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.