Indian entrepreneurs are dominating Dubai's retail gold market, building empires from the Gold Souk to high-end malls. Malabar Gold & Diamonds, Joyalukkas, and Kalyan Jewellers, owned by India's wealthiest, benefit from strong cultural ties and a large South Asian expatriate base.
Returning Indians may face hurdles in establishing residency. A tribunal ruling clashes with the Reserve Bank of India norms. The Foreign Exchange Management Act interpretation creates confusion. It impacts property buying and investments. The ruling insists on a 182-day stay in the previous year. This poses challenges for NRIs restarting life in India. Experts highlight potential disruptions to financial activities.
Reform UK has proposed the "Britannia Card," offering wealthy foreigners and returning Britons a 10-year residence permit with tax benefits for a £250,000 fee. This plan aims to attract wealth by reintroducing a "non-dom" status, shielding offshore income from UK tax. The revenue generated would fund tax-free bonuses for low-paid workers, but the scheme faces criticism and questions regarding enforcement.
President Marcos Jr. has signed a law allowing foreign investors to lease private land in the Philippines for up to 99 years, aiming to boost the country's competitiveness in attracting foreign direct investment. This replaces the previous limit of 50 years with a one-time 25-year extension.
Indian authorities are investigating Dubai property purchases. Some buyers face notices from the Income Tax department and summons from the Enforcement Directorate. The ED is examining potential FEMA and PMLA violations. Issues include unreported fund transfers and cryptocurrency use. Residents must explain their source of funds. Illegal routes may lead to prosecution. The Black Money Act could impose penalties.
CSB Bank, backed by Fairfax, is set to expand overseas for the first time with a representative office in Dubai. This move aims to better serve non-resident Indians and increase the bank's share of NRI deposits amidst strong competition. The RBI has approved the plan, and CSB awaits approval from the Dubai regulator.
Bank of Baroda's bob इ Pay app now offers international UPI services, enabling cross-border payments for Indian and NRI customers. Features include UPI Global Acceptance in eight countries, real-time remittances from Singapore, and UPI access for NRIs with NRE/NRO accounts. The app facilitates convenient and flexible digital transactions with a limit of Rs. 1,00,000 per transaction.
Air India has launched its 'One India' promotional sale, offering flat fares for flights from India to Europe. This initiative simplifies travel planning with affordable, all-inclusive fares across its European network. Round-trip fares start at ₹47,000 in Economy, with special fares to London available, and include one complimentary date change. The sale is valid for travel until March 31, 2026.
Indian entrepreneurs are dominating Dubai's retail gold market, building empires from the Gold Souk to high-end malls. Malabar Gold & Diamonds, Joyalukkas, and Kalyan Jewellers, owned by India's wealthiest, benefit from strong cultural ties and a large South Asian expatriate base.
