Category: Money
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NZ needs to move beyond students, soldiers in Southeast Asia – report
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Southeast Asia is familiar territory for New Zealand: it educated its elite and defended its shores. However, New Zealand needs to move beyond students and soldiers in Southeast Asia and with ASeAN, says a report. New Zealand needs to boost its relationship with Southeast Asia and not rely solely on China for its…
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eBay to hire 1000 staff in India
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In what could be seen as a good news for IT skilled staff, eBay Inc.  announced plans to hire up to 1,000 technologists over the next three years. The world’s largest online marketplace is expected to set up a development centre in India’s software city of Bangalore, which will house technologists…
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Unregistered migration agent fined
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An Australian citizen has been fined $12,000 by a Perth court for providing immigration assistance while not a registered migration agent. The Department of Immigration and Citizenship (DIAC) says the sentence sends a strong warning that illegal operators in the migration industry will not be tolerated. Pacita Boynes, who was…
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Sponsored child embarks on brighter future
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A LinkedIn search for her name brings up a profile that describes Esther as senior associate at Ernst & Young, a global professional services firm. This may not strike as a major achievement for a 25-year old until you learn that Esther could have been one of the millions of…
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Auckland sets out to woo China
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Auckland’s mayor is leading his first trade delegation, and with his sights firmly focused on Asia, his is set his sails for China. Len Brown’s overdue visit to China next week is expected open doors for Auckland businesses to one of New Zealand’s most important trading partners. The mayor is…
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Campaign to lure Asians to gambling criticised
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A community group is protesting as a government organisation tries to lure more Asians to buy lotteries – a mild form of gambling. New Zealand Lotteries Commission, a Crown entity, is launching a marketing initiative to attract more Asians to buy lottery tickets. But Problem Gambling Foundation is concerned. The…
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Hatch a plan for your retirement nest egg
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It’s nearly Easter and what better time for taking steps to sort out your retirement nest egg. No matter your age, it’s never too soon (or too late) to hatch a money plan that will help you to enjoy the lifestyle you want in retirement. Life expectancy has risen as…
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Tax changes to affect many Kiwis on 1 April
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Changes to student Loan, KiwiSaver and Working-for-Families scheme are likely to affect thousands of New Zealanders on 1 April. A number of these changes take effect from 1 April 2012 for student loan borrowers, KiwiSaver members and people receiving Working for Families Tax Credits. The changes to student loans are designed to…
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New IRS form to affect US NRIs
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Indians living in the US, like other foreigners, will be monitored even more closely for their overseas assets, with the new provisions being introduced by the US Internal Revenue Service (IRS). The IRS has introduced an additional form – Form 8938 – which is a Statement of Specified Foreign Financial…
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NRIs don’t need to report property deals to RBI
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India’s federal bank says people of Indian origin (PIOs) and non resident Indians (NRIs) are not required to report property deals in India to the bank. This is likely to encourage further investment by NRIs in India. NRIs and PIOs don’t need to inform the Reserve Bank of India about…
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Beware of bad credit traps for migrants
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Australia Day is the time when thousands of new Australians are welcomed into the country’s dynamic multi-cultural society, but a national credit repairer says the road to financial success in Australia can be a harsh one for new migrants. Busy with starting a new life in the new country, many…
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Tax identity scam on rise in Australia
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Australian tax payers should be aware of scams designed to extract tax file numbers for the purpose of identity fraud. This could leave their bank accounts empty and credit files ineffective for up to five years, says an Australian credit information expert. Director of MyCRA Credit Repairs, Graham Doessel says…
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India’s tax officials to review all property deals
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With the growing pressure to tackle the black money issue, India’s income tax officials have aimed their guns at the country’s biggest source of black money – property. Under scanner will be the real estate deals likely undertaken in the 2010-11 year. Indian tax officials will begin reviewing properties bought…
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India’s Aurobindo Pharma receives USFDA approval
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Aurobindo Pharma Limited has received tentative approval from the US Food & Drug Administration to make and sell Venlafaxine Hydrochloride Extended-release These capsules are indicated for the treatment of major depressive disorder (MDD) and falls under the Neurological (CNS) therapeutic category. The product has a market size of US$ 2.4…
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RBI simplifies rules for investing in property in India
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The Reserve Bank of India (RBI) has relaxed norms and issued simple guidelines for the convenience of NRIs and PIOs wishing to invest in Indian real estate under the provisions of the Foreign Exchange Management Act, 1999. This is a good news for Non-Resident Indians (NRIs) and Persons of Indian…
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Unsecured loans: without delay and documents
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Unsecured loans are highly sought after in this recessionary economic climate. Unsecured loans are more popular than secured loans because you don’t need any property to get an unsecured loan. You don’t need to give any documents. In many cases, you can easily obtain an unsecured loan online, from the…
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Can NRIs inherit agriculture land?
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Manoj Mohapatra* lives in the United States. He is a US citizen with OCI card (Overseas Citizen of India). His parents own an agricultural piece of land in Andhra Pradesh in India. They are keen to give this land to Manoj. However, Manoj is not sure whether he can inherit…
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What are the rules for buying property in India?
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NRIs have continued to buy and sell houses in India despite the global economic crisis in the recent years. In fact, NRIs have used the gloomy global scenario to their advantage to secure bargain properties in India. As India Inc continues its success story, and while the country maintains its…
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NRIs can buy property in India
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With India’s booming property market, and improving job prospects, many NRIs are keen to buy a house or commercial property in India, and become part of India’s success story. As per RBI rules, NRIs or persons of Indian origin (PIO) are permitted to buy and sell properties in India. However,…
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What are tax rates on bank interest for NRIs?
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Mrunal Paranjape* lives in the United States and invests her money in Mumbai in India. These are investments in bank deposits in India. However, her bank is deducting TDS (Tax Deducted at Source) which is very high. She is also keen to expand her portfolio and diversify into mutual funds…