply to resident Indians. He should earn a minimum monthly income of $2,000. This criterion may differ across housing finance companies (HFCs).Size of loan:The loan amount should not exceed 85 per cent of the cost of property. In case of Indian residents, banks can lend up to 90 per cent of the cost of property. The size of the loan depends upon the borrower’s repayment capacity. However, there is a maximum limi Read more:Check
NRIs Craze for Indian Real Estate 2007-03-27 07:16:00 Since the investors making investments in Indian retail sector has become conscious about putting in the volatile equity market at current levels, Non Resident Indians (NRIs) are taking a contrarian stand towards the same.Nowadays, NRIs seem to be changing their mindset about making investments in Indian real estate. They have invested a whopping 100 crore, in less than two months of the current calendar year. Contrary to this, NRIs had emerged as net buyers at less than Rs 8 crore in 2006. Connoisseurs feel that the corrections witnessed in the past few years have made NRIs bullish on the Indian real estate market. However, they are looking towards reinvesting.Data complied by surveys clearly show that NRIs have been taking out their money, with the concerns such as high rupee-dollar rate and valuation on mind. All these factors have forced them to reconsider their decision to invest, says the head of brokerage with a sizeable overseas presence.Although, the value of rupee has increas Read more:Craze
, Estate
, Real Estate
NRI Hills-International City at Jaipur 2007-03-26 06:07:00 Average NRI real estate project sizes have shot up from around Rs 30-60 crore, when the realty boom began three years ago, to between Rs 500 and Rs 2,500 crore today. Largely because of a far larger scale of these projects.From now, despite the 200% growth since the past 3-4 years, real estate projects (whether residential, commercial or retail) are expected to reach astronomical levels of a colossal 1,000%. That’s one of the key reasons why rates across the board are shooting through the roof. The first phase of the 2,504 acre hi-tech township by Ansal Properties and Infrastructure Limited in Greater Noida, for which it has signed an MoU with the Uttar Pradesh government, is estimated at a whopping Rs 20,000 crore.Natraj Buildwell Ltd has launched NRI Hills
-International
City at Jaipur
at a cost of Rs 1,000 crore. The cost of Alpha G:Corp’s project, Alpha International City, Karnal is estimated to be Rs 600 crore. The various projects of Parsvnath launched recently are pegged at P
Merrill Lynch vies to be biggest private bank in NRI segment 2007-03-24 04:30:00 Global financial services major MerrillLynch
on Wednesday said, it plans to roll out more products for NRIs as it aims to become the biggest private banker catering to the niche market."With $360 billion in investable assets, the 22 million Non-Resident Indians are an important growth area for us," Rahul Malhotra, Merrill Lynch's head of India Global Private Client, told PTI."We are leveraging the global business by rolling out products and developing talent, which will result in the largest private banking businesses in NRI segment," he added.The company would also double the number of financial advisors serving Indian clients this year, both within the country and living abroad."We plan to grow the clients' assets under management for both onshore and offshore India by 8-10 times in the next three years," Malhotra said.Merrill Lynch has had a long experience in India through its partnership with DSPML, which gives it a great advantage over other firms as it boosts of both global e
NRI invest in biggest project of 100-acre condominium complex in Clacutta 2007-03-23 05:45:00 NRIs are looking to invest
money in real estate india and have put eyes on calcutta.NRI invest in biggest project of 100-acre condominium complex in Clacutta.Uniworld City -New Town's biggest project of 100-acre condominium complex.-Uniworld City will strive to be the one-of-a-kind worldclass condominium project with 82 apartment blocks of nine to 27 stories.-The company proposed 4,500 flats to be developed in nine phases that will cost Rs 20-70 lakh.-Large restaurants with terraces have been suggested for the main plaza to provide an architectural focal point and activate the plaza with outdoor dining areas with 300,000 sq ft of premium built space convenience kiosks, books, music and cafes-The streets allow for visual connections and easy transitions from private to public areas-Added wide variety of apartments in terms of the number of bedrooms and area to cater to different choices and budgets.-Three club houses with modern indoor/outdoor sports and recreational facilities-A bouti
NRI group plans biggest FDI in Indian real estate 2007-03-19 07:45:00 A US-based infrastructure company on Thursday unveiled plans
to invest $1 billion in Indian real estate in what is being billed as the largest foreign direct investment (FDI) in the newly liberalised sector.Royal Indian Raj International Corporation (RIRIC), a Nevada-based company promoted by people of Indian origin, is firming up plans to build integrated townships and planned cities in the country.The company has entered into a strategic partnership with New York-based real estate investment banking firm The Greenwich Group International to finance the development of multiple private cities in India. “We have already been working on our inaugural residential project on a 17-acre plot on the outskirts of Bangalore,” said RIRIC CEO Manoj C Benjamin.“With the Indian real estate sector in transition and recent landmark legislation allowing FDI into it, the opportunity for participation in this formerly closed market is heightening,” Benjamin said. RIRIC said it aimed to take adva
NRI uses RTI to get tax refund 2007-03-15 12:08:00 This is one problem that most tax-payers in the country may have faced at some point in their lives. The income tax department directly deducts your tax at source, but when it comes to refunds, it sends you on a wild goose chase.An assessee has now shown a way around the problem through the use of the Right to Information (RTI) Act. Tushar Dalvi used RTI and managed to get his refund, which was pending for five years, in a week's time.Dalvi, an NRI, who settled in Santa Cruz a few years ago, has a non-resident ordinary account from which the bank was deducting tax at source (TDS) on the interest accumulated on his deposits. Although he had filed returns and applied for a refund with the central international taxation department from 2002 onwards, he had not got a single reply from the I-T department."I was stone-walled for quite sometime and then I tried to use the services of a chartered accountant (CA). But he said he would charge me Rs 50,000 as service charge,"said 60-year-old Dal
Separate NRI investment cell for Kerala tourism 2007-03-08 05:08:00 Steps are underway to set up a separate cell to tap the cash-rich non-resident Keralites (NRKs) for developing Kerala
's tourism infrastructure, state Tourism Minister Kodiyeri Balakrishnan said here Tuesday."Though the central and state governments are doing their bit to promote tourism in Kerala, this will not be enough for the development of tourism infrastructure. For this we should tap the NRKs and a special cell will be created to this effect," Balakrishnan said in the state assembly.The minister was replying to questions on the steps taken to promote tourism in Kerala.He said that an Infrastructure Development Finance Corporation would also be set up to look into tourism infrastructure development.The minister pointed out that the biggest problem faced by the Kerala tourism industry was shortage of rooms."During the peak season Kerala requires around 20,000 rooms and what we have now are a mere 8,000 rooms," Balakrishnan said.In 2006, the number of foreign tourists visiting Kera Read more:investment
Budget: NRI investors get lower returns 2007-03-05 08:09:00 More Indians are paying more taxes, the economy is growing at over nine percent, exports are booming and foreign reserves have touched a new record of $180 billion. So Finance Minister P. Chidambaram focused on the poor to lower prices, provide better education and healthcare, offer selected insurance cover and improve infrastructure.Now that foreign companies are rushing to India and Indian companies are buying out foreign companies, new investment incentives take a back seat. Thus it is no wonder the budget did not have any special provisions to attract NRI investors. However, NRIs, like all Indians, will pay less income tax but also get lower returns on Indian stocks.NRIs who file income tax returns in India will benefit marginally as the tax exemption has been raised by Rs.10,000 to Rs.110,000; to Rs 145,000 for women and Rs.195,000 for senior citizens. However, the education cess has increased from two percent to three percent on all direct and indirect taxes to finance higher edu
NRIs Woo Real Estate in India 2007-03-05 08:09:00 NRIs wanting to park their funds in India
are taking the real estate market seriously enough to form informal groups to back select projects. This is the latest trend observed in the Indian realty market, and nobody’s complaining.NRIs tend to invest in residential properties in India, preferably in their native towns or cities where their relatives and friends can supervise such projects. However, funds are now being put into some commercially viable projects as well, such as malls, hotels and office complexes. Around $600 million has poured in from such investments in the last one year, with a single investment from a group averaging between $10 to 15 million.Law firms receive 5 to 6 enquiries every week from overseas Indians who club together and float a fund to build a property, stay on through the lock-in period, and sell it at a good profit.Jaipur, Hyderabad, Vijaywada, Ahmedabad, Baroda and Surat have seen groups of NRIs making such investments in malls, office spaces and resid Read more:Estate
, Real Estate
Remit2India to offer NRE transfers 2007-03-01 07:49:00 World’s number one independent online money transfer portal for NRIs recently unveiled its exciting NRE promotional campaign. The promotion promises premium exchange rates to NRIs allowing them to earn up to Rs.4500 over the standard rates for transferring money into their NRE accounts.NRE(Non-Resident External) account, is a bank account, which can be opened by any person of India
n origin or nationality, currently settled abroad. These accounts can be maintained in the form of savings, current or term deposit accounts with any authorized banks in India. An NRI gets the opportunity to enjoy the multiple benefits of higher interest rates, tax- free principal and interest amount and also full reparability of funds involved.Furthermore, the NRI can use his NRE account to invest into the various investment vehicles including mutual funds, property, insurance, etc. as tools for wealth creation.The NRE money transfers promotion being latest on the platter is designed and framed to steal th
THE NR EYE: Punjab attracts NRIs in many ways 2007-02-19 12:24:00 They may not yet have any telling impact on the elections, nor have they yet fully realised their potential to invest in their state, but it is visible now that non-resident Punjabis are more interested in home affairs than before.Some may attribute it to the overall effect that India's growth story is having on all non-residents. Others, might point towards the likelihood of NRIs getting voting rights. And then there would be those who might credit the government efforts for this. But, certainly, the intrepid global Punjabi, known for his uncanny ability to reach green pastures, is now looking homeward. Recently, hot on the heals of the Pravasi Bharatiya Divas - 2007, the International Punjabi Chamber for Service Industry (IPCSI) brought NRIs on a single platform to introduce them to investment opportunities.The conference identified the areas of development in the area of infrastructure including roads, highways, rail, airports, power generation, SEZs, retail, real estate, housing,
NRI investment route’s not tax-efficient now 2007-02-19 12:24:00 Select overseas investors may get to invest in local stock markets by registering with foreign institutional investors (FIIs). The aim is to ensure a minimum issuance of participatory notes (PNs) in the Indian markets, an official privy to the development said.“Let more foreign portfolio investors come in. But we want investors operating under various umbrellas to come in through the front door and not through subterfuge,” said a senior official. As against PNs, ‘sub-accounts’ have to be registered with Sebi by non-residents on whose behalf investment
s are made in India by an FII registered with Sebi.Since Sebi is in no position to verify the antecedents of each of the PN investors, a sensible course would be to pin down the responsibility on FIIs, officials feel. Sebi’s FII regulations will need to be revised as the responsibility of FIIs relating to sub accounts is regarded as a grey area.The existing norms of a broad based fund (which stipulates at least 20 investors with Read more:route
, efficient
Township For NRIs 2007-02-14 10:22:00 Noida-based Shourya Towers Private Ltd, a unit of the Nitishree Group, is coming up with Shourya NRI City, spread over 150 acres in Amritsar with an initial investment of Rs 500 crore. The project is targeted at Non-Resident Indians, and is likely to be completed in two years from the date of commencement.The township, comprising of both residential and commercial complexes, is just 8 km from the Golden Temple. The project has been conceptualized by world-renowned architects, SAA, Singapore.The residential area will have modern infrastructure with apartments, kothies and villas. There will be other facilities like a premium club, a ladies’ club, a splash pool, an indoor games arena, a banquet hall, schools, petrol pumps, barbeque, banks and ATMs, a super-specialty hospital, and provision for a helipad. The township will also have platinum villas in varied sizes.There will be green belts that would possess features like mediterranean façade, manicured gardens etc. Plots would be avai Read more:Township
ICICI Bank scheme for NRIs 2007-02-13 05:53:00 ICICI Bank has introduced a new product 'NRI SmartSave Deposits'? an unique fixed deposit scheme for Non Resident Indians(NRIs). A one of a kind service introduced by ICICI Bank comes with a host of benefits that are tailor made for the Indian diaspora settled abroad. To avail of this service, even if the customer has a fixed deposit account in any other bank, all that the customer has to do is to get in touch with ICICI Bank, who will ensure a flawless transfer of the account on maturity.The customer may not be in India when the deposit matures or may not have the time to go to the bank when in India. ICICI Bank will collect the documents from the customer and send the documents to the concerned bank through a vendor on behalf of the customer and get the money transferred to ICICI Bank. The customer simply has to walk into ICICI branches for the product and his requests will be taken care of by the sales executives of ICICI Bank. ICICI Bank will transfer the money for the customer s Read more:ICICI
NRIs fly in - even first class - for Punjab polls 2007-02-12 09:06:00 Jalandhar, Feb 9 For a retired postmaster from Britain's Birmingham city, the temptation to be part of the Punjab assembly election was too big to resist despite the non-availability of seats on most flights coming to India.So Bhagwan Dass Badhan decided to fly first class
- even if it meant paying nearly four times extra. The president of the Indian Overseas Congress in Britain, he is not the only one eager to be part of Punjab's colourful electoral scene for the 117 assembly seats. The polls are to be held Feb 13.Badhan told IANS here that a group of 55 NRIs from Britain had come together to support Congress candidates, mainly in the Doaba belt.The Doaba belt comprising the districts of Jalandhar, Hoshiarpur, Kapurthala and Nawanshahr districts had seen maximum immigration to Western countries from Punjab, starting in the early 1940s.'All flights coming to India from Britain are full. The position of flights to Amritsar airport is particularly bad. Since I did not get any ticket,
Investing in Indian Real Estate 2007-02-07 12:06:00 Non-residents Indians [NRIs] have recently begun to show immense interest in the real estate market of India. A lot of NRI funds are coming to India, through various channels, to be invested in the real estate industry, as these NRIs want make the most of the opportunities offered by the growing real estate market in India.We cannot ignore the important aspect of India's government in promoting real estate. The Indian government has played a major role in supporting the growth of the real estate sector by allowing NRI investment and Foreign Direct Investment [FDI] in real estate. With an exceptionally good return on the investment, the real estate sector has become the preferred choice of most of the investors.Various lucrative avenues are being created and offered to invite maximum investments from abroad. The NRI section has responded quite positively, showing keen interest in India's real estate market. NRIs are investing a lot in residential and commercial properties to cash upon Read more:Estate
, Investing
ICICI Bank freezes many NRI accounts 2007-02-05 06:07:00 ICICI Bank has frozen the accounts of many non-resident Indians (NRIs) in the UAE after they failed to submit personal documents demanded by the Bank.The Bank had asked for the documents after the 2005 Mumbai floods damaged documents originally given by the customers, including papers submitted for opening savings and current accounts, demat accounts for trading and investing, NRI home loans and auto loans, and ICICI Direct online trading accounts.Apart from NRI customers, the damage has also affected several account holders in India.While the bank had given its customers in India until December 25, 2006 for submiting the required documents, NRIs in the UAE were given a deadline of January 31, 2007."Several accounts of customers who have failed to meet the deadline have been deactivated," an official at the ICICI Representative Office in Dubai said.The official, however, said that the accounts would be reopened after the documents were submitted."It will definitely affect our customers Read more:ICICI
, freezes
Best returns for NRI investors in 2007 2007-01-30 12:13:00 In 2007, where can NRIs get the best returns for their investments in stocks? The quick answer is, in the BRIC (Brazil, Russia, India and China) countries - away from the traditional markets of the US, Britain, Japan and Europe that offer more security but lower returns.Since money flows instantly to obtain the best returns, the entire telecom-linked globe is one investment market today. So bankers and financial advisors keep tracking every economy for best investment returns. Some developing economies such as Hong Kong, Singapore and Mexico also offer healthy returns. In this scenario, 25 million NRIs living in over 110 countries have to be alert where their funds can get the top returns."Another major factor for NRIs is the exchange rate," said Sanjay Durgan, a certified financial planner and CEO of AbunDanze. "NRIs have to take (note of) the exchange rates of the country from where they are investing and the country in which they are investing. The gains from the stocks can be incre
Investments by Non-residents in General Purchase of Shares and Securities by Non-residents 2007-01-29 08:07:00 Introduction10.1 (i) Foreign investment in India is subject to policy guidelines framed by the Government of India from time to time in accordance with its Industrial Policy. In terms of the Industrial Policy announced by the Government of India on 24th July 1991 followed by subsequent guidelines issued by them, foreign equity up to 50%/51%/74%, as the case may be, is permitted by Reserve Bank under the Automatic Route in specified industries/services sector.Applications, which do not conform to the parameters of the Automatic Route, are required to be made to the Secretariat for Industrial Assistance (SIA), Ministry of Industry, Government of India, and New Delhi.Foreign Institutional Investors are permitted to invest in all securities in primary and secondary markets in India as per guidelines issued by Ministry of Finance, Government of India, New Delhi.(ii) A wide range of facilities for making investments in India in shares and securities,Bank deposits, company deposits, etc. is a Read more:Investments
, residents
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, Securities
Party is over, NRIs flying back 2007-01-25 04:43:00 "The 'winter homes' for NRIs have been an important factor in driving up the real estate prices, since real estate developers create luxury condominiums and villas with all 'foreign' facilities and style and then sell them at premium prices. Even the locals who can afford it want to upgrade their lifestyles and pay the steep prices. New housing estates have American names like Vermont, Palm Springs, Santa Monica, Key West and Norwood, among others. They come with lush green landscape, health club, clubhouse, nursery, shopping arcade, temple and round-the-clock water, power and security. One developer has gone so far as to announce a new project near Mumbai called - what else? - New York City! "It's time to head back home for NRIs who came to India to enjoy the festive season. Now that Pongal, Uttarayan -, Lohri and Makar Sankranti are all over, NRIs are reconfirming their seats to get back. With Navratri in mid-October, NRIs start planning their India trips for Diwali and the New Read more:Party
NRIs dont need Bank Loans for Ventures 2007-01-22 11:39:00 Loans is a word that does not exist in the dictionary of many businessmen in four districts of the states, which are flush with NRI remittances.When a majority of businessmen in Kutch, Anand, Kheda and Navsari need money for a venture, they do not head for banks looking for loans. Rather, they dig their own pockets. And no amount of promotional activities by banks which have to ensure that atleast 60 percent of their deposits are dispersed as loans, has helped to improve the dismal credit deposit (CD) ratio of below 30 percent in these districts. Otherwise the CD ratio of the commercial banks in the state hovers around 65 percent.Gujarat has more than 8 lakh NRI accounts with total NRI deposits for Rs 17,486 crore. NRI deposit worth Rs 8,390.15 crore is distributed by these for districts.While these districts have the maximum number of NRGs, two Dangs and Porbander, have a low CD ratio of 25 percent, due to poor business activity.According to the latest review report of the State Level Read more:Loans
, Ventures
To Protect Gulf NRI Workers... 2007-01-22 11:36:00 A new push is under way to protect the interests of Indian workers in the Gulf, it was declared yesterday.Concrete steps will follow the global conference of overseasIndians, held in New Delhi earlier this month, said Indian AmbassadorBalkrishna Shetty. "It was a great experience to attend the three-day event, especially the session on the Gulf on the first day," he said.Overseas Indian Affairs Minister Vayalar Ravi and Minister of Statefor External Affairs E Ahmed spoke at the session, which was attendedby Indian community and business leaders in the Gulf.Mr Shetty, who also spoke at the session, pointed out the effortsmade by the Indian Embassy in attending to the problems of expatriateIndian workers."All the leaders have a clear understanding of the specific natureof the problems faced by Indians in the Gulf, including the acute staffshortage at Indian missions here," he noted."We were happy to learn that the government is taking serious steps to address the problems."Mr Ravi talked Read more:Protect
, Workers
PNB hikes interest on fixed deposits 2007-01-16 06:18:00 The Punjab National Bank (PNB) has hiked interest rates on fixed deposits
under different maturity periods with effect from December 26, 2006, PNB zonal manager S P Singh said.The interest rates are as follows: Eight percent for five years and above; 7.50 percent for one year to less than three years; Seven percent for 180 days to less than one year.For bulk deposits, PNB offers eight percent interest for deposits of Rs 15 lakh to Rs 5 crore for periods of one year to less than two years. For deposits over Rs 5 crore, the bank offers higher rates of interest depending on the size and period of deposits.For NRI deposits, the PNB is offering 6.33 percent for NRE deposits for one year. FCNR deposits in US dollars gets 5.33 percent, in GBP - 5.58 percent, Euro - 4.02 percent, CAD - 4.24 percent and AUD - 6.62 percent for a year. PNB offers housing loans at 9 percent for five years repayment, 9.25 percent for 10 years and 9.50 percent for 20 years.//Source: newindpress.com
NRI foundation 2007-04-04 05:46:00 The Comptroller and Auditor General (CAG) has said that the Gujarat government handed over 5।77 lakh square metres of land, near Gandhinagar, to Puri Foundation, run by Nottingham-based NRI Natt Puri, "at a concessional value of Rs 75.02 lakh against the market value of Rs 28.85 crore." The foundation is setting up an Advance Research and Development Centre for Information Technology and Biotechnology on the allotted land. The CAG scrutiny has revealed that the land was allotted in June, 2001, "without obtaining the authorisation from the department concerned which is a prerequisite for allotment of land for setting up higher educational institutions। Concessional rate was also applied to land meant for construction of residential houses"। Despite the fact that Foundation was not registered as a society in Gujarat State, under the Registered Societies Act, 1960। CAG said the Foundation did not start construction of the centre, nor did it finish completing it within three years,
NRI Buying Homes, Properties more Easliy 2007-04-10 12:13:00 NRIs are now buying Properties
, homes in their very own homeland in more relaxed way than ever for non resident status people abroad. Reasons are RBI relaxed and imroved norms for non resident indians to buy property in India.Reserve Bank of India has spelled out clear norms for NRIs to invest in different kinds of property. NRIs holding Indian passport do not require prior permission of RBI to buy residential or commercial immovable property in India. The purchase consideration may be paid either by remittance of funds from abroad through normal banking channels or out of NRE / FCNR / NRO account. Money can be repatriated abroad if bought with the foreign exchange earned abroad. That too, only in the sale of two residential properties but any number of commercial properties. NRI’s of Indian nationality do not require any permission for acquisition, transfer or disposal by way of gift of immovable property which is not a farmhouse or agricultural land or plantations property. D Read more:Buying
, Homes
Interest hike means twin benefits for NRIs 2007-04-09 13:08:00 The hike in interest rates in India gives NRIs an opportunity to reap twin benefits।The Reserve Bank of India (RBI) jacked up interest rates March 30 to control inflation since this is the number one priority of the government। The unexpected increase in interest rates sent a Tsunami to the Indian stock market when it opened April 2 as it plummeted by over 600 points in a single day. The market recovered quickly but the yo-yo effect has scared the investors.For the long-term investor, this is the time to buy। And NRIs have amply demonstrated this response when they pumped nearly Rs.1 billion in just two months of February and March. In January they were sellers. Compared to Rs.80 million they invested in the same period last year, the trend now shows that NRIs are bullish.Earlier, NRIs were not investing due to high rupee-dollar rate and valuation concerns। When the Indian market corrected, they returned. This was not the case when the rupee appreciated and the market was at a Read more:Interest
Online trading Safe for NRI Investors 2007-04-12 07:25:00 At a high-profile launch, Indian firm UTI Securities Limited and its associate company in Bahrain, Indo-Gulf फिनान्सिअल सेर्विसस Limited, explained the benefits of their new audience of business figures। Promoting the website usectrade as valuable means for NRIs to oversee their portfolios, investors were told the volume of stock transactions made online will soon overtake that of those conducted through a broker। "There are a lot of disadvantages in conventional trading, as far as the communication part is concerned," UTI Securities vice-president and e-brokering head Rakesh Singh told the GDN। "Typically a broker handles a number of customers and this can range from 30, to 50, to 100। "Suppose a customer calls a broker at a particular time, but a broker only has three or four lines and if he has 100 customers then 100 people could be calling him at a similar time. "But in ऑनलाइन त्रदिंग the customer can trade at ea Read more:Investors
Builder held for duping NRI of Rs 14 cr 2007-04-12 07:25:00 NEW DELHI: A builder was arrested by the economic offences wing (EOW) for defrauding several NRIs of over Rs 14 crore। The accused, Naresh Chandra, had reportedly started a charitable trust called Human Care Medical Charitable Trust, and lured NRI doctors to invest money into the trust."He had got the trust registered with the Registrar of Societies and showed in the papers that the trust had acquired land in Dwarka to construct a charitable hospital," said Prabhakar, deputy commissioner of police (EOW)।He convinced a handful of doctors settled abroad to invest in the trust and managed to collect a sum of Rs 14 crore constructing a hospital। But after giving the money, investors found that the building was coming up slowly and that the quality of construction was not up to the mark. After confronting the accused, one of the doctors filed the complaint.Investigations found that the builder was using inferior quality material and showed inflated bills. He was transferring the balan Read more:Builder
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