Industry & Economy
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NRIs
Sensible Budget, say Gulf NRIs
Vimala Vasan
Abu Dhabi
,
March 1
THE NRIs in the UAE have lauded the Union Budget as positive and sensible and enthusiastically welcomed the decision of the Finance Minister, Mr P. Chidambaram, to continue the tax exemption on interest rates for the NRE and the FCNR deposits.
Mr Suresh Kumar, General Manager, Emirates Financial Services, Emirates Bank Group, told Business Line that the Budget was positive and sensible, with a more rationalised tax structure and more focus on tax spending than tax collection.
Mr K.V. Shamsudheen, Chairman, Pravasi Bandhu Welfare Trust and Director, Barjeel Geojit Securities LLC, welcomed the decision to continue the tax exemption and was happy that the trust's persistent campaign against the proposed tax had led to positive results.
Mr Kiran Sangani, Secretary General, Indian Business and Professional Council, Dubai, said that the Budget was good but not exciting. The significant aspect is the measures to be taken in the agricultural sector and clearance for the FDI investment in infrastructure.
The gold mutual fund will encourage savings and extension of tax limits for women and senior citizens is a very good thing.
Mr B.R. Shetty, Vice-Chairman, NMC Group, was unhappy that no announcement was made in the railway budget regarding extension of the broadway track from Mangalore to Bangalore.
Mr Kamal Vachani, Regional Director, ESC, and President of NRI Institute (UAE Chapter), said the hike in the ceiling of the FDI in telecom was a good move and the general investment climate will encourage more NRIs invest in the Indian market in a big way, he added.
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