Black money law triggers an exodus of wealthy Indians to Dubai, Singapore

[magudi]

A harsh black money law is believed to have triggered an exodus of several wealthy Indians to destinations like Dubai and Singapore, according to an informal email and text messages exchanged by traders in Mumbai's financial markets on Tuesday.

A leading tax professional said that many of these people with undisclosed offshore bank accounts are exploiting loopholes in tax and foreign exchange laws. Using their contacts they are arranging job appointment letters from companies in countries like the UAE and Singapore.

While the employers and companies do exist, the persons receiving the letters have no intention to join the firms as employees. Instead the job offer letters would be used to claim residency status in the respective countries.

According to FEMA, Indian citizens employed abroad are considered nonresidents; while according to the income tax law, such persons are required to stay out of India for at least 182 days in a financial year to claim non-resident status.

A non-resident Indian does not have to disclose foreign assets to Indian tax authorities. According to text messages circulating, 80,000 Indians have applied for residency certificate in Dubai and some of the other countries.

Read more at:
Black money law may have triggered an exodus of wealthy Indians to Dubai, Singapore - The Economic Times

 

[Levina]

Lol
This is a big one!
This place (UAE) already has a huge population of Indians, I'm not so sure that those trying to evade taxes would find any respite here.
I hope these ppl learn to pay income tax on time and in full.

 

[vinay]

Lol
This is a big one!
This place (UAE) already has a huge population of Indians, I'm not so sure that those trying to evade the taxes would find any respite here.
I hope these ppl learn to pay income tax on time and in full.

why not ? These people just have to stay there for 182 days out of 365 to get NRI status

 

[Levina]

why not ? These people just have to stay there for 182 days out of 365 to get NRI status

It's easy for the Govt to find out the date when residential visa (in UAE) was issued. And also govt might be having ways to track those who're already under the radar. But am not sure if Govt Is really serious about implementing this law. Not more than zilch would land behind the bars.

 

[vinay]

It's easy for the Govt to find out the date when residential visa (in UAE) was issued. And also govt might be having ways to track those who're under the radar already. But am not sure if Govt Is really serious about implementing this law. Not more than zilch would land behind the bars.

I guess its not like that. its counted from the day u leave India and come back to India and that has to be more than 182 out 365 in a financial year
U can go multiple times out of country and come back. But the sumtotal has to be more than 182 days out of 365 in a financial year to get NRI status

 

[Levina]

I guess its not like that. its counted from the day u leave India and come back to India and that has to be more than 182 out 365 in a financial year
U can go multiple times out of country and come back

I meant that the government might already be having a list defaulters. So, no matter how hard these ppl might try to move their base to Dubai/Singapore, govt can always track 'em down. And it can be very easily proven that these defaulters moved out of the country after the law was passed.
Capisce amigo?

 

[Indian Patriot]

I meant that the government might already be having a list defaulters. So, no matter how hard these ppl might try to move their base to Dubai/Singapore, govt can always track 'em down. And it can be very easily proven that these defaulters moved out of the country after the law was passed.
Capisce amigo?

Oi levina ji, for how long have you been in dubai and since when?

 

[vinay]

I meant that the government might already be having a list defaulters. So, no matter how hard these ppl might try to move their base to Dubai/Singapore, govt can always track 'em down. And it can be very easily proven that these defaulters moved out of the country after the law was passed.
Capisce amigo?

Yes u are right but the govt has already been doing this .They track your bank account , your pan card account.The income tax dept is already on it

 

[Levina]

for how long have you been in dubai and since when?

solve this
∫x2⋅x3+ 1 √dx. Value of x is 1057689.323456.
Then you will know the answer

 

[Indian Patriot]

∫x2⋅x3+ 1 √dx. Value of x is 1057689.323456.

Oi hai ki ye?

 

[Levina]

Yes u are right but the govt has already been doing this .They track your bank account , your pan card account.The income tax dept is already on it

True!
In that case such defaulters can be tracked easily and put behind the bars. yes??
Do you think that would happen?
I dont 've high hopes.

Oi hai ki ye?

answer

 

[Indian Patriot]

∫x2⋅x3+ 1 √dx. Value of x is 1057689.323456.

x = 1057689.323456

Therefore,

∫x2⋅x3+ 1 √dx

=> ∫1057689.323456x2⋅ 1057689.323456x3+ 1 √d (1057689.323456)

=> ∫2115378.646912 - 3173067.970368 + 1 √d (1057689.323456)

=> ∫2115378.646912 - 3173067.970368 + 1 (1057689.323456) = d

Ab to bata do ki kitne saal se dubai me ho

 

[vinay]

True!
In that case such defaulters can be tracked easily and put behind the bars. yes??
Do you think that would happen?
I dont 've high hopes.


answer

Well i think the answer is simple ,
The govt tries to tie u in a loop and u try to find a loophole. so u can say this is an ongoing process

 

[Bratva]

I think if you invest 10 Million UAE dirham, they will grant you residence permit for 99 years (life time).

 

[Established_1965]

It will be a tough job to get a PR status in Singapore :-/ .