Bank in Kodaikanal refuses NRI?s deposit on ?security concern?

Madurai: In a shocking incident, the branch manager of a nationalised bank in Kodaikanal gave a written statement to a Non-Resident Indian (NRI) that he could not accept a cash deposit of Rs. 1.5 lakh owing to ?security concerns?.


Check out Garamchai.com?s FAQ on the topic: Indian Government?s decision to do away with 500, 1000 RUPEE NOTES! Impact on NRIs from Garamchai.Com

Also refer to earlier blogs on the topic:


The NRI, Albert Fernando, has an account with the bank in Tallakulam branch in Madurai. ?I have been doing construction work in Kodaikanal with the money I withdrew from Tallakulam branch in Madurai. However, Rs. 1.5 lakh remained with me when demonetisation of Rs. 500 and Rs. 1,000 notes was announced,? Mr. Albert said.

In an unexpected development, his friend in Chennai fell sick and he had to rush there to attend to him. However, since the money in hand was in the denomination of Rs. 1,000 and Rs. 500, he wanted to deposit it in Vadakaunchi branch of the bank in Kodaikanal.

When he handed over the pay-in slip along with the cash on November 16, the cashier asked Mr. Albert to meet the Manager.

The Manager told him that he could not repay the huge money in smaller denominations immediately, though Mr. Albert clarified that he only wanted to deposit the money.

?I had to travel a lot and did not have time to go back to Madurai to deposit it at Tallakulam branch. I also had apprehension about its safety in carrying it along with me,? he said.

?The bank officials asked for my PAN card which I produced. After a brief chat with the cashier, the Manager said that there was a burglary in the branch a few months back and refused to take the money citing safety concern,? Mr. Albert said.

However, when Mr. Albert insisted on a proper reply, the Manager gave that in writing on the pay-in slip.

Mr. Fernando said that the Manager was only shirking the responsibility of accepting the remittance of Rs. 1.5 lakh, when the Union Government had allowed deposits up to Rs. 2.5 lakh account holders? accounts.

?If the bank had such a serious compromise on its safety, how are other deposits kept in the branch?? he asked. He lodged a complaint with the bank officials in Madurai.

Article from The Hindu

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Hyderabad man saves NRI land, asks him to adopt village

A Good Samaritan in the city has got an NRI tycoon Deepak Kant Vyas, founder of Redberri Global Corp., St. Louis, to adopt a village near Bibinagar in Yadadri district.


You may also be interested in GaramChai Real Estate section ? and Return to India Musings: when a home becomes a golden egg


When the Samaritan noticed that someone was grabbing a 24-acre land belonging to Mr Vyas, he Googled the tycoon and mailed him an alert. The gang had created fake documents and was trying to dispose of the land.
Mr Vyas, who had never returned to his native village in Bibinagar, met minister K.T. Rama Rao when he was in Chicago, and complained to him. On the minister?s directions, revenue and Cyberabad police officials arrested 10 members of the gang. Mr Vyas offered a reward to the Samaritan but he refused the money and asked him to provide health and education facilities by adopting the village. In October, Mr Vyas met Mr Rama Rao in Chicago and submitted a memorandum. Following this, the minister directed revenue and police department to launch a search operation in Bibinagar. Special teams were formed by Rachakonda Commissionerate.

Realtors faked NRI land papers
Police commissioner Mahesh M. Bhagwath said, ?The plan was to encroach on the land to the extent of 24 acres, it involved forgery, fabrication of revenue records, creation of fake Aadhaar card by nearly 21 persons in Survey No. 567,569,583 of Raghavapuram (v) Bibinagar (m) Yadadri district.?

He said Mr Vyas had not seen the land for 15 years. ?Noticing this situation, one Korni Mahesh, a real estate businessman, and 20 others created fake documents, passbooks, and even rubber stamps with the designation of the mandal revenue officer and the revenue divisional officer,? Mr Bhagwath said.

?The role of the sub-registrar will be ascertained after a thorough verification of the records. The police on December 15 arrested 15 members of the gang and six are absconding,? he said.

After the operation ended, Mr Vyas thanked the city resident and offered to help him. The Samaritan turned the offer down and instead urged him to adopt Bibinagar to strengthen its health and educational facilities. The NRI is in talks about the adoption.

Minister K.T. Rama Rao said, ?Public is requested to go for registration of any particular piece of land or plot or a house with proper documents containing link documents, government fee receipts, encumbrance certificate and the original certificate of the revenue department. Without proper link documents public should not go for registration of any property.?

Repost from Deccan Chronicle

NRIs have advantage in luxury property market in India

SINGAPORE: NRIs have an advantage in luxury property market in India post-demonetisation as real estate developers in major cities of the country have “significantly” dropped property rates, according to Singapore-based business analysts.

Image result for house dollars

Image: Google Images

“Given the recent demonetisation move, property rates have significantly dropped across various cities in India,” said Abhijit Ghosh, India Desk leader at PricewaterhouseCoopers (PwC) Singapore, an international financial consultancy.

“Specifically, the luxury condominium range of property apartments has been badly hit given that one of the objectives of the current demonetisation move is to discourage all significant cash transactions,” said Gaurav Tijoriwalla, Manager, PwC Singapore

There has always been a trend for NRIs to invest in Indian luxury condominium apartments in the metropolitan cities of India, particularly such as Mumbai, Delhi, Bangalore and Chennai.

Industry observers said Chennai-based developers are cutting prices by up to Rs 20 lakhs on slow-moving projects.

“Experts believe that we can soon expect a 10 per cent-25 per cent discount in the luxury segment of residential condominiums and also in the upmarket areas such as Nungambakkam, RA Puram and MRC Nagar in Chennai,” Ghosh said.

They have also forecasted Delhi property prices to offer 25 per cent to 30 per cent discounts and Bangalore to offer 30 per cent to 40 per cent discounts.

NRI sources expects luxury property prices to drop by 25 per cent to 30 per cent.

Property transactions have plunged significantly in the last month post announcement of the demonetisation programme on November 8.

Bangalore property registrations have dropped to about 200 per day, compared to approximately 1,800 properties before demonetisation took effect, the experts said.

Mumbai is expected to see a 50 per cent to 70 per cent slow down or may even go to a no transaction period. India’s property enquiry portals, as observed by experts, have seen a significant dip, about 400 people per day asking from erstwhile number of 1500-1,700.

But it seems that the overall market sentiment at this juncture is to wait and watch and make the right move at the right time, they said.

There is no denying that the NRI community will be taking advantage of the situation and explore to invest in luxury condominium residential apartments in India, Ghosh said.

Read more at: Economic Times

Press Release: Proposal for participation in Glorious India- Mega Trade Expo at New Jersey, USA on 27-28 May, 2017

Press Release:


We have the pleasure to inform you that the first ever business-cum-cultural exposition, Glorious India will be organized at a strategically located New Jersey Convention & Exposition Center, Edison, USA on 27-28 May 2017.

Glorious India aims to contribute towards promoting Indo-US bilateral trade by bringing the business fraternity of India and the US together. Considering India?s emerging role as the leading world economy, Glorious India is designed with an overarching theme of Grow with India. The highlights of the Mega Expo are:

  • Largest 2- day business-cum-cultural exposition of India in the US
  • Five exclusive Sector-based pavilions
  • Pride of India, an exclusive pavilion representing Government organizations
  • 25,000+ visitors expected at the venue
  • B2B Show with Pre-registrations

The event is envisioned to enable the participation of over 500 companies from India, representing a wide spectrum of sectors. Particularly, Glorious India offers a definitive opportunity for business promotion and growth of Indian Trade in view of the specific propositions as follows:

  • Congregation of more than 100 CXOs under one roof
  • B2B Meetings with US-based trade community
  • Networking opportunities with US-based Businesspersons and? Policy makers
  • Business Seminars deliberating upon Indian markets and economy
  • Display and Information about Products, Services & Policies
  • B2C Meetings with the Individual Visitors
  • Business Alliances & Partnership opportunities

We request you to please visit gloriousindia.com for detailed information.

In view of the above, we are pleased to propose a special arrangement with your organization wherein we will promote your portal through prominent logo display on Glorious India website and other marketing collaterals including venue branding, and in return your portal will display Glorious India logo on its home page with a link to Glorious India website and endeavor to promote the event to all its clients and members.?? Details about the arrangement cab be discussed and finalized through further deliberations upon the proposal.

?Meanwhile we will be happy to discuss the proposal and address your queries, if there are any in regards to the your association ?in the event.

Contact: Diptej Patel (Director). Mob:9687493614

Online Session: Join the Conversation on Joy! (Press Release)

We invite you to join the conversation on joy! Sadhguru?s new book, Inner Engineering: A Yogi?s Guide to Joy is an invitation to go beyond words and practice tools that empower you to live a joyful life. This holiday season let?s summon in the New Year by spreading the fire of joy to ignite everybody?s hearts.

 

When: Sunday, December 11th from 11:00 am EST – 1:00 pm EST
You can join the conversation with a special #tag in twitter about Joy.?Share your joy story, experiences, quotes, YouTube videos, or pictures with the?special #tag which will be sent to you on Sunday morning.

Spread the joy with #tag so millions of people are aware of the Sadhguru?s tools for well-being. It is like a ?group clap? where we all do something at the same time and the message of joy can spread like a wave.

We can make the wave only all of us join the conversation in twitter with?special #tag,?please tweet at least once or twice on Sunday (11:00 am – 1:00 pm EST)?about Sadhguru, the book, or your own experience. ?On Sunday morning, we will be sending the special hashtag which has to be used to join the conversation.

With just one tweet you can join the movement to spread joy!

Warm Regards,
Isha Volunteers

What should the Indians abroad in possession of ?500 and ?1000 notes do if they are not returning till 31 Mar 2017?

Question being asked by a lot of NRIs abroad: I am an Indian living abroad having a ?500 note and some friends of mine have some ?500 and ?1000 notes with them. What should we do with these notes if we do not plan to visit India within the specified time for exchanging the notes?


Check out Garamchai.com’s FAQ on the topic: Indian Government’s decision to do away with 500, 1000 RUPEE NOTES! Impact on NRIs from Garamchai.Com

Also refer to earlier blogs on the topic:


First things first. What will NOT work

  • Panicking about this is not going to help. Unless you have stashed away hundreds of thousands of rupees in 500 and 1000 rupee notes in your bedroom or bank locker overseas, there is no reason to panic.
  • If you had a lot – hundreds of thousands – of currency notes with you while traveling overseas, ask yourself:Has the money had already been taxed in India? If yes, just hold on to the currency till your next trip back to India and follow RBI guidelines (check out Indian Governemtn statement )On the other hand, If the money had not been taxed, or it was a “cash payment” you received, ask yourself if you should just count your losses and walk http://away.As per RBI regulations, Foreigners and Indians are not legallyallowed to carry any Indian notes with them.Although the rule, which is part of Foreign Exchange Management Act (FEMA), has been in place for quite sometime now, it is only now that the central bank is trying to enforce it.If you walk into an Indian Embassy or Consulate overseas with a suitcase full of 500 or 1000 rupee notes, you could be in trouble!
  • Branches of “Indian” banks like State Bank of India, ICICI and other banks in the US and Canada operate as local banks. They are not authorized to operate your “Indian” NRI or NRO accounts. Therefore, they will not take your 500 or 1000 rupee notes for deposit.
  • Currency exchange ( money-exchange ) outlets in foreign countries may NOT accept the old 500 or 1000 rupee notes. There are already accounts in media that commercial money exchange outlets overseas have reportedly refused to accept the old 500 and 1000 notes.

Here are a few facts and practical tips for NRIs, left with “some” Indian currency in hand:

  1. Carry the cash with you to India: According to a press release by India’s Ministry of Finance, individuals can exchange the old notes till December 30, 2016.
  2. If you have some money left back in India, you could authorize another person in India to deposit the notes: According to RBI guidelines, if you have old banknotes in India, others may be authorized to deposit the notes into your Non-Resident Ordinary (NRO) or Non-Resident External (NRE) bank account. The authorized person should go to the bank branch with the old banknotes and authorization letter from you. He or she should also carry a valid Indian identity proof
  3. Send the rupees back to India with someone you trust. If the person is traveling before end of 2016, he or she can deposit it into your account (similar to step 2)

NRI attends own wedding in India on webcam

No leave at work for NRI, attends own wedding in India on webcam

Image source ABP news. Kerala man attends his marriage online from Saudi Arabia after he failed to get leave

Given the growing pressure and competition in this day and age, it is difficult to get a leave at work. But so much so that you have to attend your own wedding on webcam redefines crazy.

Reportedly, Harris, a man from Kollam in Kerala, is working in Saudi Arabia. Unfortunately, due to work related commitments, Harris wasn?t able to come to India.

So, instead of doing what generally people would do in such a scenario (postpone or cancel the wedding), Harris chose to marry on a video call.

According to reports, Harris?s sister played the role of the groom. She stood for her brother along with the bride in all ceremonies and even tied the traditional thread on the bride?s neck.

Reportedly, Harris chose to attend the wedding on video because his friends and family were already present at the function.

Though there are a lot of witnesses to the bizarre wedding, it?s validity remains a debatable topic.

Also in the news:

  • Kerala man in Saudi doesn’t get leave at work, attends own wedding on webcam – Deccan Chronicle
  • Saudi Arabia Prevents This Indian Man from Leaving for Marriage ?- Alalam news