"If you are a rich NRI who works from Dubai and creates 10 jobs in India, you are doing more than someone who lives in India, takes a freebie, demands two more freebies, and cries about people leaving India," he wrote.
For Indian students planning to remain abroad post-graduation — whether through work permits, permanent residency, or citizenship — these shifts present fresh challenges.
The Income-tax Act's section 10(4E) previously limited exemptions on income from derivative transactions to non-residents engaging with Offshore Banking Units (OBUs). However, the Finance Bill 2025 extends these benefits to transactions involving Foreign Portfolio Investors (FPIs) that are units within the IFSC.
Non-resident Indians (NRIs) must obtain a Permanent Account Number (PAN) if they need to file an income tax return or engage in financial transactions that require PAN quoting.
According to a study by Policybazaar.com, data shows that NRIs now account for 12% of total Term Insurance customers, showing a 50%+ compound annual growth rate (CAGR) over the past two financial years.
Initially launched amidst economic turmoil to entice investors and professionals during the financial crisis, the program, known as Non-Habitual Resident, also provided exemptions on most foreign income if taxed in the country of origin
For NRIs, understanding and adhering to the ITR filing requirements of their home country can be challenging due to varying income sources and complex tax regulations
The move aims to facilitate immediate payments between individuals and businesses while extending the utility of digital payments to the unbanked population in Peru.
The ICICI Bank has launched a new facility which enables NRIs to use their international phone numbers to make quick UPI payments. The initiative, announced on May 6, will be available on ICICI's mobile banking app, 'iMobile Pay.'
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