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Today’s News Roundup

Posted on December 6, 2010
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Today’s Overseas Career News Roundup

by Xavier Augustin, Founder & CEO, Y-Axis

EDUCATION

FRANCE

With the visit of French President, Sarkozy and his wife, Bruni now to India, the business with France is expected to receive a boost including Indian students going to study in France. Over 3000 students currently study in France. Since the state funds education there, it is very inexpensive to get a degree in France.

 

AUSTRALIA

Australian universities will face a downturn in international student admissions due a number of reasons including strict student visa requirement especially where bank deposits are to be shown for the entire period of study instead of just the first year and the ecent hate crimes against Indians in Melbourne. Revenues from international students is big for Australia and is the third largest source of export income worth at $17 billion.

 

UK

UK student demonstration continued as they protest against paying the higher actual fees they are supposed to pay.Under the propsal, tuition fees now capped at £3290 or $5150 a year would be allowed to rise to as high as £9,000. It is high time the kids woke up to global realities and got expect to be subsidized from fees being paid by international students.

 

MONEY MATTERS

 

Remittances

India continued to be the largest recipient of remittances in 2010 with the figure rising from $49.6 billion in 2009 to $55 billion. It is also the country with second largest number of emigrants after Mexico, according to the World Bank’s just released Migration and Remittances Fact Book 2011.

 

The Types of Bank Accounts for Non-Resident Indians Basics:

There are 3 types of Accounts namely:

1. Non-Resident External (NRE) Accounts: This can be a Savings or Fixed Deposit.

Source of Funds: The account can be funded with foreign currency, inward remittance or from NRE/FCNR accounts helds with any bank in India.

Currency: Indian Rupees only

Repatriability: The principal and interest earned are fully repatriable (i.e.the funds can be freely transferred overseas)

Taxation: The interest earned is fully exempt from income tax in India.

 

2.Non-Resident  (NRO) Account: This can be a Savings or Fixed Deposit.

Source of Funds: The account can be funded with income from Indian and abroad.

Currency: Indian Rupees only

Repatriability: Upto USD$ 1 million is repatriable for bonafide purposes. (i.e.the funds can be freely transferred overseas)

Taxation: The interest earned attracts tax deduction at source (TDS)

 

3.Foreign Currency Non-Resident (FCNR) Account: Unlike NRE and NRO account, this must be a Fixed Deposit only.

Source of Funds: The account can be funded with foreign currency, inward remittance or from NRE/FCNR accounts helds with any bank in India.

Currency: Foreign Currencies: USD, GBP,CAD, AUD and Yen.

Repatriability: The principal and interest earned are fully repatriable

Taxation: The interest earned is fully exempt from income tax in India.

 More information at www.icicibank.com/nri

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