NRIs benefit Rupee devaluation !

June 18, 2008

NRIs are always happy if they send more money to India – to their kith and kin. Infact, it is this rejoice that they have been striving for. When they get more of Indian Rupee on conversion with their hard earned American Dollar or other currencies, their happiness is doubled not only for them but also for their beneficiaries in India. Yes, in May 2008 alone, remittances have increased by 40%. Every month NRIs working in Gulf region used to send remittances worth INR 12,000 crore but in the past 2 to 3 weeks due to rupee devaluation, the figure has increased by 40% amounting to INR 16,500 crore out of which Saudi Arabia stands first with 40% share, followed by UAE with 30%.

The 57lakh Non-resident Indian workforce has remitted in 2007 an amount of INR 1,16,000 crore to India. As per the bulletin of The World Bank, India stands First among the countries receiving remittances from their Non-Residents and the major share of such receipts is from the Gulf region.

Kudos to NRIs for making us proud and richer !

“You care India, We care You”-BESTNRI : http://www.bestnri.co.in

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FAKE DOCUMENTS-BUYERS’ BEWARE

May 18, 2008

In continuation of our earlier writings on the above subject, yet another culprit has been arrested by the Chennai City Crime Branch. In Chennai, Korukkupettai, the culprit had made an agreement to buy a big piece of land for Rs.30 lakhs 3 years ago. On getting the copies of the documents, fake documents have been prepared by the culprit.

Subsequently, with the fake documents, purported as original, the big piece of land was bifurcated and sold for Rs.26 lakhs to an individual and Rs.44 lakhs to a religious trust earmarked for construction of a church. On scrutiny with the Sub-Registrar by the Purchasers the scandal had come to light and consequently the culprit was brought to books and is now behind bars. Whatever said and done, the purchasers have lost not only hard earned money but also mental peace and faith in land deals.

As reiterated in our column that adequate precautions need to be taken before purchasing property and enough time to analyse the documents by atleast 2 legal advisors and also with the required authorities ,we request our brothren NRIs to be careful about the touts and invest prudently seeking professional help from organization like us.

Visit us www.bestnri.co.in or email: info@bestnri.co.in

An NRI helped CLINTONS @ time of need !

May 16, 2008

It is indeed true and proud that the Former President of USA, Mr.Bill Clinton and now the Presidential Nominee Mrs.Hillary Clinton was helped by an Non-Resident Indian, Mr.Vinod Gupta at a very crucial stage in their lives.

This had come to light on the insistence of the other nominee, Mr.Barack Obama to openly declare the Assets. Clintons have declared the asset details amounting to INR 436 crore. On further investigation on the asset accounting, an interesting feature came to light to the disbelief and lifting-eyebrow of many.

One Mr.Vinod Gupta of Uttarpradesh, India who owns ‘Info USA’ an IT company has offered Rs.14 crore to Clintons at time of need in 2000. Since then Clintons were able to generate the assets through seminars, writing autobiographies and investments.

So, again, an NRI has made us proud !
(Courtesy:’Dinamalar’-April 10th,2008)

An interesting Vietnam NRI – A feather to our cap

April 29, 2008

The Government of Vietnam last year has published a list of 500 people christened “Friends of Vietnam”. In the above big list, only 3 Indians were given a place. Two of them are our First Prime Minister of India, Pandit Jawaharlal Nehru and Past Prime Minister and daughter of Mr.Nehru, Mrs.Indira Gandhi. We are proud of them and their inclusion does not surprise us.

Not many know about the THIRD Indian included in the above prestigious List. He is MR.SANTHANU SRIVATSAV. He has been included in the list for strengthening the Indo-Vietnam Commerce. In an interview in Mumbai on a visit to India, he narrates as under the journey so far:

“Then my age was about 20 years. In 1982, the memories are still evergreen. Having finished Mechinal Engineering in IIT, I was deputed to work in the Indian Consulate, Vietnam for 6 months. That was my first trip abroad and one could imagine the anxiety, enthusiasm of youth. On landing in Hanoi Airport, I was perplexed that none from the embassy came to receive me. No taxis too. The whole airport was almost empty. Airport is getting closed for the day. At that time, a Vietnamese was kind enough to intervene and helped me to reach the embassy. He had worked in Embassy-Vietnam in Delhi, it seems. There was no electricity in the office and I had to manage only with Candles. I had stayed in the embassy itself. Life was very tough to go by and the message of extension of my term to 6 years was a bolt from the blue. But I was determined to convert it as a blessing in disguise. Eventhough Vietnam was torn by war, the people are courageous, hardworking and patriotic. During that time, my salary was very less and I use to manage with only noodles as food and stayed in a small hotel.

In that critical situation, I got an association of a Singapore based businessman with whom I started a partnership business venture. I had resigned my job and our family was reluctant to take up business as our clan are educationalists. Ours was the first Non-resident organization and now many things have changed in these 25 years for the good. Many Indian companies have set foot in Vietnam but no Vietnamese company in India.

Hence, I have now planned to open branches in India. THANK YOU VIETNAM for honouring me”

Fittingly, Government of India has honored Mr.Santhanu Srivatsav with the Best NRI Award for 2007. His company’s turnover is about INR 4000 crores.

We salute Mr.Santhanu Srivatsav for keeping our Indian Flag high in Vietnam skies !!! Hats off to you, Sir !!

(Courtesy:”Dhinamalar” 13/12/2007)

Wishes from BESTNRI team !

http://www.bestnri.co.in

FAKE DOCUMENTS-BUYERS’ BEWARE !

March 9, 2008

In continuation of our earlier writings on the above subject, yet another culprit has been arrested by the Chennai City Crime Branch. In Chennai, Korukkupettai, the culprit had made an agreement to buy a big piece of land for Rs.30 lakhs 3 years ago. On getting the copies of the documents, fake documents have been prepared by the culprit.

Subsequently, with the fake documents,purported as original, the big piece of land was bifurcated and sold for Rs.26 lakhs to an individual and Rs.44 lakhs to a religious trust earmarked for construction of a church. On scrutiny with the Sub-Registrar by the Purchasers the scandal had come to light and consequently the culprit was brought to books and is now behind bars. Whatever said and done, the purchasers have lost not only hard earned money but also mental peace and faith in land deals.

As reiterated in our column that adequate precautions need to be taken before purchasing property and enough time to analyse the documents by atleast 2 legal advisors and also with the required authorities ,we request our brothren NRIs to be careful about the touts and invest prudently seeking professional help from organization like us.

(Courtesy:’Dinamalar’, a leading tamil daily, dt.28.2.2008)

HOUSEMAIDS – Now a costly affair in Dubai

March 4, 2008

The Indian Embassies in UAE held a series of meetings to look into the plights of Indian employees in UAE especially those who are employed as domestic servants, care takers, baby sitters and other unorganized labor.

The Government of India is deeply concerned about the welfare of Indians employed in the Middle East. Lot of complaints like overwork, lesser pay etc.have prompted the government to stipulate minimum wage requirements in order to protect the workforce abroad.

As per the discussions, It is now decided to increase the minimum wages for Domestic Servants Females(Housemaids) from existing INR 7,500/- to INR 12,100/-. So from now on employing housemaids has become a costly affair as the employer has to shell out near about 1000 dirham. Also, it is stated that the employer’s minimum salary must be INR 1,10,000/- per month. These stipulations are for employment in Dubai as per Ministry’s communication.

Courtesy: “Dinamalar” dt.22.2.2008

NB: Read our article “WOMEN SEEKING EMPLOYMENT ABROAD-A Welcome move” in earlier section. For NRI services communicate your requirements to info@bestnri.co.in or visit us at www.bestnri.co.in

LAND GRABBING – A BIG MENACE in Chennai Suburbs — PART 1

February 24, 2008

The Central Crime Branch (CCB), a wing of the Chennai Police, had recovered 296.50 acres of grabbed land valued at Rs.269 crore from persons who had allegedly taken possession by using force or other means is a proof of the growing menace. The factual statistics is that of between July 2006 and June 2007. Much more complaints are being registered by the police department.

Normally, land grabbing is done by anti-socials who come to know that the real owners are away or settled abroad for a long time and nobody to take care of the property. They first indulge in encroachment to see whether any objections or checking is done by the property owners and if found comfortable settle themselves and subsequently sell at hefty prices by posing themselves as owners.
Another way of grabbing is done by the local indecent brokers. When a genuine owner wants to sell the property, a copy of the document given to the broker is misused and a breach of trust is committed. With the connivance of few insiders in the sub-registrar office they forge the document and the sale deed got registered.

There are instances where a tenant created specific power of attorney and executed the sale deed on the house where he lived for years as though he was the real owner. Another instance being a gang created a fake death certificate and based on that a fake legal heir certificate is issued which was used to fabricate the ancestral property and was sold without the knowledge of real owners. Even the legal advisors are unaware as they go only by the papers which are sequentially done.

We, the land owners, are also to be blamed for allowing such transactions due to our negligence. It is not worth owning properties without constant monitoring. At the same time, many NRIs are helpless in this aspect as they have to depend on their relatives or friends for constant watch of their properties. Practically, it is difficult for the fact that the relatives envy or eye the same for them. With friends, it may be an embarrassment for both the parties.

Here we are, to combat this menace in a very transparent, genuine and safety way, to take care of your property with vigilance and uptodate reporting to heave a sigh of relief.

Visit us: www.bestnri.co.in or email us : info@bestnri.co.in

WOMEN SEEKING EMPLOYMENT ABROAD-A Welcome move

September 22, 2007

It is not only the males seeking greener pastures for employment abroad, the female counterparts are equally keen in getting employment for better livelihood and earn a living for their kith and kin in India.

Females, in particular domestic servants, are being exploited by  the Indian fraternity and foreign nationals.  In order to protect such women, Government of India has already issued directive that only women over 30 years of age were eligible to be employed abroad as domestic servants and no age criteria for other categories of employment.

With effect from 1st September 2007, Government of India has issued revised directives as follows:

  • Minimum age for seeking employment abroad by females is 30
  • In addition to the above, a minimum qualification of completion of Higher Secondary education for employment other than domestic servants.
  • Agreement for employment should be made between the Employer and the Female-employee and NOT  between the Agent and the Seeker.
  • Every Female-employee should be provided with a Pre-paid mobile phone card by the Employed for their access in case of any emergenices to contact the Indian Consulate.

In addition to the above,  Indian Consulates would soon introduce Help-line facility in all their stations to provide immediate access for the distranged Indians.

We, BESTNRI, arrange to send genuine domestic servants from Chennai for our NRIs.

Visit us at www.bestnri.co.in or email: info@bestnri.co.in

Property value in Chennai -A recent study

September 17, 2007

As of today, there appears to be a slow-down in real estate transaction in Tamilnadu, particularly in Chennai.  Some of the reasons being:

1.  Hot property owners wait and watch approach.

2.  Development only in selected areas.

3.  Government announcements regarding SEZ, acquisitions, Expansion of Tier 2 Cities 4.  Increase in interest rate of home loans.

5.  Rise in Guideline Value.

6.  Buyers wait for any correction.

But reasons 4& 5 are not deterrent factors for slowdown.  Some interesting features of the study are enumerated below:  Property related registrations in the Suburbs outnumber the City area suggesting the growing customer preference for outskirts and the availability of land.  Sub-Registrar offices of SRIPERUMBUDUR, TIRUVALLUR & WALLAJABAD have witnessed 100% growth in property transcaction over the two years since April 2005.  Whereas areas in Velachery, Neelankarai have not seen a phenomenal rise. However, the City has outdone the suburbs in terms of property value.

Many big land Developers Mantri, Landmark, Purvankara are eyeing Chennai especially the IT belt of Old Mahabalipuram – NH45 from Tiruvanmayur to Thiruporur-Thirukazhikundram with their Mega projects to woo the professionals of IT sector.  The Government’s initiative to improve the necessary infrastructure has added pep for the substantial growth of Greater Chennai beyond Tambaram on Southern side and Sriperumbudur on the Western side of Chennai.

It is judicious for the Non-Resident Indian investors to approach these areas for investment in order to reap the benefits of  the growth.  At the same time, NRIs have to be careful in investment as many fake transactions are also doing rounds.  To get the best, approach only reputed builders,  legal experts, genuine property consultant before putting your good money.

ALL THE VERY BEST!  For any of  your needs do approach us www.bestnri.co.in or mail us: info@bestnri.co.in

A tale of woe of an NRI

August 15, 2007

A Non-Resident Indian  from Britain had done shopping in one of the big Stores in T.nagar,Chennai.  He had purchased goods worth Rs.25000/- but was  assaulted by the personnel on a false allegation of stealing a ball worth rupees 13.50.  Now, he has filed a case against the famous store claiming Rs.1 crore as a defamation suit.

This is the plight of NRIs who are travelling to India  and wishing to spend a better time and money but ending up with such a bitter experience.

Please do visit www.bestnri.co.in for your needs!