I have several responses to Mr. Rana there (post above Mudy's)
1. Taxation: Currently there is no tax holiday for "NRIs" who actually abide by the law of the place where they reside. Lets consider US: You are liable for tax on WOLRDWIDE income. So you have to pay tax at US rates on interest in NRI accounts in India. If you had to pay taxes to India, then there is a tax agreement that allows you to claim the taxes you paid as a tax credit.
So this is a wash. Actually I would prefer to pay tax to India on Indian-source income, and tax to the US on US-source income. That's what the new system would imply.
2. Higher interest rate on NRI deposits. Sorry, but Mr. Rana is dreaming. For the past 2 years or more, interest rate on USD in NRI accounts has been worse than one could get with low risk, such as paying off home mortgage, or even CDs in the US. Deposits in INR earn HIGHER interest for "RIs" than for NRIs. So I would like that distinction removed, and everyone get the same interest.
Why would one deposit then in India? Because one has faith in India. As long as the NDA was ruling, INR crept UP relative to USD so that deposits made a while back, paid off quite well. Of course, now the thief-raj has made the rupee slide down again, to benefit Sonia's Italian Lire accounts.
Would I deposit in SBI? Not likely, because Rana is accurate in citing the hassles and the stinking attitude towards customers. but SBI is not the only bank around, nationalized or otherwise, fortunately.
Re: Travel. Exactly WHY would one want to travel on several passports unless one is a Paki? His description of the Paki attitude is not reflective of reality. I would say that when a Paki visits, say, US from UK it would use its UK passport, and deny any connection to TSP as far as possible. When the Paki travels to TSP, it would be well-advised to use the TSPassport, so that all the "Islamic Terrorist Republic of Pakistan Jehadic Immigration" stamps stay on the TSPassport, and the UK passport stays clean for presentation at US immigration.
I have heard that Israeli-Americans carry 2 passports, because presenting an Israeli passport at the immigration counters at many Islamic Paradises is a good way to get into very serious trouble.
But these days, many *****-Americans are trying to use some other passport than the American, for similar reasons.
All in all, the refusal to extend the Indian passport for "OINCs" is really the big blow, IMO. It may take a new government to kick the Babu-behinds and get that implemented.
The original law said that those who obtained citizenship of one of the 16 listed countries after Nov. 2003, would NOT BE CONSIDERED TO HAVE LOST Indian citizenship. I don't think the Sonia Raj has changed that part of the law. Whether Babus act on that or not depends on the attitude of the GOI of the time.
Also, Rana completely ignores the parts of the OINC legislation that deal with settling in India. I think that's where the OINC is very different from PIO etc. As it should be.
The "its not a dual citizenship" declaration is mainly to please the Commies and other dork Resident Non-Indians.
Overall, I can't really argue with the philosophy of of Indian citizens, who have no other citizenship, having better rights/ privileges than those who DO have other citizenship, as long as it is because of laws made by OTHER countries (such as the tax issue, where I presume, Oracle Operators who go overseas for a short period can salt away some $$ in NRI deposits, and not have to pay any tax on the interest for several years. Small compensation for a life with a lot of tough challenges and uncertainties. Why shouldn't India try, for a change, the NOVEL idea of treating Indian citizens better than it treats foreigners?
In fact my whole visceral objection to what the Parliament passed is that it implies that Indian citizenship is SECONDARY to foreign citizenship. They could avoid all these issues by following my recommendations in the article "Dual Citizenship or Dupli City?" In that scenario, India would just not worry whether you have other citizenship or not, and only look at your Indian credentials. But the Babus have mixed up everything in taxes, property rights etc etc and made the usual mess.
1. Taxation: Currently there is no tax holiday for "NRIs" who actually abide by the law of the place where they reside. Lets consider US: You are liable for tax on WOLRDWIDE income. So you have to pay tax at US rates on interest in NRI accounts in India. If you had to pay taxes to India, then there is a tax agreement that allows you to claim the taxes you paid as a tax credit.
So this is a wash. Actually I would prefer to pay tax to India on Indian-source income, and tax to the US on US-source income. That's what the new system would imply.
2. Higher interest rate on NRI deposits. Sorry, but Mr. Rana is dreaming. For the past 2 years or more, interest rate on USD in NRI accounts has been worse than one could get with low risk, such as paying off home mortgage, or even CDs in the US. Deposits in INR earn HIGHER interest for "RIs" than for NRIs. So I would like that distinction removed, and everyone get the same interest.
Why would one deposit then in India? Because one has faith in India. As long as the NDA was ruling, INR crept UP relative to USD so that deposits made a while back, paid off quite well. Of course, now the thief-raj has made the rupee slide down again, to benefit Sonia's Italian Lire accounts.
Would I deposit in SBI? Not likely, because Rana is accurate in citing the hassles and the stinking attitude towards customers. but SBI is not the only bank around, nationalized or otherwise, fortunately.
Re: Travel. Exactly WHY would one want to travel on several passports unless one is a Paki? His description of the Paki attitude is not reflective of reality. I would say that when a Paki visits, say, US from UK it would use its UK passport, and deny any connection to TSP as far as possible. When the Paki travels to TSP, it would be well-advised to use the TSPassport, so that all the "Islamic Terrorist Republic of Pakistan Jehadic Immigration" stamps stay on the TSPassport, and the UK passport stays clean for presentation at US immigration.
I have heard that Israeli-Americans carry 2 passports, because presenting an Israeli passport at the immigration counters at many Islamic Paradises is a good way to get into very serious trouble.
But these days, many *****-Americans are trying to use some other passport than the American, for similar reasons.
All in all, the refusal to extend the Indian passport for "OINCs" is really the big blow, IMO. It may take a new government to kick the Babu-behinds and get that implemented.
The original law said that those who obtained citizenship of one of the 16 listed countries after Nov. 2003, would NOT BE CONSIDERED TO HAVE LOST Indian citizenship. I don't think the Sonia Raj has changed that part of the law. Whether Babus act on that or not depends on the attitude of the GOI of the time.
Also, Rana completely ignores the parts of the OINC legislation that deal with settling in India. I think that's where the OINC is very different from PIO etc. As it should be.
The "its not a dual citizenship" declaration is mainly to please the Commies and other dork Resident Non-Indians.
Overall, I can't really argue with the philosophy of of Indian citizens, who have no other citizenship, having better rights/ privileges than those who DO have other citizenship, as long as it is because of laws made by OTHER countries (such as the tax issue, where I presume, Oracle Operators who go overseas for a short period can salt away some $$ in NRI deposits, and not have to pay any tax on the interest for several years. Small compensation for a life with a lot of tough challenges and uncertainties. Why shouldn't India try, for a change, the NOVEL idea of treating Indian citizens better than it treats foreigners?
In fact my whole visceral objection to what the Parliament passed is that it implies that Indian citizenship is SECONDARY to foreign citizenship. They could avoid all these issues by following my recommendations in the article "Dual Citizenship or Dupli City?" In that scenario, India would just not worry whether you have other citizenship or not, and only look at your Indian credentials. But the Babus have mixed up everything in taxes, property rights etc etc and made the usual mess.