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Enforcement Directorate questions the lack of action by West Bengal and Odisha regarding NRI quota admission forgeries, as revealed by the MEA.

ED Questions Inaction on NRI Quota Fraud

ED highlights inaction in West Bengal and Odisha on NRI quota admission frauds, pointing to MEA's evidence of forgeries. Colleges allegedly used fake documents to admit ineligible candidates, with significant assets already attached.

ED Probes NRI Quota Scam in Medical Colleges

ED criticizes West Bengal and Odisha for not acting against medical admission scam under NRI quota using forged documents.

The Enforcement Directorate Monday said authorities in West Bengal and Odisha did not take any action against admission of ineligible candidates in certain private medical colleges under the NRI quota despite the MEA providing "categorical" information of "forgery".
The federal probe agency said it has seized "incriminating" evidence during searches in this case in the past.
A fixed deposit worth Rs 6.42 crore of a private college in West Bengal has been provisionally attached, the ED said. It had earlier attached assets worth Rs 12.33 crore of some colleges and individuals involved in these alleged irregularities.
Probe has found that the managements of certain private colleges -- offering MBBS, MD and MS courses -- in these states colluded with agents to create "fake" papers for candidates, such as embassy documents of NRIs and family tree, the ED said.
"These private medical colleges were paying agents to prepare fake documents. The agents approached and obtained credentials of unrelated NRIs by paying money and used these to prepare fake documents and projected these NRIs as sponsors for students." "In some cases, the agents and medical colleges used the same set of NRI sponsor documents for two to three different and unrelated candidates," the agency said.
It claimed that this has been done to show compliance with guidelines laid down by the Supreme Court in this matter. The ED said "huge commissions" were being paid for this illegal act.
"Despite categorical information of forgery in cases of certain NRI sponsors provided by the Ministry of External Affairs, no action has been taken by concerned state authorities," the probe agency said.
Various Indian consulates/embassies in foreign countries have informed that NRI certificates of sponsor in many cases, which were used to secure admissions in these private medical colleges under the NRI quota, are "not genuine", it added.

NRIs often face challenges such as double taxation and the need to account for foreign income and special account implications

73% of NRIs plan to file ITR by July, SBNRI survey finds

NRIs often face challenges such as double taxation and the need to account for foreign income and special account implications

A recent survey by SBNRI, an NRI-focused fintech platform, reveals that over 73% of NRIs plan to file their Income Tax Returns or ITR by July for the financial year 2023-24. The survey also found that 19% of NRIs have already filed their returns, while 8% do not intend to file. Also read/watch - <a title="Over 97% of Rs 2,000 notes returned to banking system: RBI" href="https://www.editorji.com/business-news/economy/over-97-of-rs-2-000-notes-returned-to-banking-system-rbi-1719829331411">Over 97% of Rs 2,000 notes returned to banking system: RBI</a> SBNRI aims to simplify financial processes for NRIs, including ITR filing, by offering tailored financial services and expert guidance. This assistance helps NRIs navigate complex tax regulations and ensure efficient compliance with their financial obligations. Filing ITR is crucial for financial compliance, requiring the declaration of income earned, taxes paid, and any refunds due.
NRIs often face challenges such as double taxation and the need to account for foreign income and special account implications

60% of NRIs in Australia, Canada, USA, UK, Singapore plan to retire in India, citing financial benefits and stable investment opportunities

Attractions of retirement in India: What draws NRIs back home

60% of NRIs in Australia, Canada, USA, UK, Singapore plan to retire in India, citing financial benefits and stable investment opportunities

The Indian economy has shown remarkable resilience in the wake of the global pandemic, and this has caught the attention of Non-Resident Indians (NRIs) living in countries like Australia, Canada, the USA, Singapore, and the UK. A recent survey conducted by SBNRI, an NRI-focused fintech platform, has revealed that a significant portion of NRIs from these nations are contemplating settling down in India after retirement.
The allure of India for NRIs lies in the financial benefits it offers. NRIs can earn in foreign currencies and easily convert their income to invest and save in India. According to the survey, a staggering 60% of NRIs from the aforementioned countries are considering returning to India as part of their retirement plans. The survey was conducted among 100 NRIs.
Interestingly, NRIs seem to be planning their retirement well in advance, with 80% of those based in Australia and Singapore, 70% from the UK, 75% from the USA, and 63% of Canadian NRIs considering India as their retirement destination.
India's emergence as a global start-up hub, coupled with its strong manufacturing capabilities and advancements in financial services and technology, has contributed to its appeal. A remarkable 72% of NRIs believe that India offers a stable investment avenue, further influencing their decision to return to their homeland post-retirement.
Mudit Vijayvergiya of SBNRI commented on India's growing economic prospects, stating, "India is making a strong rebound with digitized and stable economic activities emerging in the market. This makes India hold a promising future for investors."
Factors such as the cost of living, cultural familiarity, family and social connections, healthcare facilities, and investment opportunities have also played a role in NRIs' decisions to consider India for their golden years. The survey reveals that 37% of Canadian NRIs, 33% of NRIs in Australia, and 23% in the UK and the USA are confident about spending their retirement in their home country.
Financial assets are a crucial component of NRIs' long-term financial goals. The survey shows that 56% of US-based NRIs and 44% of Canadian NRIs have started investing in India to support their retirement plans. Additionally, 35% of NRIs from the UK and 45% from Singapore are also making financial preparations and investments for the same purpose.

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