Karnataka government is considering increase in government medical seats under NRI quota
A proposal has been sent by the Karnataka state government to National Medical Council for its assent to increase the number of seats under NRI quota without disturbing the state government or all-India quota. The selection of NRI Candidates will be based on the merit of students who have written NEET examination in the country. The government has justified the decision as it will enable more funds to improve the infrastructure of government medical colleges with better medical equipment and state of the art technology.
Times of India
NRI seller and the TDS on taxable capital gain on sale of house in India
Under the India income-tax law, if the seller qualifies as non-resident in India during the relevant financial year, the buyer is required to deduct TDS at specified rate along with applicable surcharge and health and education cess on taxable capital gain on sale of immovable property. The specified TDS rate is 20% in case of long-term capital gain (LTCG) and 30% in case of short-term capital gain (STCG). Any immovable property held for a period of more than 24 months is classified as a long-term capital asset. In case of a long-term capital asset, taxable capital gain will be net sale proceeds less indexed cost of acquisition (i.e. adjusted as per cost of inflation index or CII) less indexed cost of improvement.If the seller qualifies as resident in India during the relevant financial year, the buyer is required to deduct TDS at the rate of 1% on sale consideration if the sale consideration exceeds ₹50 lakh.
Government of India is planning to bring a bill to stop NRI husbands from abandoning their wives
The Government of India would bring a bill in the coming winter session of the Parliament as part of its efforts to check the menace of NRI husbands abandoning their wives. On November 13, 2018 the Supreme Court has also sought response from the Centre on a plea seeking mandatory arrest of NRIs deserting their wives and harassing them for dowry. A group women, who have allegedly been deserted by their NRI husbands and subjected to dowry harassment, have moved the apex court seeking reliefs including mandatory arrest of their estranged spouses and consular help in fighting cases in foreign land.
NRI participation in interest rate derivative market
The Reserve Bank of India (RBI) issued draft guidelines on non-residents’ participation in the interest rate derivative market. The draft norms have proposed non-resident Indians’ (NRIs) access to the IRD market, allowing them to hedge their rupee interest rate risk flexibly using any available IRD instrument. There is an active market for rupee interest rate swaps offshore and domestic market has witnessed increasing participation from non-resident players like FPIs in debt. With a view to develop a deep IRS market that accommodates divergent participants, RBI had proposed to permit non-residents access to the rupee IRS market in the country.