Latest news with #Non-ResidentIndians
NDTV
a day ago
- Business
- NDTV
How Non-Resident Indians Can Use UPI With Foreign Mobile Numbers
UPI Payments For Foreigners: The Unified Payments Interface (UPI) has provided a platform for Indians to send and receive money online quickly and easily. The benefits can also be availed by the Non-Resident Indians (NRIs) and foreign nationals, as they can make transactions in India using their foreign mobile numbers. There's no need for an Indian SIM card. UPI is an instant payment system, developed by the National Payments Corporation of India (NPCI), that allows users to make payments in seconds. In 2023, the Reserve Bank of India (RBI) allowed access to UPI to foreign nationals and NRIs with NRE (Non-Resident External) or NRO (Non-Resident Ordinary) accounts. RBI had also updated its Master Directions on Prepaid Payment Instruments (PPIs). On June 25, 2025, IDFC First Bank announced in a press release that NRI customers can make UPI payments using their international mobile numbers, without incurring any charges. "This facility is available to all IDFC FIRST Bank NRI customers from 12 countries: Australia, Canada, France, Hong Kong, Malaysia, Oman, Qatar, Saudi Arabia, Singapore, the UAE, the UK, and the USA - for INR-denominated transactions within India," the bank said. The bank noted that NRIs can use the UPI facility even while being abroad, if the payments are for transactions within India. Such transactions do not attract any foreign exchange charges. The service is also supported by ICICI Bank, offering services for NRIs in 10 countries, including the US, UK, Canada and Australia. Managing finances without an Indian SIM card is cost-effective as the transactions are made in INR, avoiding foreign exchange fees. The process is also secure as the system has strong security features, including two-factor authentication and UPI PINs. How to Link Your International Mobile Number to UPI? Link your international mobile number with your bank account. Download a UPI-powered application that supports international mobile numbers and complete the onboarding process. The transactions need to be permitted, as per the bank's terms and conditions, UPI's official website noted. List Of Countries Whose Mobile Numbers Can Be Linked Australia, Canada, France, Hong Kong, Malaysia, Oman, Qatar, Saudi Arabia, Singapore, United Arab Emirates, United Kingdom and United States of America. List Of UPI-Powered Applications That Support Linkage Of International Mobile Numbers: Federal Bank (FedMobile) ICICI Bank (iMobile) IndusInd Bank (BHIM Indus Pay) South Indian Bank (SIB Mirror+) AU Small Finance Bank (BHIM AU) BHIM PhonePe List Of Banks That Support Linkage Of International Mobile Numbers: AU Small Finance Bank, Axis Bank, Canara Bank, City Union Bank, DBS Bank Ltd, Equitas Small Finance Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, South Indian Bank, State Bank of India, Yes Bank. How It Works: 1. Open an NRE or NRO account with a supporting bank 2. Register your international mobile number with the bank 3. Download a UPI-enabled app and link your account 4. Create a UPI ID and set a secure PIN
New Indian Express
a day ago
- Business
- New Indian Express
Select Committee recommends dropping mandatory ITR filing for claiming refunds
According to the Select Committee report, stakeholders who advocated for the omission of this sub-clause argued that Clause (ix), as initially proposed, had the effect of denying a refund to a person if the Return of Income was delayed beyond the specified due date. However, tax experts have contended that the legislature's intent is not to deny a refund to an assessee solely because the income return has been filed after the due date. They argue that the presence of clause (ix) in section 263(1)(a) leads to an unintended interpretation that an assessee must file the Return of Income within the due date to claim a refund. "The clause (ix) does not serve any purpose since it is certainly permissible for a person to furnish a belated return. Accordingly, the omission of the same would avoid unnecessary confusion and unintended hardship to the assessee,' they explain. Who are exempted from filing I-T returns? Individuals earning below the taxable income threshold are exempt from paying income tax. This limit stands at ₹2.5 lakhs annually under the old tax regime and ₹3 lakh under the new tax regime. Additionally, those whose only income source is agriculture or farming are typically exempt from filing income returns, though a threshold for agricultural income may necessitate filing. Certain Non-Resident Indians (NRIs) are also exempt if their income exclusively comes from dividends or interest, or if it's already subject to TDS. Lastly, senior citizens over 75 years of age, whose income consists solely of pension and interest, can also be exempt from filing their ITR.
Time Business News
a day ago
- Business
- Time Business News
NRI Term Insurance: Eligibility, Documentation & Tax Benefits
For the majority of Non-Resident Indians (NRIs), the economic security of their family is at the top of their list of priorities. Even though they are staying abroad, their roots, connections, and aspirations remain in India. NRI term insurance is one of the smartest decisions that NRIs can utilise to protect their near and dear ones from financial risks. In this blog, we'll delve into what NRI term insurance is, the eligibility criteria, required documentation, tax benefits, and why now might be the best time to buy term insurance in India. NRI term insurance is a term insurance policy for Non-Resident Indians and People of Indian Origin (PIOs). Like normal term insurance plans, it pays a guaranteed sum assured to the nominee on the death of the policyholder during the policy term. It also keeps in mind the complexity and complications of staying abroad, such as the option of currency, underwriting practices, and medical tests. The demand for NRI term insurance is increasing exponentially due to its affordability, convenience, and the strength of India's insurance infrastructure. Various Indian insurance majors now have online buying facilities, which are convenient and easy for global Indians. Eligibility criteria for NRIs are almost identical to Indians with residence, with some additional considerations: 1. Residence Status In order to be eligible for a NRI term insurance, you must belong to one of the following: NRI (Non-Resident Indian) PIO (Person of Indian Origin) OCI (Overseas Citizen of India) 2. Age The age requirement for term insurance is between 18 years and 60 years, although some insurers may consider the entry age a little above. 3. Policy Term Policy terms would be between 5 years and 40 years, depending on the insurer and the age of entry by the applicant. 4. Sum Assured NRIs can generally opt for a sum assured of ₹25 lakhs onwards to a few crores, based on their income, objectives, and liabilities. 5. Income Proof Income proof is required by the insurers in order to comprehend affordability and deliver suitable coverage. Both salaried and self-employed NRIs are qualified. The documents required for the NRI term insurance are slightly more involved than for residents but still uncomplicated and digital-friendly in most scenarios. The under listed are main documents usually requested: 1. Identification Proof Valid passport (mandatory) Aadhaar or PAN Card (if it is available) 2. Proof of Address Utility bills (Indian address or foreign address) Foreign bank statements Driving license or international lease agreement 3. Proof of Income Last 3–6 months salary slips Bank statements Tax returns (Indian or foreign) 4. Medical Records Medical underwriting is an important part of the term insurance process. Insurers can require the following based on the sum insured and age: Full-body check-ups Pre-existing condition reports Telemedical interviews Even some insurers allow medical tests to be carried out outside the country, at a cost which is reimbursed or borne by the company. 5. NRI Questionnaire/Form A specially designed questionnaire will often be required to get information on the candidate's native country, business type, lifestyle, and travel behavior, parameters influencing the underwriting factor. Besides the protection it offers, NRI term insurance also offers tremendous tax advantages. Even under Indian taxation, these benefits can be accessed if the policy holder is outside India. Section 80C of the Income Tax Act: NRIs can claim deductions for term insurance premium payments up to ₹1.5 lakh a year, under Section 80C. This is possible provided the NRI earns income in India, which is taxable rental, investment, or business income. NRIs can claim deductions for term insurance premium payments up to ₹1.5 lakh a year, under Section 80C. This is possible provided the NRI earns income in India, which is taxable rental, investment, or business income. Section 10(10D): The nominee is paid the death benefit sum tax-free under Section 10(10D) of the Income Tax Act, as long as the policy terms are satisfied (e.g., premium cap not exceeding 10% of the assured amount). The nominee is paid the death benefit sum tax-free under Section 10(10D) of the Income Tax Act, as long as the policy terms are satisfied (e.g., premium cap not exceeding 10% of the assured amount). Double Taxation Avoidance Agreement (DTAA): India has DTAA arrangements with most countries. If the NRI is resident for tax purposes in a country having a DTAA with India, he can claim relief from being taxed twice on the same revenue. But it is advisable to seek the counsel of tax advisors in both countries for better structuring. There are several strategic advantages when NRIs buy term insurance from Indian insurance providers: Low Premiums: Term insurance in India is much cheaper compared to overseas markets because of low mortality rates and competition between insurers. Term insurance in India is much cheaper compared to overseas markets because of low mortality rates and competition between insurers. Rupee-Based Coverage: If your family is living in India or may move to India in the future, an Indian currency term plan can offer increased coverage without the risk of loss due to currency conversion. If your family is living in India or may move to India in the future, an Indian currency term plan can offer increased coverage without the risk of loss due to currency conversion. Broad Coverage and Personalization: Today's term plans come with a bouquet of riders (like critical illness, accidental death benefit, waiver of premium) and settlement flexibility, monthly payment, lump sum, or a mix of both. Today's term plans come with a bouquet of riders (like critical illness, accidental death benefit, waiver of premium) and settlement flexibility, monthly payment, lump sum, or a mix of both. Web-based Enrollment and Claims Support: Insurers have now facilitated NRIs to onboard end-to-end online documentation to payment of premium and policy issuance. Settling claims is also trouble-free with dedicated NRI helpdesks in most firms. Insurers have now facilitated NRIs to onboard end-to-end online documentation to payment of premium and policy issuance. Settling claims is also trouble-free with dedicated NRI helpdesks in most firms. Regulatory Oversight and Trust: IRDAI (Insurance Regulatory and Development Authority of India) regulates all term insurance policies that can be bought in India for protecting policyholders' rights, transparency, and standard operating procedures. Declare Residence Country Truly: Few countries, particularly conflict zones, may be excluded or charged extra as premium. Keep KYC Up to Date: As per RBI and IRDAI rules, it is compulsory to have the KYC (Know Your Customer) details updated. Choose a Credible Insurer: Choose insurers with high claim settlement ratios and international servicing facilities. Nominee Details: Mention the nominee and his/her relationship. If the nominee is a minor, name an appointee who will receive the benefit on his/her behalf. Check Repatriation Standards: If your nominee is abroad, check the legal process of repatriating claim proceeds from overseas. In the more globalized world of today, the NRIs need to be financially connected to the homeland, not just in terms of investment, but also in terms of protection from risks. With the escalating cost of living and unpredictability of life, term insurance is a cushion that guards families against potential financial distress. With ease of access, affordability, and double tax relief advantage, buy term insurance in India is logically as well as emotionally right for NRIs. In all, NRI term insurance is more than just an insurance policy it's an intelligent, strategic, and safe move towards future financial planning. No matter if you're working in the Middle East, the US, Europe, or some other part of the globe, planning for your family's future back home in India starts with the right protection plan. Don't undervalue the importance of NRI term insurance explore, contrast, and make a smart decision today. TIME BUSINESS NEWS
Economic Times
2 days ago
- Business
- Economic Times
How HNI NRIs should calculate their term insurance coverage
For high-net-worth individuals (HNIs) living abroad, protecting their family's financial future isn't just a responsibility; it's a priority. Amidst managing global investments, overseas income, and rising living costs, one instrument stands out for its simplicity and impact: term insurance. It is the most straightforward form of life insurance, offering a significant sum assured for relatively low premiums. For NRIs (Non-Resident Indians), the need for term insurance is even more pronounced, as they left the country to earn better and provide better security and quality of life to their family. But as important as the decision to buy term insurance is, equally important is deciding how much coverage to take and where to buy it from. The ideal term cover for NRIs HNIs often have complex financial profiles, ranging from high annual incomes to international assets, but their lifestyle needs and long-term commitments are just as substantial. A good starting point is to aim for a life cover of at least 10 times one's annual income. However, for an HNI NRI, this may only serve as a base. Factors like inflation, currency fluctuation, cost of children's education, care for elderly parents, and outstanding liabilities should all be taken into account. For instance, an NRI earning Rs 50 lakh annually may technically need a cover of Rs 5 crore but if their children are expected to study abroad, or if their spouse is not working, the ideal cover could easily go up to Rs 7 to 10 crore. It's about ensuring that the family continues to enjoy the same standard of living, even in the absence of the breadwinner, without having to compromise on goals and responsibilities. Moreover, the financial environment in which these NRIs operate is dynamic. Exchange rate volatility can erode the value of remittances. Inflation, particularly around healthcare and education, has been persistently high. This means that a flat, one-size-fits-all cover isn't sufficient. It must be tailored to the family's real-world needs and ambitions. And when it comes to actually purchasing the term plan, many HNI NRIs might instinctively look to insurers in their country of residence. But a closer comparison reveals that buying a policy from India not only makes more financial sense but also offers greater flexibility and long-term value. Where to buy your term insurance One of the most compelling reasons to choose an Indian insurer is cost. Premiums for term insurance in India are significantly lower, often ranging from 20% to 50% cheaper compared to insurers in the US, Singapore, Middle East etc. These savings can add up to several lakhs over the policy term, particularly when the sum assured is large. Additionally, NRIs are entitled to an 18% GST waiver on premium payments for term insurance. This makes an already affordable product even more attractive. Benefits unique to India Another unique advantage is the option of a special exit or refund of premium. Under this feature, if the policyholder survives the entire term of the plan, all premiums paid are refunded in certain schemes. This adds a layer of psychological reassurance. You are protected throughout, and if nothing goes wrong, you get your money back. Most overseas insurers do not offer such a feature in their term term plans also offer an increasingly important feature for globally mobile individuals: worldwide coverage. NRIs who take a policy from India continue to be covered even if they relocate to another country or choose to return to India at a later stage. This flexibility is crucial in a world where career moves, migrations, or retirement plans can shift unexpectedly. As long as the policyholder maintains the policy in good standing, the coverage remains intact regardless of changes in residency. It offers peace of mind that one's protection doesn't get restricted by process of buying term insurance from India has also become more seamless for NRIs. Video medicals have now become the norm, eliminating the need for physical travel or cumbersome medical appointments abroad. Everything from application to underwriting can be handled remotely, making it a convenient experience despite time zones and the payout from term insurance bought in India is entirely tax-free under Indian law. This ensures that your family receives the full benefit without any deductions, regardless of the claim size. In a time of emotional distress, the last thing families need is a complicated tax situation or a reduced insurance is a vital pillar in the financial planning of any HNI NRI. It serves not just to replace income but also to preserve lifestyle, dignity, and future dreams. While the ideal cover should be based on a comprehensive assessment of family needs, inflation, and long-term goals, it is equally important to choose the right policy from the right competitive pricing, high claim reliability, tax efficiency, and customer-centric features, India emerges as the obvious choice for NRIs looking to secure their future. It is a protection strategy rooted in value, both emotional and financial, and built to stand the test of time. (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of (Join our ETNRI WhatsApp channel for all the latest updates) Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. From near bankruptcy to blockbuster drug: How Khorakiwala turned around Wockhardt Paid less than plumbers? The real story of freshers' salaries at Infy, TCS. What if Tata Motors buys Iveco's truck unit? Will it propel or drag like JLR? 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Economic Times
3 days ago
- Business
- Economic Times
India stands out with its ability to deliver stability, large-scale real estate growth, says Gustavo Favaron
Synopsis India is emerging as a prime global investment hub due to its stable growth and maturing real estate sector, attracting interest from private equity, pension, and sovereign wealth funds. While established players are present, many are in 'study mode,' awaiting global clarity. Commercial real estate, especially office and warehousing, remains preferred, with residential gaining traction. Gustavo Favaron, CEO & Managing Partner of GRI Club and Co-founder of 8 Capital India is rapidly becoming a core global investment destination, bolstered by the growing maturity of its real estate developers and the increasing appetite from institutional capital. In a volatile global environment, the country stands out with its ability to deliver large-scale real estate developments and a stable growth outlook. In conversation with Sobia Khan of The Economic Times, Gustavo Favaron, CEO & Managing Partner of GRI Institute and Co-founder of 8 Capital, talks about why India is attracting strategic attention, what is still holding back significant capital inflows, and how asset classes like commercial, residential, and warehousing are shaping up. He also discusses the growing influence of Non-Resident Indians (NRIs) in the country's real estate landscape. Global capital flows are influenced by geopolitical and economic uncertainty—wars, inflation, high interest rates, and general instability in traditional markets like the US, UK, and Europe. Amid this chaos, India is seen as a relatively stable and fast-growing alternative. The macro indicators—demographics, policy stability, and economic momentum—are compelling. While established players like Blackstone, GIC, Brookfield, and CPPIB are already active, we are not seeing a high volume of new entrants yet. Many funds are in 'study mode', waiting for clarity globally before making moves. But I firmly believe India is the next big destination for real estate are seeing interest from private equity, pension funds, and sovereign wealth funds—particularly those with a five- to ten-year investment horizon. They like India because of the scale and relative geopolitical neutrality. On asset classes, commercial real estate remains top preference, especially office space and increasingly warehousing. However, residential is emerging too—Blackstone's recent move into residential is a signal. As developers get more mature and organized, international capital will flow more comfortably into Mumbai, and Delhi NCR top the investment charts, driven by strong demand, infrastructure upgrades, and maturing commercial ecosystems. Hyderabad and Pune also rank high, reflecting their emergence as IT and manufacturing hubs. Investors are also eyeing Tier-2 cities like Ahmedabad and Indore, anticipating decentralization and urban sprawl to create the next wave of investable real mature markets still offer distressed opportunities—why would someone travel to Mumbai when they can buy undervalued assets in London? Second, the pace of decision-making— domestic funds in India move faster and adapt quicker. International funds often lose deals due to longer internal processes. Finally, global investors are adjusting to operating in high-interest, inflation-driven environments—something Indian players are already used to. But once these pockets of distressed supply in developed markets dry up, more capital will head India's way. The opportunity is just currently stands out and is seen as more stable and predictable. The country isn't entangled in international conflicts, and the demographics are unmatched. China is shrinking, so is Europe, and the US is also slowing. India remains one of the few large markets with real growth potential. That makes it very attractive to long-term, patient capital. I do not think we are in bubble territory. Yes, residential prices—especially in the high-end segment—have grown sharply, but it was more of an adjustment than a spike. Deep-pocketed buyers still exist, and they will invest in the assets. The market will stabilize, but we are far from saturation. India's overall real estate market is maturing. The quality is better, developers are more professional, and compared to other countries, approvals and bureaucracy are equally complex—so India isn't an outlier. You need to zoom out and look at the cycle holistically and right now, the trajectory is upward. Absolutely. NRIs are increasingly investing back in India—either through REITs or direct real estate. Many Indians living abroad are uncertain about the future in places like the UK or US and see opportunity and growth here in India. This is not a short-term trend—it is accelerating. From the outside, India's rise is often more visible than from within. The momentum is real, and NRIs want to be part of it. Office space remains the most sought-after asset class, followed by residential and plotted developments. This trend aligns with the post-pandemic shift toward high-quality, tech-integrated office ecosystems and a growing urban middle class seeking residential ownership. Global investors are increasingly interested in Indian assets with stable, scalable returns, especially in Grade-A office and housing portfolios. Data centers and warehouses also show emerging strength, reflecting India's digital and e-commerce surge. These preferences suggest a recalibration towards long-term, income-generating assets in Tier-1 cities. The top concern for developers is regulatory inefficiency—delays in approval processes as the most pressing challenge, followed by rising construction costs and limited access to financing . Yet, developers and investors alike are adapting by focusing on compliance, pre-leased assets, and risk-sharing models. Addressing regulatory bottlenecks could unlock significant capital inflows and fast-track India's real estate maturation. ( Originally published on Jul 14, 2025 )
