Gujarat Chamber of Commerce & Industry

Seminar on “Aspects of Taxation and Financial Planning regarding Investments by Non- Resident Gujaratis (NRGs)

Date : 24-01-2018 to 24-01-2018
Time : .
Venue : Gujarat Chamber of Commerce & Industry- A.H. Hall
In Association With : .
Description :

From left: Shri K H Patel, Hon. Chairman, GCCI NRG Committee /Centre; Shri Jigar Patel ,International Tax Attorney ; Dr. Jaimin Vasa, Sr. Vice President , GCCI; Shri Mukesh Patel  , Eminent International Taxation Expert; Shri  K .D . Asari, Director , Gujarat State Non Resident Gujarati Foundation ; Govt of Gujarat; Shri Sachin Chatruvedi  ,Investment Expert  &  Shri R. Ravindra Kumar , Secretary , Life Insurance Corporation of India(LIC)     

Seminar  on “Aspects of Taxation and Financial  Planning regarding Investments by  Non- Resident Gujaratis (NRGs) " - 24/1/2018

Under the joint aegis of   Non- Resident Gujaratis Foundation (NRGF)  of Government of Gujarat and GCCI  NRG Committee / Centre,  a Seminar on “Aspects of Taxation and Financial  Planning regarding Investments by  Non- Resident Gujaratis (NRGs)”was  organised  at GCCI on Wednesday , 24th January 2018.

GCCI Senior Vice President   Dr. Jaimin Vasa ; Shri K.D.Asari, Director, Non – Resident Gujaratis Foundation (NRGF), Gujarat Government ; Chairman / Co-Chairmen  of some GCI Committees namely   Shri Subhash  Modi, Shri Rohit Patel , Shri Archish Shah  and other GCCI members  were present. The audience consisted of about  250 NRGs  and other related persons . Main speakers were Shri Mukesh Patel  , eminent International Taxation Expert; Shri Jigar Patel,  ,International Tax Attorney ; Shri Sachin Chatruvedi  ,Investment Expert  &  Shri R. Ravindra Kumar , Secretary , Life Insurance Corporation of India(LIC)

While welcoming the guests, GCCI Senior Vice President   Dr. Jaimin Vasa said that Gujarat is  doing  an excellent job in medical services, information technology and other sectors . Investments  were pouring in different sectors,  including  in real estate. He informed that our diapsora  remittance to India was  about   $ 70 billion every year.  In  his introductory remarks, Shri K.H. Patel, Chairman of  GCCI  NRG Committee /Centre gave , an overview of the activities of   NRG Centre  and mentioned that  NRIs held FDs  worth  Rs. 7 lakh crore in  India.

Shri K. D. Asari, Director, NRGF,  informed that the NRG Foundation of Government of Gujarat carries out various activities for the benefit of the NRG community. Amongst the notable activities of the Foundation was the launch of Gujarat Card wherein  NRG cardholders were provided priority treatment in Government Departments and were also eligible for other benefits. He  informed that Gujarati Samaj in the country were eligible for some funding from NRGF. The Foundation also published fortnightly E-newsletter projecting the developments of interest to  NRGs. A Gujarati laguage learning CD was available from NRGF  for the benefit of  NRGs to enable them to  keep themselves abreast with the mother tonge.

Shri Mukesh Patel, International Taxation Expert,  advised that  NRGs should obtain Aadhar  Card and PAN Card though they were not yet  mandatory  in India for any  financial dealing . PAN Card was mandatory  for all property related transactions . Repatriation of money up to US $ one  milion  a year was  possible without any difficulty if the NRI/NRGs  held NRO bank account. Shri Patel further informed that investment in real estate can be made by NRGs in any category except agricultural land. However , US based non- residents  will have to follow FATCA regulations. Speaking on the contribution of NRIs/NRGs,  Shri Patel mentioned that, amongst 3 crore NRIs across 129 countries, 1 crore were NRGs. The diamond trade in Belgium was dominated by Gujaratis and Jews. He  advised the participants that in the age of information technology and with India having bilateral treaties with majority of the countries ,it would be unadviasble not to disclose financial and other transactions. Shri Jigar Patel, International Tax Attorney,  informed the audience that the definition  of resident Indian in the Income Tax Act and Foreign Exchange Management Act (FEMA) was different and therefore it was essential for all NRIs/NRGs to keep their status clear under both the Acts. Thus, he advised  NRGs  to make all investments  in regular and compliant manner failing which difficulties  can arise.

Shri Sachin Chaturvedi, C.A. and Investment Expert, emphasised on the fact that Savings and Investments were two different things. Savings is wealth preservator and investments  were instruments which required financial planning. There were four types of investment instruments viz. 1) Real Estate 2) Equity 3) Metals and 4) Brands. Shri R. Ravindra Kumar, Secretary, Life Insurance Corporation of India(LIC) , gave a detailed overview of the Life Insurance Corporation of India and informed that LIC was the largest life  insurer in the world with 30 crore beneficiaries, 25 lakh crore insurance funds and 99% claim settlement ratio.