What’s the NRI Protection Bill, pushed by Indians abroad, to secure their assets in India?
The Indian Police caught five people involved in a terrible case of forgery against NRIs in 2023. All five, including a lawyer, collaborated to forge documents related to an NRI’s land valued at Rs 40 crore. NRIs and OCIs residing abroad for most of the year often become targets of crimes such as land encroachment, forgery, and unauthorised money withdrawals in India. According to the NRI Grievance Forum, led by Indian American Subhas Balappanavar in San Francisco, one in every three NRIs falls victim to organised crime. Are you returning to India as an NRI? Choose Flyopedia to secure cheap flight tickets to India from USA. Book now for seamless travel.
Indian Diaspora: A Pillar of Success
The Indian Diaspora, over 30 million, is the world’s largest and most prosperous migrant community. Their significant economic contributions extend beyond their host countries to bolster India’s foreign exchange reserves through investments, remittances, and deposits. A substantial portion of the earnings of NRIs, OCIs, and PIOs, totalling more than one-fourth, is directed towards various sectors within India, such as real estate, stocks, mutual funds, and bonds.
While some hold ancestral properties in India and others maintain bank accounts in the country, a considerable number of NRIs prioritise booking business class tickets to India from USA for comfort and luxury when travelling back home. The total remittance inflow into India in 2023 amounted to $125 billion, surpassing the net worth of India’s wealthiest billionaire, Mukesh Ambani. Notably, India ranks as the largest recipient of foreign remittances globally. However, a prevalent concern among the overseas Indian community with active financial ties to their homeland is their vulnerability to fraudulent activities and deceitful practices.
Vulnerability to Fraud
Non-residents are a common target for scammers who engage in criminal acts ranging from property invasion to signature forging and unlawful bank withdrawals. Obtaining legal justice is difficult for NRI victims. They are sometimes hampered by jurisdictional difficulties, a lack of sufficient information and assistance, and lengthy legal proceedings that often necessitate NRIs’ actual presence for substantial documentation, court appearances, and other requirements.
The NRI Protection Bill
The dire condition of NRIs losing their hard-earned money to swindlers spurred the NRI Grievance Forum to lobby for the ‘NRI Protection Bill’ at every Indian embassy and consulate, marking one of NRIs’ major global campaigns. Subhas Balappanavar and his colleagues went to all six consulates in the United States, appealing to them to protect NRI interests and properties in India. They had already written their concerns to the Prime Minister of India and delivered the memorandum to Indian consulates in East Asia, Australia, the Middle East, Europe, and Canada. Meanwhile, consider Flyopedia.ca when booking flight tickets to India from Canada.
Key Proposals of the NRI Protection Bill
The Forum wants the Indian government to pass the NRI Investment Protection Bill and set up a centralised NRI Investigation Agency to handle NRI complaints, digitise paperwork processes, and give quick resolutions. It additionally suggests legal safeguards for property disputes, online filing of FIRs, digital inquiry and documentation processes, a stipulated 90-day window for resolution, issuance of non-bailable warrants for the accused, nullification of counter FIRs against Non-Resident Indians (NRIs), and accountability measures for officials implicated in wrongful arrests of NRIs.
Ensuring Participation in India’s Growth
The NRI Protection Bill also calls for a consistent tax structure for NRIs in India, including TDS. Additional legislative recommendations include quick investment repatriation and an online voting platform. Subhas Balappanavar emphasises that ensuring NRIs’ safety and legal security can go a long way toward promoting their engagement in the country’s development. Finally, if you are in a hurry and looking for affordable deals then you can check out last minute flight tickets to India only on Flyopedia.
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