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The 200-page paperback is
divided into 23 small chapters. Even a cursory go-through of the
book would indicate that almost all aspects of NRI money have
been dealt with in an explicit manner. Though economy of words
is apparent, it is not at the expense of the required
explanation. The book provides proper answers to the problems
commonly faced by an NRI who has already invested or is desirous
of investing his earnings back home. The topics touched upon are
deposit in banks, investment in shares, NRI bank accounts,
income tax, wealth tax, gift tax, foreign exchange repatriation,
etc. Even the minute details of the relationship status of an
NRI is explained, apart from the far more intricate issues
regarding foreign money like repatriable and non-repatriable
funds, prohibited remittances/transactions, etc.
A look at the
title of the book may give an impression to the reader that it
would contain the material culled out from the plethora of
enactment and amendments of the law applicable to foreign money
and presented in a concise and forthright manner, as is
generally the case of help books in school/colleges, which does
not require much intellectual exercise. This book is different
from such ‘guides’ available in the market. An example where
the author’s knowledge and insight about globalisation is
perceptible to the reader: in chapter 16, "Rob Peter to Pay
Paul," the author takes the government to task regarding
rupee convertibility. "The Indian Government is obsessed
with the idea of going global by making the rupee fully
convertible. The panoply of decisions already implemented and
also those planned for phased implementation over the next three
years, appear to be arbitrary and without application of mind.
The main issue that the authorities should address themselves is
whether India can afford the cost of convertibility."
On foreign
investments, the author avers that foreign entrepreneurs
installing new industries in virgin areas like infrastructure
are welcome but they should not play the ‘Peter-Paul’ game
by using their financial muscle and divert the ‘cream’ to
themselves.
The author runs a
weekly ‘question-answer’ column on matters of investments
in English dailies. True to his journalistic forays, he has
written the second section of the book in a question-answer
format. The questions are posed on behalf of NRIs. The topics
covered are residential status, banks, business, housing
property, income tax, gift tax, etc. The book undoubtedly can
prove an asset to NRIs. It is also a "must-read" for
bankers, whom it will serve as a ready reckoner on NRIs’
matters. It should also find space in the library of other
financial institutions dealing with NRIs.
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FOREIGN
money is a buzzword in industrial, financial, banking and government
circles. The role of foreign money in the country’s economy has
become increasingly important. At times it seems as if the
developmental activities will come to a standstill in case there is
no foreign money flowing into the country. Not long ago, articles of
rare supply like scooters and cars were delivered on priority basis
against a remittance from abroad through a special quota known as
"foreign exchange allotment," which was fixed by dealers
to attract money from abroad. The foreign reserves’ draught of
1990-1991 is still fresh in the financial circles when the country
was virtually sustaining on a day-to-day basis regarding imports of
essential items like petroleum products. It was only the Narshimha
Rao-Manmohan Singh duo in 1992 that brought relief to the strained
and sinking foreign exchange reserves by initiating liberalisation
and reforms in country’s economic policy.
