Nri Quotes

You are hiding, all the time, reducing yourself and minimising your power. You have power, my dear; everyone, even the tiniest otomys, has power. The trouble is we are all too quick to give it away.’ The old woman leaned back with a smile. ‘The trick is incredibly simple. To know you have power is to have power.

accept life for what it was: a journey punctuated by pain, which could only be escaped by being lived through.

this is our time, our moment, and it just feels as though … we’re missing it. We’re just standing here, trapped by … customs, watching life go by.

What is harder to do is breaking the ties to the people, the places, and the version of me that will linger.

your purpose, my dear, as is mine, as is all of ours, is to follow our path as truthfully as we can.

How can you be living if you do not recognise your own power?’ Meekulu scoffed. ‘You are hiding, all the time, reducing yourself and minimising your power. You have power, my dear; everyone, even the tiniest otomys, has power. The trouble is we are all too quick to give it away.’ The old woman leaned back with a smile. ‘The trick is incredibly simple. To know you have power is to have power.

And, yes, of course it is overwhelming; that, my dear, is the nature of life. Unmasking what you need in order to discover your divine purpose will always be overwhelming.

This is your connection with your chi, your soul—it will be different for everyone, so you and only you can learn to recognise it.

Forces may work against you, but you have the power to make them work for you— wake up!

The palace’s elite were gathered; the heads of the seven most prestigious families in the entire kingdom. Collectively they controlled the trade, water supply, finance system, and technology programmes for the entire Kingdom of Nri.

How can you be living if you do not recognise your own power?

You can never know!’ Obi Wale suddenly shouted. ‘That is the whole point of life, after all: that there is no point!

We think places other than home would be joyful and exciting, but only when we step outside of our comfortable home, we realise that it is the best place and that’s why it’s called ‘home

You cannot buy life, you cannot hide and wait to live it later; you must live and you must live now, because you have no other choice.

Swami Devi Dyal College Of Nursing Swami Devi Dyal College of Nursing was established in year 2006. The college is approved & recognized by Haryana Nursing Registration Council (HNRC), Indian Nursing Council (INC), New Delhi and is affiliated to Pt. B.D. Sharma University of Health Sciences, Rohtak. SWATCH BHARAT B.Sc Nursing Students of Swami Devi Dyal college of nursing organized awareness programme on SWATCH BHARAT along with Nursing Staff of General Hospital Sector -6 Panchkula Haryana. They delivered health education to patients and their relatives about the importance of cleanliness and proper disposal of refuse .Posters were displayed. Courses Offered Bachelor of Science Nursing (Co-education) Program Mode Regular Duration 4 Years No. of Seats 60 Eligibility 1) The applicant must have passed 10+2 exam of board of school education Haryana or any examination recognized as equivalent there to with Science (Physics, Chemistry, & Biology) and English (PCBE) with minimum 45% in aggregate marks (40% marks for the reserved category SC/ST). 2) Minimum Age limit: 17 years before 31st December of the admission session 2012. 3) Candidate must be medically fit and medical fitness certificate shall have to be produced at the time of admission. Fee Structure 60000/- Admission Procedure The admission to B. Sc Nursing Program will be made on the basis of the CET test conducted by Pt. B.D. Sharma University of Health Sciences, Rohtak. The management Quota seats (25% of the sanctioned intake including 15% seats for children/ward of NRI’s) for Nursing will be filled as per 1. CET-2012 merit ranking Conducted by Pt. B.D. Sharma University of Health Sciences, Rohtak. 2. Merit based on percentage of marks in 10+2 in Physics, Chemistry, Biology & English.

A wannabe small town girl comes to a big city chasing her dreams where she meets her charming prince; they fall in love, stay together and make love every day, almost. But they don’t live happily thereafter because her grandpa wants to see her get married. *Conditions Apply- Same caste, NRI, rich, dumb and asshole.

For example, Ms. Sweta from UK invests GBP 100,000 in an FCNR deposit on July 15, 2014 (1 GBP=100 INR) for 5 years at a rate so that the deposit has a maturity amount of GBP 120,000 on July 15, 2019 and simultaneously, enters a forward contract to convert the maturity amount (Sell GBP) at INR 125/GBP i.e. INR 15,000,000. Sweta’s investment of 10,000,000 INR becomes 15,000,000 INR giving her a simple average return of 10%. It will not matter whether the foreign exchange on July 15, 2019 is INR 110/GBP or INR 150/GBP; she would still get 15,000,000 on maturity.

Interest on NRE and FCNR deposits are exempt from income tax in India. However, while explanation 2 of section 10 (15)(iv) mentions that “interest” includes hedging transaction charges on account of currency fluctuation, taxation of gain due to entering into forward contract may not be straight forward.

The interest rate on RFC and FCNR deposits for corresponding currency and maturity are usually the same. While the minimum term of an FCNR deposit is 1 year, there is no such limitation for RFC deposits. An account holder can open an RFC deposit for one month or even less.

While RFC deposits can be withdrawn pre-maturely, banks are allowed to levy any penalty.

While the payment in foreign currency can be credited in an EEFC account, it should be converted into INR on or before the last day of the next month after adjusting for approved purposes and forward commitments.

An equity investor buys and holds the shares of stock in a company in anticipation of dividends and/or capital gains.

an NRI invests in any PO schemes in violation to the provisions by misrepresenting or hiding his residential status, the funds will be returned without interest. It

chargeable to income tax.

Loans NRIs can give loans to resident Indians on a repatriable or non-repatriable basis. NRIs can also receive loans from residents. Loan from NRIs in foreign currency or on a repatriable basis A resident Indian can borrow up to US dollars 250,000 from NRI close relatives on a repatriation basis i.e. on repayment, the NRI can credit the funds in an NRE account and take this money back without any restrictions. The NRI should be a close relative of the borrower. Please check ‘Who is your relative’ for details. The amount of loan should be received by an inward remittance or by debit to the NRE/FCNR account. The loan should be a minimum of 1 year and without any interest. The funds cannot be used for agricultural/plantation/real estate business or for relending. Income: As the loan should be interest-free, no income can be generated. Taxability: As there is no income, there is no tax. Loan from NRIs in Indian rupees or on a non-repatriable basis A resident, not being a company incorporated in India, may borrow in rupees from an NRI on a non- repatriation basis. The period of loan should be 3 years or less and the rate of interest should not exceed 2% over the prevailing bank rate at the time of the loan. The loan has to be utilized for meeting the borrower’s personal requirement or for his business purposes. The funds cannot be used for agricultural/plantation/real estate business or for relending or for investment in shares, securities or immovable property. For example, Ms. Isumati has given an unsecured loan to her father’s firm earning 15% interest. If she goes to the UK for further studies and becomes an NRI, while she may continue with the loan, RBI rules would apply. The funds cannot be used for real estate business and if the bank rate is 10%, she cannot be paid more than 12% interest on her loan. Her father would also need to deduct TDS @ 30.9% on the interest. Income: Income from loans given to residents is interest. Taxability: The interest income on loans given is taxable for NRIs. Loans to NRIs NRIs are allowed to borrow from a bank/authorized

Mutual fund Investments have Capital Protection Plans, Fixed Maturity Plans (FMP) or Liquid or Money market schemes that invest

The risk category and colour codes are to be marked in the prospectus, Statement of Additional Information (SAI), application form and any other communication related to the respective MF scheme.

Mutual Fund Investments are not transparent: In India, SEBI regulates MFs. The money market MFs are regulated by RBI. There are restrictions as to the sponsor, board of trustees, asset management company, custodian, registrar, dealing with brokers, etc. The investment objective, fund manager, entry and exit loads, AUM, expense ratio and other terms and conditions are already known and provided in the SAI. Also, every MF scheme is required to publish a fact sheet on a quarterly/monthly basis that includes all the important facts that an investor would need to know about the scheme including portfolio holdings, past returns, performance ratios and dividends. Also, information relating to what’s in (bought) and what’s out (sold) by mutual funds is also available.

diverse range of asset classes (debt, equity, gold, etc.) as well as in more than one security (Reliance, Tata, Infosys, Hero, etc.) within

Low cost: Investment in a direct plan of a big diversified equity mutual fund would cost only 1.30% per year (expense ratio of about 1.9% and saving by direct option of about 0.6%)

Liquidity: Open ended MFs are highly liquid and can be redeemed at the NAV rates anytime, subject to the exit load. The redemption amount can be credited in your bank on the next day or within 2 business days.

Transparency: Fund managers provide regular information about the investments, what’ in and what’s out, current holding and value of

Taxation: The taxation of investment in a mutual fund investment is on par or better than investing directly in equity or debt securities, as explained in Taxation – Capital gain.

There is something for every investor: Whether you are a risk taker or risk averse, whether you want to invest in India or abroad, whether you want to invest in equity, debt or a combination of funds, whether you want to invest in some theme (e.g. rural, export-oriented, P/E ratio), industry (e.g. Manufacturing) or sector (e.g. Power), you will be able to do it through mutual funds. In short, it is a great investment vehicle to achieve your financial goals.

The MF schemes may be open ended or close ended. The investment in open ended funds can be made any time. These funds do not have a fixed maturity and investment or redemption can be made at any time. The close ended MF scheme accepts funds only for a limited time and has a fixed maturity period. On maturity, either the amount is redeemed or the scheme becomes open ended.

In the dividend options, majority of gain is distributed to investors periodically as dividend and NAV is reduced by the dividend amount. If

If the dividend-reinvestment option is selected, the dividend so distributed is re-invested in the same scheme of the

In the growth option, any gain is adjusted in the NAV and money continues to be invested until redeemed.

Any redemption would be considered and taxed as a capital gain. For

An investor can invest directly in a mutual fund by filling and submitting the application form and cheque to the respective mutual fund or invest indirectly, through an intermediary called an agent, broker, distributor or advisor, any

the expense ratio for a direct plan of equity, debt and liquid mutual funds are about 0.6%, 0.3% and 0.1%, respectively lower than the indirect or regular plan.

The maturity varies from 1 month to 3 years or more.

FMPs usually invest in certificate of deposits (CDs), commercial papers (CPs), money market instruments, corporate bonds and sometimes even in bank fixed deposits. Sometimes

Ms. Neha has a commodity trading account in India. If she goes to Australia and becomes an NRI, she is not allowed to invest in commodities. She must stop trading in commodities and close the account.

NRIs are allowed to invest in exchange traded derivatives out of rupee funds held in India on a non-repatriation basis in all exchange trade derivative contracts subject to the limit given by SEBI. However, an NRI is required to notify to the exchange the names of the Clearing Member/s through whom he would clear his derivative trades. NRIs are not allowed to invest in any derivative instrument that is not traded on exchanges.

India does not produce any gold and all the gold sold in India needs to be imported, thereby

The Indian Government has levied import duties on the gold import and investment in gold may also be subject to wealth tax. Thus,

NRIs are allowed to buy gold in India, it is always cheaper and better (in terms of quality) to buy gold abroad.

The investment through gold ETF or gold mutual funds is not subject to wealth tax or the Security Transaction Tax (STT).

Income from gold is in the nature of a capital gain and arises when it is sold. If

If gold or gold ETF is sold after 3 years, it is a long term capital gain and if it is sold before 3 years, it is considered as a short term capital gain.

calculation of capital gains and taxation, please

The term insurance is the true insurance plan, wherein the amount is paid only on death. If the

If the person is alive and did not die during the policy term, nothing is paid on maturity. Unit

The traditional or endowment plans gives a return (fixed or as bonus) on the premium paid in case of death or maturity of the policy, whichever is earlier. However, the premium on a traditional plan is very high compared to the term plan.

NRIs are allowed to buy life insurance in India and it may not be necessary for them to be physically present within the geographical location of India while purchasing a Life Insurance Policy. 

The insurance policy purchased in India will cover death that occurs anywhere in the world. Maturity

Income depends on the terms of the respective policy and may be in the nature of interest or capital gains.

Any amount received on death is exempt from income tax in India. Normally,

ULIPs still have high charges, such as policy administration charges,

ULIPs still have high charges, such as policy administration charges, premium allocation charges, fund management fees, surrender charges, mortality charges/premium and other miscellaneous charges for switch, withdrawal, revival, etc.

As premium is invested in various funds, the income has the character of a capital gain.

Income Tax Act, the premium can be claimed as a deduction from the taxable income u/s. 80C.

Any pre-mature withdrawal or surrender of the ULIP policy may be taxable, subject to TDS and may attract penalty.

For example, Mr. Jiten from Dubai has Rs. 100,000 to invest but has no finance or investment experience and wishes to hire an investment manager to manage his investments fulltime. However, he may not be able to afford one due to either limited amount of money or the fact that  the investment manager may not be interested as he would not be employed full time. If he joins other 9999 investors having Rs. 100,000 each and all having the same investment objectives, with Rs.1,000,000,000, they would be in a position to hire the best investment manager. This is the concept of a mutual fund.

The investment objective of the scheme is the most important and determines the risk levels.

Mutual fund Investments have Capital Protection Plans, Fixed Maturity Plans (FMP) or Liquid or Money market schemes that invest very conservatively to protect the capital.

Remittance means transferring money abroad, while repatriation means transferring money abroad which was originally transferred from abroad. In

repatriation means transferring money abroad which was originally transferred from abroad. In simple terms, repatriation means transferring money back to where it originally belongs.

For example, if Mr. Ashwin from Hong Kong transfers $100,000 to India and credits his NRE bank account in India, he has remitted the funds. Later, if he transfers the same funds back to Hong Kong, he is said to have repatriated the funds.

For example, if Mr. Dhinal, an NRI from Austria receives a gift from his father in India of Rs. 5,000,000 and transfers the funds to Austria, he has remitted the funds.

For transferring funds out of an NRE account, there is no limit, conditions or restrictions and the transfer can be completed very easily by submitting a request form.

I have personally advised and made my clients pre-maturely withdraw NRO deposits, transfer

If you still have NRO deposits, inquire why your advisor or the bank relationship manager did not tell you about the transfer to NRE account, seek proper guidance and immediately initiate the steps to transfer funds from NRO to NRE.

Why” before doing anything and before making any - personal, profession or investment decision. Unless you fully understand “Why”, you may

Any investment in any country that increases the risk adjusted after tax return while providing security of principal and allowing transfer of funds in and out of that country is a great investment destination.

Any gain on sale of a capital asset i.e. investment, is considered as a capital gain. The taxation of capital gains varies widely depending upon the type of capital asset, whether short term or long term and whether the Securities Transaction Tax (STT) has been paid.

Any buy or sell transaction in the shares of a company listed in a recognized stock exchange is subject to STT. The mutual funds with at least 65% allocation to investment in shares of companies (equity) are considered as an equity mutual fund and are also subject to STT. The

The taxation of capital gains on sale of equity or equity mutual fund is different and depends on whether STT has been paid or not.

India is a country with comparatively higher inflation. If an investor invests in an asset, which gives a positive return but is not able to meet or beat inflation, there is no real return to the investor and if he has to also pay tax on the positive return, it would result in a double whammy – return not enough and pay tax on the not enough return.

To compensate for the gain due to inflation, CII was introduced. It means there is no capital gain if the asset has returned only to meet the inflation (CII). Any gain over and above the inflation is the real gain and tax is to be levied on only the real gain.

The indexation benefit is not available to either the sale of depreciable assets, sale of bonds and debentures (except capital indexed bonds) or sale of any asset resulting in a short term capital gain.

Mr. Bharat Shah sold shares of MBK Private Limited for Rs. 1,500,000 on July 1, 2014. The shares were acquired for Rs. 1,000,000 on January 1, 2013. STT is not required to be paid on the sale of shares of a private limited company. As shares are unlisted, sale is made before July 10 and period of holding is more than 12 months, the capital gain would be considered as a LTCG. The indexed cost of acquiring shares would be Rs.1,201,878 (1,000,000*1027/852) and LTCG would be Rs. 298,122. Mr. Bharat would pay income tax @ 20% of Rs. 59,624.

Listed equity shares or equity MF (STT is paid) Not Taxable - Exempt 15% Listed equity shares (STT is not paid) Lower of 20% with indexation or 10% without indexation Taxable as per slab rate Unlisted equity shares (STT is not paid) 20% with indexation Taxable as per slab rate Equity MF sold until July 10, 2014 (STT is not paid) Lower of 20% with indexation or 10% without indexation Taxable as per slab rate Equity MF sold after July 10, 2014 (STT is not paid) 20% with indexation Taxable as per slab rate Let us calculate and understand the taxation with the examples given below.

Mr. Gopal sold shares of NJPA Private Limited for Rs. 1,500,000 on August 1, 2014 without paying STT. The shares were acquired for Rs. 1,000,000 on January 1, 2013. As shares are unlisted, sale is made after July 10, 2014 and period of holding is less than 36 months, the capital gain would be considered as STCG. The capital gain of Rs. 500,000 would be added to Mr. Gopal’s income and he would have to pay income tax as per his tax slab rates.

Mr. Taral from Brazil sold shares of ABC Company, an unlisted public company without paying STT. The shares were purchased for Rs. 2,000,000 in January 2011 and were sold in October 2014 for Rs. 3,000,000. As shares are unlisted, sale was made after July 10, 2014 and period of holding is more than 36 months, the capital gain would be considered as LTCG. Mr. Taral would pay tax @ 20% of gain after indexation. The indexed cost would be Rs. 28,80,450 (2,000,000*1024/711) resulting in a LTCG of Rs. 119,550 and tax @ 20% on indexed gain would be 23,910.

Ms. Kalgi from Italy sold shares of Reliance Industries after 18 months of purchase for a gain of Rs. 1,000,000 and paid STT. As Reliance Industries is a listed company and the holding period is more than 12 months, it is considered as a LTCG. As STT was paid on sale of shares, the LTCG on sale of shares would be exempt from tax for Ms. Kalgi.

Mr. Amit from France sold shares of TCS after 6 months of purchase for a gain of Rs. 100,000 after paying STT. As TCS is a listed security and as the period of holding is less than 12 months, it would be considered as a STCG. As Mr. Amit has paid STT, the STCG of Rs. 100,000 would be taxed @ 15% i.e. Rs. 15,000.

Ms. Hetal owned shares of Infosys in physical form. She had acquired the shares in February 1997 for Rs. 100,000. She sold the shares outside stock exchange without paying STT to her friend Ms. Dhwani for Rs. 10,000,000 in May 2014. As listed shares were sold after 12 months, the capital gain is a LTCG. However, as STT was not paid, the LTCG would be taxed at a lower of 20% after indexation of Rs. 9,664,242 (10,000,000-335738(100,000*1027/305) i.e. Rs. 1,932,852 or 10% of gain without indexation of Rs. 9,900,000 i.e. Rs. 990,000. Ms. Hetal would pay tax of Rs. 990,000.

Mr. Keyur from Australia sold an equity mutual fund subject to STT after 18 months of purchase for a gain of Rs. 1,000,000. As STT is paid and the holding period is more than 12 months, the gain would be a LTCG and would be exempt from income tax in India.

Mr. Ankur from USA invested in an equity mutual fund that is an overseas fund of funds. He sold the fund after 10 months of investment for a profit of Rs. 1,000,000 without paying STT. As equity mutual fund was sold before 12 months, the capital gain would be a STCG. However as STT was not paid, STCG would be included in the income and taxed as per the income tax slab rates.

Tax on income from investment in debt mutual fund, real estate and other assets

Mr. Kalpit from Oman invested Rs. 3,000,000 in a residential property in India in June 2012 and sold the property for Rs. 4,000,000 in July 2014. As the period of holding is less than 36 months, the gain of Rs. 1,000,000 would be a STCG and added to his other income and taxed as per the slab rates as regular income.

Mr. Kunal from Uganda invested Rs. 3,000,000 in gold in February 2010. If he sold the gold for 4,000,000 in January 2013, the capital gain would be a STCG as he sold it within 36 months. The STCG of Rs. 1,000,000 will be added to the other income and taxed as a regular income based on the income tax slab.

An investor can reduce the LTCG by investing up to Rs. 5,000,000 per financial year in certain bonds. Currently, investment in two bonds – Rural Electrification Corporation Limited (RECL) and National Highways Authority of India (NHAI) are eligible for claiming an exemption.

The investment needs to be made within a period of six months from the sale and is restricted to Rs. 50 lakhs. Also, the investment

investment in NHAI or RECL bonds have a lock in period of 3 years i.e. the investment cannot be sold, transferred or redeemed before 3 years. If investment is transferred before 3 years, the

Mr. Al Gul from Indonesia sold a residential property for 30,000,000 resulting in a LTGC after indexation of 10,000,000. He invested Rs. 5,000,000 in NHAI capital gain tax bonds and invested 5,000,000 in a residential property. He will be allowed to claim both exemptions – NHAI bonds and residential property. Thus, he would not pay any tax on Rs.10,000,000.

Can you buy more than one residential house and claim an exemption? When the exemption was introduced, it mentioned “a residential house”. It was held by various courts that “a residential house” also means more than one. Thus, if a joint family of a father and two sons living together sells the residential property owned by the father, they were allowed to buy 3 residential properties in the same building to claim the exemption as “a residential house”. However, it was not easy to prove as the taxpayer should have the patience to present his case at every level – Income Tax Officer, Commissioner of Income Tax, Tribunal and sometimes the High court. This has created a lot of controversies as well. The Finance Act (No 2) 2014 amended the provisions to allow exemption for investment in one residential house. Now, the taxpayer cannot invest in multiple residential properties for claiming exemption.

The Finance Act (No 2) 2014 amended the provisions to allow exemption for investment in one residential house. Now, the taxpayer cannot invest in multiple residential properties for claiming exemption.