2013 witnessed India topping the list with Indians across the world transferring money into India stood at 71 billion US $. This is made possible because of Indian Diaspora across the world. In India, remittances are surprisingly larger than the earnings from IT exports. And with the weakening of the rupee, an upsurge in remittances is expected as NRIs take advantage of the cheaper assets, goods and services back home.
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India remains the biggest benefactor and the figure is likely to rise by 2016. The remittance funds to the developing nations in Asia are likely to be four times more important than official foreign aid from governments.
Non Resident Indians (NRIs) and Person of Indian origins (PIOs) play an important part in the growth and development of any country in the world. Alike other economies and administration, India also appreciate investments from overseas and consider them as an invaluable and sustainable component in strengthening our economy. Successive Indian governments have reached out to the huge Indian crowd abroad and offered them charming tax benefits or relaxed visa facilities. The Indian central government is reaching out to NRIs, PIOs and Overseas Corporate Bodies (OCBs) continuously and offering several incentives and exemptions such as relaxations on income tax, wealth tax, gift tax, etc. Similarly, concessions are also offered to NRIs, PIOs to invest in real estate sector and housing. With foreign investments inflowing, this is expected to boost the Indian real estate sector remarkably in the days to come. Government has signed the Double Taxation Avoidance Agreement (DTAA) with several countries to lessen the tax burdens of NRIs and PIOs who otherwise had to pay taxes in two countries. All these definitely shows the dawn for the real estate in hyderabad which otherwise had faced stagnancy for the last few years.
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