As an overseas Indian, when you make plans to travel to India,
no need to get a visa in advance.
Now you can get it on arrival because this year’s budget
provides for visa on arrival from 150 countries out of 190-195
countries of the world.
After introducing visa on arrival from 43 countries, the
increase will be in a phased manner.
If you want a visa before arrival, the new electronic visa
has become popular; and to boost tourist arrival by four times
for December 2014.
When you travel by railways by the end of this year, you
will perhaps notice many changes: better food, cleaner
toilets, better medical and emergency services with a doctor
on every long distance train and an ambulance service in
every railway station, and above all, more welcoming railway
stations as the major ones will be privatized.
All this is promised by the new railway minister in his
The Finance Minister Arun Jaitley wants you to pay more for
your cigarettes and liquor while reducing the price of leather
shoes above Rs, 1,000, locally made mobiles and tablets.
If you need a pacemaker for your heart, it will cost less.
A new innovation will help overseas Indians to earn interest
on their gold lying in India.
Under this scheme, you can deposit your gold or ornaments
with the government and get fixed interest rate on all of it
instead of storing it in a bank locker.
Finally, new Sovereign Gold Bond was announced as an
alternative to purchasing metal gold.
The bonds will carry a fixed rate of interest, and be
redeemable in case for the face value of the gold, at the
time of redemption by the bond holder.
Moreover, the government will soon introduce gold coins
you can invest in.
These gold coins, with the Ashok Chakra, would help
reduce the demand for similar coins minted outside Indian
and also help to recycle the gold available in the country,
Overseas Indians can invest in these coins as well.
As an investor in stocks, the overseas Indians do not pay any
taxes on dividends.
The budget made mutual funds tax free as well.
Soon after the budget, the stock market rocketed to a new
high by touching 30,000 points.
After the thumping victory of Narendera Modi, the market
has been on a bull run.
After hovering between 20,000 and 22,000 since 2007, the
market jumped to 25,000 when BJP won a clear majority.
And the market went up rising until hitting the 30,000
mark on 04 March 2015 when the Reserve Bank announced a cut
in the repro rate.
Equity and mutual fund investments are thus very lucrative
investments for overseas Indians as the experts predict the
market to reach 35,000 by the end of this year.
The income tax rates have not been changed but the Wealth Tax
has been abolished.
Instead, the very rich pay an additional two per cent on
their income over ten million rupees.
Medical treatment deductions have been announced, especially
for senior citizens.
This is just one of the measures enabling India to become a
social welfare state.
A major new initiative is the creating of a pension fund
for all employees who want to join with the government
contributing an equal amount to the employee’s contribution.
Insurance cover has been extended to the poor who have
opened 136,800,000 new bank accounts by the end of February
Each of these account holders is covered for Rs, 100,000.
The hot issue of black money stashed outside India has not
The budget provides one last chance for all Indians to
declare their overseas deposits and assets, pay tax with a hefty
penalty and get away with it.
If not declared, and the taxman finds out, and then be
prepared for ten years’ hard labour in prison.