NRIs: making a rewarding return
http://outlookmoney.com/ArticleDetailView/tabid/203/ItemId/747/Default.aspx
Sandip Mukherjee | 12/20/2011 6:45:10 PM | Posted on Goanet by Frederick Noronha:

This article might be of interest to Goanetters: An overview of the various provisions governing the treatment of foreign investments in India

In the 1980s and the 1990s, India saw a huge exodus of young talent to developed countries of the West for the sake of either a fatter pay packet or better job prospects, or both. And most of these sharp, fresh-out-of-college minds were students that went to institutions where education was subsidised by the government. This phenomenon was called 'brain drain'. However, since the early 2000s, and especially in the last 5-6 years, the trend has started to reverse.

Now, more and more non-resident Indians (NRIs) are taking the flight back home. In fact, this trend became notably strong following the financial meltdown of 2008, which resulted in large-scale unemployment across the globe. Today, the business environment in the West, both in the Americas and Europe, is uncertain. In contrast, India offers greener pastures in the form of a stable economy and high growth. Besides, there is a host of other reasons that prompt NRIs to consider returning to India permanently. These could range from familial ties and attractive real estate prices to rising opportunities and favourable government policies.

However, when an NRI decides to come back to India with the intention of settling here permanently, he/she should be familiar with Indian tax laws and different aspects of exchange control regulations, i.e., the Foreign Exchange Management Act (Fema). So, it is worthwhile to understand some basic concepts related to the treatment of foreign investments of NRIs returning to India.

Recently, the Reserve Bank of India clarified in a circular that the income and sale proceeds of assets held abroad by NRIs who have returned to India for permanent settlement or acquired abroad through remittances under the Liberalised Remittance Scheme (LRS), need not be repatriated to India. Under the LRS, all resident individuals, including minors, are allowed to freely remit up to $200,000 per financial year for any permissible current or capital account transaction or a combination of both. Further, under the LRS, resident individuals can acquire and hold immovable property or shares or debt instruments or any other assets outside India without prior approval from the RBI. Individuals can also open, maintain and hold foreign currency accounts with banks outside India for carrying out transactions permitted under the LRS.

Also, according to this circular, a person resident in India is free to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India, if it was acquired, held or owned by him/her when he/she was resident outside India, or inherited from a person resident outside India. Earlier, a person resident in India was required to take all reasonable steps to realise and repatriate to India the foreign exchange dues within a specified period.
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India gasoline price increase trimmed after furore-sources
http://www.reuters.com/article/2012/06/02/india-gasoline-idUSL4E8H20AK20120602
Sat Jun 2, 2012

Petrol Price Delhi Rs 73 /litre
Gasoline Price Toronto Rs 67/litre

• Retail gasoline prices to be cut by 2 rupees/litre from Sunday-sources

• Partial roll back was expected after a public outcry

• Rollback also due to softening global oil prices

By Nidhi Verma

NEW DELHI, June 2 (Reuters) - India's state-run oil refiners have agreed to a partial rollback of last month's gasoline price increase, two oil company sources said on Saturday, in an expected move after a public outcry over the steepest rise in the country's history. With effect from Sunday, retail gasoline prices will be cut by 2 rupees a litre, the sources, who did not wish to be named before an official announcement, told Reuters.

"Excluding taxes, prices have been cut by 1.68 rupees or so a litre. And in Delhi, prices will be reduced by 2 rupees a litre after adding taxes," one of the two sources said, adding an official announcement would be made later in the day.

Petrol after last week's steepest ever hike of Rs 7.54 a litre costs Rs 73.18 per litre in Delhi. After the reduction, it will cost Rs 71.18 a litre.

The Leela Palace New Delhi named "Best of the Best" hotel in the world by Robb Report 2012

Only hotel in India to join the finest league of luxury hotels worldwide

New Delhi, June 4, 2012 /CNW/ - The Leela Palaces, Hotels and Resorts newest flagship, The Leela Palace New Delhi, is the only hotel in India to be named among the "Best of the Best" hotels in the world by Robb Report, which is a definitive authority on the most prestigious luxury brands around the globe. Culminating an entire year's search for the most exceptional new products and services on earth, Robb Report's 24th annual "Best of the Best" Hotels 2012, hand-picked The Leela Palace New Delhi for offering the finest in luxury, placing the hotel amongst the most elite in the world.

Commenting on the recognition, Capt. C.P. Krishnan Nair, chairman and founder of The Leela Palaces Hotels and Resorts said, "Building a modern Palace hotel in the heart of India's capital city was a dream come true for me. My two sons - Vivek and Dinesh - and I are proud to have created the only hotel in India now recognized as one of the world's best. We built this hotel against all odds and this prestigious honour reaffirms our commitment towards serving the most discerning travellers and leisure seekers. With just one year of operation under our belt, we have been ranked amongst the world's best and this is just the beginning."

Other winners included The Ritz-Carlton, Hong Kong, Corinthia Hotel, London and Mandarin Oriental, Paris.

The Leela Palace which opened last year is fast gaining critical acclaim for setting new standards of luxury in the hospitality industry. The hotel offers the largest guest rooms in the capital city; unparalleled culinary experiences including two internationally-acclaimed restaurants - Le Cirque and MEGU; award-winning ESPA spa and an infinity-edge rooftop swimming pool, making it one of the most sought-after destinations.

The Leela Palaces, Hotels and Resorts group manages seven award-winning hotels in prime urban and resort locations across India- Mumbai, Bangalore, Gurgaon, New Delhi, Goa, Kovalam and Udaipur. An eighth hotel, the first seafront luxury Palace hotel in Chennai also known as the gateway to South India is slated to open in August 2012.

Apartments with Balcony Pools in India

Pools are the new balconies — literally, it seems.

A skyscraper under construction in Mumbai, India, not only includes more than 200 apartments, three levels of car parking, a gym and sauna, but it also features pools on the edges of several balconies.

Called the Aquaria Grande, the two 37-story towers were designed by architect James Law and the real estate company Wadhwa Group.

It’s just the latest building to push the boundaries of conventional homes in India.

With 228 apartments, the Imperial in Mumbai has two 60-story towers featuring high-security systems, outdoor terraces, an entertainment area and pool. A gym is expected to open soon and the largest apartments include lap pools.

And the world’s most expensive home, also located in Mumbai, boasts three helicopter landing pads, floating gardens, six car parks, a theater and a grand ballroom.

Completed last year, the house called Antilla cost $1 billion to build and its 27 stories tower over the city.