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Observer
07-04-2025
- Business
- Observer
How India's financial reforms will affect NRIs
The Indian financial year begins on April 1 every year. The Financial Year (FY) 2025 marks the implementation of several important changes in the Indian financial system. While the regulatory changes aim to improve transparency, compliant and investor protection across various financial products and services, the relief in direct taxation gives a big bonanza to all sections of the society. Therefore, it is very important for the Indian diaspora living abroad to know the changes that are affecting them from April 2025. Though there are many changes taking place in the Indian financial system, those concerning the Non-Resident Indians are summarized below. 1. Changes in Income Tax Basic Exemption Limit and Tax Slabs The Union budget presented in the Indian Parliament on February 1, 2025, by the Finance Minister Nirmala Sitharaman was a big bonanza to the salaried and middle-income groups in respect of income tax reliefs. NRIs also partially benefitted from the new tax rules effective from the financial year 2025-26. Accordingly, the basic exemption limit under the new tax regime has been enhanced from Rs 3 lakhs to Rs 4 lakhs for the NRIs on their domestic income, while income on their NRE accounts is fully exempted. The reduced tax slabs also apply to the domestic income of NRIs. Undoubtedly this is a big relief to the NRIs who have income in India, for which the applicable tax has to be paid by them. 2. UPI Deactivation A large number of NRIs living in the Sultanate of Oman use the UPI payment system like G-Pay, Paytm, etc. As part of enhanced security, the National Payment Corporation of India (NPCI) has decided to deactivate the dormant and inoperative mobile numbers. Therefore, NRIs to ensure that their Indian Bank accounts are linked to an active mobile number to avail the services. 3. Minimum Balance in Savings Bank Accounts Major Banks like State Bank of India, Punjab National Bank, Canara Bank, decided to implement minimum balances in Savings Bank (SB) accounts. The minimum amount may vary from metro and non-metro centres. Non-maintenance of the minimum balance will result in penalties. The low-income group of NRIs to take note of the above changes and to maintain the required minimum balances to avoid penal charges. 4. Higher charges of ATM withdrawals Effective from May 1, 2025, banks may charge Rs 23- per ATM withdrawal made on other bank ATMs in excess of the monthly prescribed limit of three instances in metro centres and five instances on non-metro centres. The NRIs and their family members may encourage the use of internet banking and UPI services in lieu of cash transactions. 5. Re-confirmation for cheques above Rs 50,000 If you are issuing cheques worth above Rs 50,000 - the details of such cheques are to be informed to your bank through email communication. This reconfirmation system is called the Positive Pay System (PPS) and was introduced to prevent fraud. Therefore, the NRIs are advised to use maximum digital transactions like NEFT/UPI payments to avoid inconveniences in this regard. 6. Higher limit of Liberalized Remittance Scheme (LRS) The Tax Collected at Source (TCS) limit for foreign remittances from India has been revised from Rs 7 lakhs to Rs 10 lakhs. No tax for taxes for remittance towards education purposes, if the loan is availed from approved institutions. This change is effective from the April 1, 2025. 7. Updating of Know Your Customer (KYC) records This is compulsory for Mutual Fund investments. Nominee re-verification is also made mandatory. Those who have not linked their Aadhaar with PAN will not receive dividend income, and also this will not get reflected in your tax statement viz 26AS. 8. Credit cards Most of the NRIs have credit cards issued by Indian Banks. Major Banks have decided to reduce the complimentary benefits available to the cardholders. Now onwards, there will not be any loyalty points on certain payments using the credit card or a cut in the existing reward points. The above list is not exhaustive. The changes made in the Indian financial system are affecting the financial and non-financial areas of Indians living abroad. Lack of understanding or awareness of the changes brought in, may lead to unpleasant situations on a future date. Please remember the phrase 'ignorance of rule is not an excuse'.
Yahoo
27-01-2025
- Health
- Yahoo
WWII veteran turns 100, reveals the secrets of a long, healthy life
A man who served in World War II as an airman recently turned 100 years old — and celebrated in style with two different birthday parties. He also said the smartphone has been one of the most significant inventions in his lifetime — plus shared his tips for living a long and healthy life. John Fife, who lives in Clevedon, in North Somerset in the U.K., turned 100 on Dec. 26, 2024, news agency SWNS reported. Eating This Breakfast Food Could Help You Live Longer, Study Suggests He celebrated first with family and friends at a hotel — and second with friends and neighbors in the lounge at Coleridge Court, a McCarthy Stone Retiring Living development, as SWNS noted. He said, "I feel very fortunate that I still enjoy good health and am able to get out and about." Read On The Fox News App Born and educated in Edinburgh, Fife said he was called up for national service with the Royal Air Force in 1943. He trained as a wireless operator and air gunner in the RAF, SWNS said. He then served with Coastal Command Air/Sea Rescue until he was demobilized in 1946. To Live Longer, Do These 5 Things Every Day, Says A Brain Health Expert After leaving the military, Fife got married and started a career in the civil service with the Post Office Savings Bank in two different locations. He, his wife and their two sons moved to Glasgow in 1966 where, following the separation of the Savings Bank from the Post Office, he worked on setting up a new headquarters for the Savings Bank, known today in the U.K. as National Savings & Investments, the same source noted. During this time, he received special recognition for his services. "In 1970, I was presented to Queen Elizabeth II on her visit to the headquarters of the new Department," Fife said, as SNWS reported. He retired from the Civil Service in 1984 and moved to Clevedon to be nearer his sons. Click Here To Sign Up For Our Health Newsletter So how does he keep active even today? "I start each day with a fixed goal, such as a long walk or going to church, and I love completing jigsaws," he said, as SWNS reported. For more Health articles, visit He said he's also "made new friends and started new activities since moving to Coleridge Court in 2022." When asked for his secrets of living a long life, Fife was quite clear. "Make a decision to do things and carry them out and do what you can to help the less fortunate," he said. He said medical advances throughout his years on Earth have been extraordinary — and also named the smartphone as probably the most significant development he's witnessed in his 100 article source: WWII veteran turns 100, reveals the secrets of a long, healthy life
Fox News
27-01-2025
- Lifestyle
- Fox News
WWII veteran turns 100, reveals the secrets of a long, healthy life
A man who served in World War II as an airman recently turned 100 years old — and celebrated in style with two different birthday parties. He also said the smartphone has been one of the most significant inventions in his lifetime — plus shared his tips for living a long and healthy life. John Fife, who lives in Clevedon, in North Somerset in the U.K., turned 100 on Dec. 26, 2024, news agency SWNS reported. He celebrated first with family and friends at a hotel — and second with friends and neighbors in the lounge at Coleridge Court, a McCarthy Stone Retiring Living development, as SWNS noted. He said, "I feel very fortunate that I still enjoy good health and am able to get out and about." Born and educated in Edinburgh, Fife said he was called up for national service with the Royal Air Force in 1943. He trained as a wireless operator and air gunner in the RAF, SWNS said. He then served with Coastal Command Air/Sea Rescue until he was demobilized in 1946. After leaving the military, Fife got married and started a career in the civil service with the Post Office Savings Bank in two different locations. He, his wife and their two sons moved to Glasgow in 1966 where, following the separation of the Savings Bank from the Post Office, he worked on setting up a new headquarters for the Savings Bank, known today in the U.K. as National Savings & Investments, the same source noted. During this time, he received special recognition for his services. "In 1970, I was presented to Queen Elizabeth II on her visit to the headquarters of the new Department," Fife said, as SNWS reported. He retired from the Civil Service in 1984 and moved to Clevedon to be nearer his sons. So how does he keep active even today? "I start each day with a fixed goal, such as a long walk or going to church, and I love completing jigsaws," he said, as SWNS reported. He said he's also "made new friends and started new activities since moving to Coleridge Court in 2022." When asked for his secrets of living a long life, Fife was quite clear. "Make a decision to do things and carry them out and do what you can to help the less fortunate," he said. He said medical advances throughout his years on Earth have been extraordinary — and also named the smartphone as probably the most significant development he's witnessed in his 100 years.
