NON RESIDENT EXTERNAL
Better placed than many for all market conditions: 8 non cyclical consumer stocks including unexpected ones with upside potential of up to 38%
But there is a high probability of the second one being true. There are many businesses where the argument of disposable income has been cited, but if one looks at long term trends, they have been finally able to do better, whether slower or faster growth. We take a look at such stocks which are non cyclical in nature which one must keep on watch list.
External debt up 6 per cent to $663 billion as of March 2024
In March 2024, India's external debt reached $663.8 billion, showing a $39.7 billion increase from the previous year. The valuation effect and a decline in short-term debt share contributed to this change, with debt service ratio rising to 6.7% of current receipts. Additionally, the ratio of international financial assets to liabilities increased to 74.0%.
India's forex reserves at record $651 billion
India's foreign exchange reserves reached a record $651.5 billion as of May 31, 2024, bolstered by robust services exports and strong remittances. RBI Governor Shaktikanta Das highlighted the resilience of India's external sector. The rise in global capability centers and consistent foreign portfolio investments have also strengthened the economy's external financing position.
Freedom of speech does not mean freedom to support separatism: Jaishankar on Canada
The external affairs minister wondered how people with dubious backgrounds are being allowed to enter and live in Canada, referring to Khalistani supporters among the Sikh migrants from Punjab.
Hardeep Singh Nijjar killing: Canadian police release pictures of accused, other evidence
Canadian police have arrested three Indian nationals in connection with the killing of Hardeep Singh Nijjar, a designated terrorist by India, in June 2023. The suspects, residents of Edmonton city in Alberta, have been charged with first-degree murder and conspiracy to commit murder. While investigations are ongoing, there is no confirmed evidence linking the suspects to the government of India. The killing had sparked diplomatic tensions between Canada and India, with India denying any involvement. The RCMP emphasized the active nature of the investigation and its commitment to uncovering the truth.
Canadian Police arrest 3 Indian nationals in Khalistan separatist Hardeep Singh Nijjar murder case
Three Indian nationals were arrested by Canadian police on suspicion of being part of a hit squad allegedly sent by the Indian government to assassinate Khalistan separatist Hardeep Singh Nijjar in Surrey the previous year. The Royal Canadian Mounted Police (RCMP) confirmed the arrests, emphasizing ongoing investigations into potential ties to the Indian government. The strained relations between India and Canada escalated after Canadian Prime Minister Justin Trudeau accused Indian agents of involvement in Nijjar's killing, which India dismissed as baseless.
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Letting loose the non-resident rupee
Plans to elevate the rupee to a global free-floating currency are gaining momentum once more. The RBI's 'Report on Currency and Finance 2020-21' initiated this push, envisioning the rupee's ascent as an international currency. The timing of the move looks quite apt from a macroeconomic perspective.
India's external position improving amid favorable BoP dynamics
FPI inflows into equities saw a resurgence after a lacklustre February. FPIs have poured in net USD 4.9bn into domestic equities in March so far. Steady trickle of FPI inflows into debt markets has continued in March with FPIs investing net USD 1.2bn in March so far.
How to open NRI account in India: List of documents needed to open NRI savings account
NRI savings account: There are two types of NRI Savings Accounts: Non-Resident External (NRE) Savings Account, Non-Resident Ordinary (NRO) Savings Account.
India's external sector on a strong footing, CAD 'eminently manageable' next fiscal too, RBI Governor Das says
India's external sector demonstrates resilience with higher net inflows of non-resident deposits and external commercial borrowings. Vulnerability indicators suggest the Indian Rupee's greater resilience, providing confidence in meeting external financing requirements.
'Community very shaken': Hindu community in Canada organizes forum to address rising violence and extortion threats
The Hindu community in Surrey, Canada, responds to extortion threats and violence, organizing a forum following RCMP warnings. Recent shootings and intimidating letters have caused fear among residents. Extortion schemes, linked to Indian organized crime groups, exploit personal information and have sparked a multi-province investigation. Despite arrests, no charges have been filed, prompting concerns for the safety of the South Asian community. Multiple police agencies are involved, addressing escalating violence tied to non-compliance. India's External Affairs Ministry also expresses concern.
SBI Sarvottam FD offers 7.9% interest rate; what is the minimum investment limit?
SBI Sarvottam: Banks usually offer higher interest rates on non-callable FDs, as your money is locked-in for a certain period. Note that premature payment is not allowed under such schemes.
MEA asks Law Commission to examine, and strengthen framework for NRI marriages
According to the sources, the MEA has recently sent references in this regard to the Law Commission to examine the lacunae in present concerned laws which lead to problems like abandoning partners especially brides in NRI marriages.
Premature withdrawal to be allowed on all bank FDs of up to Rs 1 crore: RBI hikes limit of non-callable FDs
Fixed Deposit rule change: RBI has increased the minimum amount for offering non-callable term deposits to Rs 1 crore. Earlier the limit was Rs 15 lakh. So, customers will get an option to prematurely withdraw money from their fixed deposits (FDs) of up to Rs 1 crore. This hike in non-callable FD limit will be applicable to all commercial banks and co-operative banks with immediate effect. All you need to know about RBI's new rule for non-callable FDs.
Net claims of non-residents on India rise to USD 379.7 billion in June quarter: RBI
According to data from the Reserve Bank of India (RBI), net claims of non-residents on India increased by USD 12.1 billion to USD 379.7 billion in the June quarter. The rise in net claims was primarily due to an increase in foreign-owned financial assets in India. The data also showed that reserve assets accounted for 64.2% of India's international financial assets at the end of the quarter. The RBI noted that the ratio of India's international assets to international liabilities slightly decreased compared to the previous quarter and the same period last year.
SBI introduces digital opening of NRE/NRO account setup through YONO
State Bank of India (SBI) has launched a digital service on its mobile app YONO, allowing Non-Resident Indians (NRIs) to easily open NRE and NRO accounts. This service is designed for new customers, providing a hassle-free process for account opening and management. SBI has leveraged technology to create a seamless and efficient account opening process, offering a one-stop solution for NRI banking needs.
India’s external debt remains stable; declines to 18.9% of GDP from 20% last year: Finance Ministry
India's external debt decreased to 18.9% of GDP by the end of March 2023, down from 20% the previous year, according to the status report by the Finance Ministry. The report stated that external debt stood at $624.7 billion, showing a marginal growth of 0.9%. Commercial borrowings remained the largest component of external debt, accounting for 89.6% of the total.
How Singapore's job slowdown may impact non-resident Indians in city-state
As of June 2021, Singapore has 7.5 per cent or 300,000 ethnic Indians, data from Singapore Department of Statistics showed. Singapore has a population of 5.45 million. 4 million are citizens and permanent residents
Sudan crisis: 231 Indians reach Ahmedabad from Jeddah
Under 'Operation Kaveri', India has been taking its citizens in buses from the conflict zones of Khartoum and other troubled areas to Port Sudan from where they are being taken to the Saudi Arabian city of Jeddah on Indian Air Force's heavy-lift transport aircraft and Indian Navy's ships.
Latest NRE FD interest rates: SBI Vs HDFC Bank Vs ICICI Bank Vs Yes Bank vs PNB
NRE FDs tenure starts from one year, unlike regular FDs which can be opened starting from 7 days. No interest is payable if the deposit is withdrawn before one year.
Latest NRE FD interest rates: SBI Vs HDFC Bank Vs ICICI Bank Vs Federal Bank vs PNB
Depending on the duration of the deposits and bank, interest rate differs. Here is a quick comparison of interest rates of top banks such as SBI, ICICI, HDFC Bank, PNB, and Federal Bank offering NRE term deposits.
NRE FD interest rates: SBI Vs HDFC Bank Vs ICICI Bank Vs Canara Bank vs PNB
Check which bank is offering the best rates on NRE FDs with this quick comparison of banks - SBI, HDFC Bank, ICICI Bank, PNB, and Canara Bank.
Indian Overseas Bank revises interest rates
Depositors of domestic, non-resident external would receive interest rates up to 7.30 per cent by opening a term deposit with a tenure of 444 days and up to 7.25 per cent for a period of three years and above, Indian Overseas Bank said in a statement.
PNB cuts NRE FD interest rates by up to 25 bps
The Punjab National Bank (PNB) has lowered its non-resident external (NRE) deposit rates by up to 25 basis points (bps) across all tenures for amounts under Rs 2 crore during a period of rising interest rates.
Bank of Baroda hikes FCNR interest rates by up to 135 bps: Check latest rates
Bank of Baroda has increased the interest rate on Foreign Currency Non Resident Deposits - FCNR (B) by up to 135 basis points.
Highest FCNR FD interest rates: SBI vs ICICI Bank vs HDFC Bank vs Canara Bank
For NRIs who desire to open a fixed deposit account in India, a Foreign Currency Non-Resident (FCNR) FD account is an option.
Explained: Taxation of income from other sources in the hands of Non-Residents
An NR not only includes an Indian citizen who stays outside of India (commonly referred to as Non-resident Indians or NRI) due to educational, employment, or business reasons but it also includes all individuals (including foreign nationals) who may have visited India in a particular financial year but do not satisfy the physical presence test as laid down in the Act.
Yes Bank increases NRE, FCNR FD interest rates: Check latest rates
Yes Bank has raised the interest rates on its NRE FDs by 50 to 75 basis points and the FCNR deposit rates by 20 basis points, according to a press release.
NRE FD interest rates: SBI Vs HDFC Bank Vs ICICI Bank Vs Yes Bank
An NRE account is a bank account opened in India by an NRI for the purpose of depositing foreign income. For NRIs who desire to convert their foreign earnings into Indian currency denominations, it will be helpful.
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