Opens a window of opportunity for structuring investments

The Supreme Court ruling in the Vodafone case could be act as a trigger for NRI investments into Kerala, according to consultants KPMG.

From an NRI perspective, the ruling does throw open a window of opportunity for suitably structuring the investments, according to Mr Sherry Samuel Oommen, head of KPMG’s tax practice in Kerala.

The rule of law and the dictum of certainty in tax treatment would go to boost NRI investment into the State, Mr Sherry Oommen told Business Line.

Foreign Direct Investments (FDI) into the State and the region of Lakshwadeep combined from January 2000 to October 2006 added up to no more than Rs 340 crore.

This compared with Rs 8,500 crore logged by neighbouring Tamil Nadu during the same period.

Thus, there is clearly an opportunity for growth, which could clearly propel infrastructure development in the State. By making the ‘right choice,’ the Supreme Court ruling establishes the country’s commitment and respect to certainty and stability in its fiscal system.

From a macro perspective, the ruling will allow foreign investors to redeem their confidence in India’s respect for the “rule of law,” he said.

The court’s intervention in the 2G scam and the black money trail has indeed been an inflection point in country’s overall polity and governance. Whilst upholding the non-taxability of sale of shares of a Cayman Island entity, the Supreme Court upheld the well-settled principle that tax payers are free to choose lawful arrangements which suits business and commercial purpose.

CONFLICTING VIEW

This lays to rest the perceived conflicting view on tax planning, which was discussed in the oft-quoted ruling of the Supreme Court in the case of McDowell.

Mr Oommen said the true nature of a transaction can be determined by ‘looking at’ the legal arrangement entered into and carried on.

Thus, the court’s observation as to respecting the legitimate tax planning should reaffirm the beneficial tax treatment for investing through favourable treaty jurisdictions like Mauritius — another area of a constant flip-flop by the Indian tax administration. Mr Oommen also mentioned the distinction between ‘pre-ordained transactions’ for tax avoidance and transactions which evidence an ‘investment participation’ in India.

The Supreme Court had also discussed factors towards ascertaining whether a transaction is preordained or not.

These included duration during which the holding structure existed; the period of business operations; the taxable income generated during the period of operations; and the timing of the exit, among others.

SESSION HELD

Earlier, Mr Sherry Oommen had chaired a discussion on the implications of the Vodafone ruling for investments into the State.

It was organised jointly by the Kozhikode branch of the Institute of Chartered Accountants of India and the Kochi branch of The Institute of Cost Accountants of India.

Various practicing professionals and leading NRI investors in the Malabar and Ernakulam regions attended.

vinson@thehindu.co.in

Article source: http://www.thehindubusinessline.com/industry-and-economy/economy/article2863207.ece?homepage=true&ref=wl_home

As part of efforts to help women deserted by their non-resident Indian (NRI) husbands, the government has brought out booklets and pamphlets on safeguards, legal remedies and whom to approach for redressal of grievances.

Besides the booklet “Marriages to Overseas Indians”, the Ministry of Overseas Indian Affairs has brought out a pamphlet titled “Thinking of the marriage of your daughter with an NRI?” to highlight precautions to be taken before entering into a marriage with an NRI man.

In addition, the National Commission for Women (NCW) – the coordinating agency for dealing with the issues pertaining to NRI marriages – has brought out a pamphlet titled “Problems Relating to NRI Marriages – Dos and Don’ts”.

The pamphlet describes problems related to NRI marriages and suggests precautionary measures for Indian women considering marriage to an NRI or a Person of Indian Origin (PIO). The NCW has also brought out a report on problems relating to NRI marriages, titled “The ‘Nowhere’ Brides”.

According to an official press release, a scheme was launched in 2007 to provide through the Indian missions legal or financial assistance to Indian women deserted or divorced overseas. The scheme was subsequently revised.

The release said the scheme would be available to Indian women who have been deserted by their overseas Indian or foreign husbands or were facing divorce proceedings in a foreign country, subject to the following conditions:

. The marriage of the woman has been solemnized in India or overseas with an overseas Indian or a foreigner

. The woman is deserted in India or overseas within fifteen years of the marriage; or

. Divorce proceedings are initiated within fifteen years of marriage by her overseas Indian or foreign husband; or

. An ex-parte divorce has been obtained by the overseas Indian or foreign husband within twenty years of marriage and a case for maintenance and alimony is to be filed by her.

The release said the scheme would not be available to a woman having a criminal case against her, provided that a criminal charge of parental child abduction shall not be a bar if the custody of the child has not yet been adjudicated upon.

It said that assistance will be limited to $3,000 per case in developed countries and $2,000 per case in developing countries and will be released to the empanelled legal counsel of the applicant or Indian community association or women’s organisation or concerned non-government organisation to enable it to take steps to assist the woman in preparatory work for filing the case.

Article source: http://www.newsindia-times.com/NewsIndiaTimes/20120204/5194674166442280311.htm

As part of efforts to help women deserted by their non-resident Indian (NRI) husbands, the government has brought out booklets and pamphlets on safeguards, legal remedies and whom to approach for redressal of grievances.

Besides the booklet “Marriages to Overseas Indians”, the Ministry of Overseas Indian Affairs has brought out a pamphlet titled “Thinking of the marriage of your daughter with an NRI?” to highlight precautions to be taken before entering into a marriage with an NRI man.

In addition, the National Commission for Women (NCW) – the coordinating agency for dealing with the issues pertaining to NRI marriages – has brought out a pamphlet titled “Problems Relating to NRI Marriages – Dos and Don’ts”.

The pamphlet describes problems related to NRI marriages and suggests precautionary measures for Indian women considering marriage to an NRI or a Person of Indian Origin (PIO). The NCW has also brought out a report on problems relating to NRI marriages, titled “The ‘Nowhere’ Brides”.

According to an official press release, a scheme was launched in 2007 to provide through the Indian missions legal or financial assistance to Indian women deserted or divorced overseas. The scheme was subsequently revised.

The release said the scheme would be available to Indian women who have been deserted by their overseas Indian or foreign husbands or were facing divorce proceedings in a foreign country, subject to the following conditions:

. The marriage of the woman has been solemnized in India or overseas with an overseas Indian or a foreigner

. The woman is deserted in India or overseas within fifteen years of the marriage; or

. Divorce proceedings are initiated within fifteen years of marriage by her overseas Indian or foreign husband; or

. An ex-parte divorce has been obtained by the overseas Indian or foreign husband within twenty years of marriage and a case for maintenance and alimony is to be filed by her.

The release said the scheme would not be available to a woman having a criminal case against her, provided that a criminal charge of parental child abduction shall not be a bar if the custody of the child has not yet been adjudicated upon.

It said that assistance will be limited to $3,000 per case in developed countries and $2,000 per case in developing countries and will be released to the empanelled legal counsel of the applicant or Indian community association or women’s organisation or concerned non-government organisation to enable it to take steps to assist the woman in preparatory work for filing the case.

Article source: http://www.newsindia-times.com/NewsIndiaTimes/20120204/5548643821621439066.htm

The SIT yesterday brought the NRI from Amritsar to Moga.

According to official information available here today Amandeep Singh got his second passport with fake documents and fake Moga address though he belonged to Gurdaspur district.

Earlier he got his first passport with Jalandhar address and got his second passport with Moga Vedant Nagar address.

The SIT team arrested 70 people since 2007 who got their fake passport with fake documents and fake addresses in connivance with three police men of Moga and Passport official at Chandigarh.

Since then the SIT detected 396 passport issued on fake documents and fake addresses of people left abroad and settled in various countries.

Amandeep was produced in the court which remanded him to judicial custody. (UNI)

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Article source: http://www.newkerala.com/news/2011/worldnews-154275.html

One of Bollywood’s most reclusive divas is all set to break free of her unapproachable image to reach out to thousands of women across the world.

Sridevi has so far restricted her limitless talents to her on-screen roles, keeping herself aloof from life beyond the camera and and beyond the domain of her domesticity.

That is about to change. The shy hermetic diva is about to come out and reach out to a very special galaxy of Indian women across the world: the NRI housewives who find themselves isolated in foreign lands due to linguistic constraints.

To rewind a bit, Sridevi in her comeback film ‘English Vinglish’ plays an Indian housewife in New York, compelled to grapple with a whole cultural transition.

Linguistic barriers play a very prominent part in the film. Sridevi will take the message of linguistic bridge-building beyond the film, to Indian housewives across the world via the digital and various other media.

Though the plans at this moment are absolutely hush-hush we’ve come to know that the producers of ‘English Vinglish’ plan to establish a rapport between Sridevi and NRI women through micro-blogging sites.

Says a source close to the project, “Sridevi who has never known a world outside her home and family would be addressing NRI women on Facebook. She will also open a Twitter account meant specificially for Indian women in distress, particular, linguistic distress, in any part of the world. In essence, she would be required to break free of her shy reclusive image to reach out, and offer remedies to women caught in critical situations.”

A panel of experts would guide Sridevi in providing advise to women on topics that she may not be familiar with. But we came to know that Sridevi intends to handle the international crisis-management provision for ladies largely by herself.

An international distress helpline is also in the offing.

Says a source close to the project, “We’re hugely surprised by how much effort Sri has made to overcome her inherent shyness to reach out. The process started during the shooting. She made an effort to bond with actors of every nationality. Now she has wholeheartedly agreed to lend her celebrity status to Indian women abroad who have lost their bearings and are clueless about how to get back on the radar. Sri empathizes with their predicament. She has been a bit of an Alice In Wonderland in Bollywood.”

When contacted the film’s producer, filmmaker R Balki explained, “We always intended to take the film’s statement to a world outside the theatre. Yes, Sri will form a community of overseas women, digitally and otherwise.”

Article source: http://timesofindia.feedsportal.com/fy/8at2Etk0WCvpb1jk/story01.htm