Post by talk2santosh on Aug 27, 2004 4:11:56 GMT -5
Govt postpones tax on NRI deposits
Hindustantimes.com
New Delhi, August 26
In a major relief to Non-Resident Indians (NRI), Finance Minister P Chidambaram on Thursday announced that provisions to tax NRI deposits have been deferred till April next year.
Through the amendments to the Finance Bill, which the Lok Sabha passed today amidst an opposition boycott, UPA Govt accepted a major demand of the NRI community.
The proposal to tax interest on non-resident Indian deposits was made in the national budget for fiscal 2004-05 presented by Chidambaram on July 8.
Meanwhile, Home Ministry issued a notification yesterday under which people of Indian origin (PIO) can apply for overseas Indian citizenship for a fee of $275.
Of the total fee payable for registration, $25 will be non-refundable, while the rest will be returned in case the application is turned down
Sources in the Home Ministry said that application forms for the citizenship will soon be available on the Govt’s website and also at various Indian missions abroad. Within India, state governments will disburse the forms in their respective states.
To get registered for the citizenship, PIOs will have to produce a documentary proof of their Indian origin.
To facilitate this, the Ministry for NRI Affairs has defined the term `Person of Indian Origin' (PIO). According to the new definition a PIO will mean a citizen of another country who is eligible to become a citizen of India at the time of the commencement of the Constitution or belonged to a territory that became part of India after August 15, 1947.
The facility for procuring dual citizenship has been extended to people of Indian origin living in Australia, Canada, Finland, France, Greece, Ireland, Israel, Italy, the Netherlands, New Zealand, Portugal, Republic of Cyprus, Sweden, Switzerland, UK and the US.
Hindustantimes.com
New Delhi, August 26
In a major relief to Non-Resident Indians (NRI), Finance Minister P Chidambaram on Thursday announced that provisions to tax NRI deposits have been deferred till April next year.
Through the amendments to the Finance Bill, which the Lok Sabha passed today amidst an opposition boycott, UPA Govt accepted a major demand of the NRI community.
The proposal to tax interest on non-resident Indian deposits was made in the national budget for fiscal 2004-05 presented by Chidambaram on July 8.
Meanwhile, Home Ministry issued a notification yesterday under which people of Indian origin (PIO) can apply for overseas Indian citizenship for a fee of $275.
Of the total fee payable for registration, $25 will be non-refundable, while the rest will be returned in case the application is turned down
Sources in the Home Ministry said that application forms for the citizenship will soon be available on the Govt’s website and also at various Indian missions abroad. Within India, state governments will disburse the forms in their respective states.
To get registered for the citizenship, PIOs will have to produce a documentary proof of their Indian origin.
To facilitate this, the Ministry for NRI Affairs has defined the term `Person of Indian Origin' (PIO). According to the new definition a PIO will mean a citizen of another country who is eligible to become a citizen of India at the time of the commencement of the Constitution or belonged to a territory that became part of India after August 15, 1947.
The facility for procuring dual citizenship has been extended to people of Indian origin living in Australia, Canada, Finland, France, Greece, Ireland, Israel, Italy, the Netherlands, New Zealand, Portugal, Republic of Cyprus, Sweden, Switzerland, UK and the US.