NON RESIDENT INDIANS
Indian parents getting US residency? 6 financial implications to consider before applying
Investments in bank accounts, mutual funds, shares and other assets will have to be reviewed and modified. It is illegal under India’s FEMA to hold resident bank and demat accounts after moving abroad on a permanent resident status. All such accounts must be converted to non-resident, and FATCA forms disclosing the residential status abroad should be filled up.
NRIs can now complete online KYC from the US, UK, UAE and other FATF-compliant countries
For Indian investors residing overseas, a new development brings good news. A recent circular from Sebi allows them to open investment accounts without needing to return to India. By permitting digital KYC submissions from various compliant countries, this initiative simplifies the process for non-resident Indians (NRIs) and overseas citizens of India (OCIs).
FCNR(B) interest bill to keep dollar hedging costs high
As a multibillion-dollar FCNR(B) interest bill escalates, Indian banks grapple with increased dollar hedging expenses. Recently, the Reserve Bank of India mandated new reserve prerequisites for forex derivatives, compounding the challenges for banks that must secure cash reserves against these contracts. A significant number of Indian banks are currently without a robust hedging strategy, frequently depending on short-term contracts.
State Bank of India expands US footprint with new branch in Texas
State Bank of India expanded its banking subsidiary footprint in the United States with the inauguration of a new branch of SBIC Bank in Frisco, North Dallas, Texas. The branch, inaugurated by SBI Chairman Challa Sreenivasulu Setty, represents the subsidiary's first office outside California and takes its total branch count in the country from seven to eight.
US midterms 2026: Democrats win Congress, but can they change Trump's immigration policies?
The recent 2026 midterm elections have shifted the immigration debate, giving Democrats control of Congress and new leverage against President Trump's policies. As calls for reform intensify, lawmakers face challenges in reversing stringent immigration practices. Key issues surround oversight of ICE, protections for Dreamers, and potential pathways to citizenship for undocumented immigrants. How will this political landscape evolve?
Govt eases passport, visa rules for foreign nationals residing in India
The Union home ministry has announced relaxed passport and visa requirements for certain foreign nationals. These amendments apply to individuals including Pakistani citizens and minority refugees. Exemptions also cover members of religious communities from Afghanistan, Bangladesh, and Pakistan on humanitarian grounds. Registered Sri Lankan Tamils and Tibetans who entered India under specific permits are included in the amendments.
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Tax reporting lapses could risk India's sovereign rating, trigger withholding tax penalties: Income Tax Principal DG Debjyoti Das
Speaking to the media on the sidelines of the 'Summit on Global Financial Compliance (FATCA & CRS)' in Mumbai, Debjyoti Das, Principal Director General of Income Tax (Intelligence & Criminal Investigation), highlighted the growing risks associated with non-compliance in cross-border financial reporting.
Why Nithin Kamath believes NRI investing in India has become easier than ever
Zerodha CEO Nithin Kamath welcomed Sebi's simplified NRI account-opening rules, enabling eligible overseas investors to complete digital KYC within two to three days. Effective December 3, 2026, the framework aims to boost overseas participation in Indian equities.
Centre relaxes passport, visa rules for select foreign nationals; revises Nepal, Bhutan travel norms
The Centre has announced amendments to immigration rules for several categories of foreign nationals residing in India. Pakistani citizens who entered India before December 31, 2009, may be exempt from renewing their passports. Additionally, certain refugees from Afghanistan, Bangladesh, and Pakistan fleeing persecution are included in these exemptions. Registered Sri Lankan Tamil nationals and Tibetans with specific entry permits also benefit from relaxed requirements.
Oman tightens expat worker recruitment rules from January 2027; agencies must provide insurance, refunds
Effective January 1, 2027, Oman is set to enforce new, tougher rules for hiring expatriate workers, which will necessitate insurance coverage and adherence to recruitment timelines. Recruitment agencies will shoulder increased financial duties, including the possibility of refunds for employers.
Sebi eases KYC norms for NRIs, OCIs and foreign nationals, allows digital onboarding from overseas
Securities and Exchange Board of India has relaxed Know Your Client requirements for overseas investors. This change enables non-resident Indians, Overseas Citizens of India, and foreign nationals to onboard digitally. Individuals from FATF-compliant countries can now submit KYC details remotely without being in India. Intermediaries are allowed to rely on existing KYC records and conduct video verifications when necessary.
Sebi eases KYC norms for NRIs, OCIs, allows digital onboarding from December 3
SEBI has relaxed KYC requirements for NRIs, OCIs and foreign nationals, allowing eligible overseas clients in FATF-compliant countries to complete onboarding digitally. The revised framework introduces video verification, electronic documents and simplified repeat KYC, effective December 3, 2026.
Sebi cancels registrations of 8 investment advisers for non-payment of renewal fees
Sebi has announced relaxed KYC requirements for Non-Resident Indians, Overseas Citizens of India, and foreign nationals. These changes will allow them to complete digital onboarding from FATF-compliant countries effectively. Intermediaries can accept KYC submissions without requiring physical presence in India. Video In-Person Verification is now permitted where in-person verification isn't feasible, enhancing compliance capabilities. The revised framework, effective from December 3, is aimed at simplifying the entire onboarding process.
Diwali Abroad 2026: How NRIs in the US, UK and Gulf Are Keeping Indian Traditions Alive Thousands of Miles From Home
Diwali 2026 is bringing Indian communities together across the US, UK and Gulf, with celebrations ranging from Times Square and London's Trafalgar Square to Dubai's Festival of Lights and temple gatherings in Abu Dhabi. As November 8 approaches, NRIs are marking the festival through cultural performances, traditional food, diya lighting, family pujas, festive shopping and community events. Here is how the Indian diaspora is celebrating Diwali abroad this year.
Loan growth, fall in provisions help SBI profits in Q2
State Bank of India reported a 14% year-on-year rise in Q2 FY27 net profit to Rs 23,038 crore, driven by 18% loan growth, higher net interest income, lower deposit costs and reduced loan loss provisions.
Make urban legend real: Our cities must become far more business-friendly for India to achieve high per-capita income
India's urban population has grown slowly, with a significant portion living in small rural habitations. The country requires substantial rural-urban migration to boost urbanisation and economic productivity. Urban centres must create favorable business environments to attract new and expanding enterprises. State governments should implement measures to alleviate urban land scarcity and improve labor regulations.
These 11 private and public banking stocks have an upside of up to 33% in 1 year, according to analysts
It is too early to read a lot into the divergence seen in the stock price movements of private and PSU banks on Tuesday. Neither can it be said with any certainty that it had anything to do with FII buying. Against this background, remember: For any investor interested in the banking sector, the price movements should matter less than what the overall Q2 performance of both private and PSU banks reveals.
How the citizenship row matters to immigrants after US Supreme Court rejects Trump’s 20,000-ballot plea
The Supreme Court has turned down an urgent request from the Trump administration to halt California's process of counting over 20,000 mail-in ballots. These ballots belong to registered voters whom federal officials believe might not be US citizens. This decision means California can continue with its ballot counting without interference.
India eases forex reporting rules for small value service exports, imports
The Reserve Bank of India has eased foreign exchange reporting rules for services exports and imports, reducing compliance requirements for resident individuals and setting a ₹1 million threshold for certain transactions. Resident individuals exporting services will be deemed to have filed export declarations after submitting payment details to banks, while reporting obligations for larger transactions and non-individual entities will continue.
Should my OCI son continue his Indian health insurance policy or take a new one?
ET Wealth Reader's Query: My son recently became an Overseas Citizen of India (OCI). Earlier, he had insurance coverage in India. Should he continue that or take a new one in India?
Delhi court grants 2-day transit remand for Mahadev app promoter Sourabh Chandrakar; Oman court had ordered his extradition on ED's request
Chandrakar was arrested on November 1 at 7.35 pm and produced before the court at around 11.45 am on Monday. The CBI told the court that he had been detained in Oman for illegal entry on forged travel documents and was subsequently surrendered to India by the Omani government. An open-ended non-bailable warrant issued against him by the CBI special court in Raipur was pending, and he has been charge-sheeted in the case.
Razorpay gets final Gift City licence to expand cross-border payments
Razorpay has attained a payment service provider licence from the International Financial Services Centres Authority. This licence allows the company to process foreign-currency payments from its base in Gift City, Gujarat. The approval enables Razorpay to offer multi-currency accounts and facilitate international transactions. With established integrations with RBL Bank and ICICI Bank, the service is expected to be utilized shortly.
Income Tax 2026: 3 key changes in deductions & exemptions every taxpayer must know
The Finance Act, 2026 outlines significant changes in income tax deductions and exemptions for Tax Year 2026-27. Non-resident individuals will benefit from tax exemptions on foreign-source income for five tax years. Disability pensions are only exempted if individuals are invalided out due to service-related disabilities. Compulsory land acquisition income will also be tax-exempt, clarifying previous ambiguities in the law.
Crypto cards enter RBI's radar as Indians use offshore wallets for everyday payments
Offshore crypto cards that allow Indian residents to spend digital assets on domestic purchases and withdraw cash have come under the scrutiny of the RBI and Financial Intelligence Unit. Several users have reported card deactivations in recent days, while authorities are understood to be examining potential violations of payment regulations and FEMA.
Gulf investors eye India’s AI infrastructure and space tech even as broader interest stays subdued
Gulf-based investors are exploring opportunities in India's artificial intelligence and space technology sectors, despite overall subdued interest. Yotta, a data centre operator, successfully raised $150 million earlier this year for expansion plans. Pixxel Space Technologies is also seeking funding in the UAE to capitalize on growing investor interest in technology. The Indian rupee's depreciation has contributed to the cautious investment sentiment among broader market participants.
Rahul Gandhi calls for march from Connaught Place to Ramlila Maidan on Nov 1; Delhi Police says no permission sought
Rahul Gandhi has invited everyone to join a march to Ramlila Maidan on November 1 for a rally. While the Delhi Police has stated that no permission was sought for the march, extensive security arrangements are planned at Ramlila Maidan. The opposition leaders are also scheduled for a public impeachment program against Chief Election Commissioner Gyanesh Kumar today.
PB Fintech's UAE insurance business grows 19-fold as it looks beyond motor cover
PB Fintech has achieved impressive growth within the UAE insurance landscape, notably boosting its premium volumes since FY22. With a strategic plan in place, the company intends to diversify its offerings by introducing health and life insurance solutions geared towards NRIs. Key features will include cross-border protection and simplified claims processing.
Indians working in UK: Per diem paid by Indian company may be tax-free in India if these conditions are met
Indians working in the UK may receive per diem payments from their Indian employers. However, these payments are generally taxable in the UK and not in India under specific conditions. The taxability in India depends on the employee's residential status and where the employment is exercised. A recent ITAT Delhi case illustrates the application of the India-UK DTAA in determining taxability.
Own property in UAE? Income Tax Department nudges taxpayers to declare undisclosed assets under FAST-DS 2026, know who needs to act and what they can do
UAE property owners have received communication from the income tax department regarding undisclosed assets. Taxpayers are prompted to assess their foreign assets in relation to their tax status. Those eligible can use the FAST-DS 2026 scheme before the deadline. Failure to disclose such assets may result in severe penalties or taxation. It is important to review and act upon this nudge to avoid repercussions.
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