An article
from Our Building and Construction
For long, financial aspects of
India are governed by the non-resident Indians
(NRIs).
Following liberalization of our Indian economy during early nineties during
when the
current
prime minister was at the helm of affairs in the finance ministry, NRIs gained
prominence
and their
contribution to the exchequer of the country increased significantly and
India’s forex coffer swelled greatly.
However,
there have been restrictions in some of the areas for investment by the NRIs.
These
constraints are applicable to them while buying an immovable property in the
country.
Property Related Issues of NRIs / PIOs..!
There
might have been muddles in the transaction processes that would have led to
apprehensions within the NRIs. But the speech delivered by Dr Justice A. R.
Lakshmanan, Former Chairman, Law Commission of India Former Judge, Supreme
Court of India, at the Pravasi Bharatiya Divas, we believe, would have cleared
all the misgivings of the NRIs. Dr Lakshmanan addressed a Seminar on “Property
Related Issues of NRIs / PIOs” organised by Ministry of Overseas Indian Affairs
at Vigyan Bhavan, New Delhi.
Here, we
publish the content of the speechof Dr A R Lakshmanan for the benefit of our
readers.
INTRODUCTION
Nearly 3 croren Indian diaspora living in 130 countries
abroad constitutes a significant
economic, social and cultural force in the world. The NRI
enterprise, economic strength,
contribution to Industry, education and - professional
skills all over the world is widely
recognised.
Undoubtedly, this NRI community has expectations, hopes and
desires to achieve in their
bonding from their homeland, the great territory of India.
CONTRIBUTION
OF NRIs..!
I would like to bring up the subject of nonresident Indian
(NRI) contribution to the peace
and prosperity of India and Indians around the world.
During the period of past six months (prior to this speech
during January 2010), India has
gone through a cycle of violence, communal problems and
political uncertainty.
Regardless, India has withstood the brunt of all these
problems fearlessly and boldly. Even economic
recession and global meltdown have not failed to deter the
confidence of Indians.
India spread above 3.28 million square kilometers in 28
States and 7 Union Territories
has 11O Crore Indians of which nearly 3 Crore non-resident
Indians live in 130 countries abroad
and constitute the largest diaspora in the world on the
globe.
The Law Commission of India is fully prepared and ready to
assist in putting together
any suggestions for amendment or enactment of laws related
to NRI problems.
At this stage, there are some suggestions, which I would
like to moot as follows:
•Constituting a gender cell in the Ministry
to build gender sensitivity into policy matters and
activities of the Ministry in relation to overseas Indians.
•Establishing a gender advisory group
comprising representatives of all stakeholders to advise the
Ministry from time to time on gender issues of the diaspora.
APPREHENSIONS
OF NRIs AND THE NEED
FOR
THEIR INVESTMENT..!
Seeking to allay any security related apprehensions of
Non-Resident Indians, I assure
you today that India is as safe as you left it. We are duty
bound to provide security to all those who
come to India.
The risk involved in carrying out activities in India is
definitely not going to be more
than in other parts of the world. No apprehensions should be
nursed by NRIs on grounds of safety and
security and we would be as effective in this respect as any
other country or powers of the world can be:
Src: Our Building and
Construction, February 2013
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