FLAME Newsletter - October 30, 2012


“A 75-year old person should not be guided to make huge investments in equity,” - Maninder Cheema, Deputy General Manager, SEBI


Importance of life insurance for NRIs

Indians have spread to virtually every corner of the globe and have made their mark in the chosen line of business or profession. As an Indian living abroad, it definitely makes good financial sense to connect with the roots of your lineage and make wise investments back at home, especially when the country is in a developing phase.

Whether you are pursuing a dream job abroad and at some point wish to settle back in India post retirement, or if you have ageing parents living on their own in India and are dependent on you for financial support, it is prudent to take calibrated financial decisions, especially at a time when uncertain economic conditions are prevailing in the more developed countries…Read more

The A-Z syndrome of NRI taxation

Taxable income of NRI is calculated in the same way as that of resident Indians. The only difference is that a resident Indian is also being charged on the global income, whereas an NRI is being charged only on Indian income.

An Indian living abroad is generally being considered as an NRI (non-resident Indian) and it has also been defined under two broader ways—First being under FEMA (Foreign Exchange Management Act) and second being under the Income Tax Act, 1961. As per FEMA, the day a person leaves India to stay outside for an uncertain period for whatever purpose whether the same is for taking up an employment, carrying out business or vocation; the person is considered as an NRI… Read more

Power of attorney on NRI accounts for hassle free transactions

Any non resident Indian’s concern would be taking care of his/her family’s financial needs while he/she is staying abroad. There is an option available to address that concern. A simple approach is creating a Power of Attorney (PoA) on NRI accounts, which would authorise the person on whose name the power of attorney is issued, to make all the financial transactions… Read more

Simple tips for NRIs selling property in India

The recent boom in the Indian real estate industry has prompted NRIs (Non Resident Indians) to sell their properties in India to take advantage of the hike in land prices. However, NRIs must take note of the special provisions of the Indian tax laws before selling their property in India in order to ensure a smooth transaction and avail maximum benefits… Read more

If you are going to be a non resident Indian (NRI) soon due to a shift in jobs or any other reason, there are some formalities you need to complete. Apart for dealing with the emotional stress of leaving your friends and family behind, you also need to settle some official and financial matters. Making arrangements for your finances is imperative before you leave the country… Read more


Insured envelope

While sending valuable articles through post such as registered letters, it’s always a concern that these articles should reach the receiver properly. Everyone’s got a story about a damaged item they’ve received in the mail. However, you can protect yourself from this concern by purchasing insurance for valuables you choose to send in the mail. It’s a straight-forward process and will help ease your worries over sending valuable items… Read more


What is stamp duty & why to pay it?

Possession is the physical transfer of the property is not sufficient. You also need to have legal ownership. At the time of registration, you will also have to pay a stamp duty which is a government tax levied on property transactions… Read more


Second quarter review of monetary policy 2012-13

Highlights of the RBI policy

Missing the opportunity to pleasantly surprise: Nirmal Jain

Health insurers to mention premium for first 5 years: IRDA

AMFI announces revision in ARN fees


FLAME (Financial Literacy Agenda for Mass Empowerment) is an IIFL initiative to promote financial literacy amongst the masses in order to make them an integral part of India’s spectacular growth story.

In an era of accelerating GDP and rising per capita growth, financial literacy has become more critical than ever before such that we all reap the tangible benefits of the nation’s economic prosperity. Financial inclusion has been quite high on the governmental agenda, given its emphasis on widening the Banking & Financial services network across the country. IIFL’s FLAME initiative stands committed to complement this effort by helping common people gain financial growth and security though better awareness and education on the variety of financial products while avoiding the lure of and loss from unrealistic claims made by unscrupulous agents and ponzi schemes.

Our objective is to light a FLAME, as the name suggests, which will set ablaze a chain of FLAMEs across the country. The new-found light of knowledge will undoubtedly dispel the dark clouds of financial illiteracy and ensure the bright sunshine of financial growth and prosperity.

This portal is but one of the various IIFL initiatives that would be part of FLAME.

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