NRIs can open one-person companies in India

News Network
February 1, 2021

New Delhi, Feb 1: Indian Finance Minister Nirmala Sitharaman brought cheer to Indian entrepreneurs with a bold move to permit one-person companies.

In a major boost for Indian expats (NRI) investments in India, there is no restriction on paid up capital and turnover to incentivise incorporation of one-person companies in their home country.

Bal Krishen, chairman of Century Financial, said: “The move, which allows NRIs to incorporate one-person companies in India, will also reduce residency limit from current stipulation of 182 days to 120.”

The move is especially likely to benefit the Indian real estate sector, which typically attracts lots of investment and interest from expats residing in the Gulf.

"For FY 2021, total investments by India expat population in real estate sector is expected to exceed $13.1 billion, a five per cent year-on-year growth.

"Recent price correction in certain pockets of India real estate clusters coupled with the new budget moves would likely act as huge trigger for fresh impetus to this sector. Furthermore, more and more expat investors are likely to use this opportunity for investing even in smaller amounts at the start," said Krishen.

Dhaval Jasani, Founder and CEO at ZTI, said the move will invite more talent back to India.

"One-person companies will enable entrepreneurs to establish and market their own developments rather than partnering with bigger companies.”

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News Network
June 10,2021

New Delhi, June 10: Congress leader Rahul Gandhi on Thursday demanded that every person walking into a Covid-19 vaccination centre should get the jab, saying those who do not have access to internet also have the right to life.

The Congress has been batting for vaccines for the poor, especially those living in far-flung and rural areas, who do not have digital access or smart phones.

The opposition party has also been demanding that COWIN registration should not be mandatory for getting the Covid vaccine.

"Online registration is not enough for the vaccine. Every person walking in at a vaccination centre should get the vaccine. Those who do not have access to internet also have the right to life," he said in a tweet in Hindi. 

The Congress has been critical of the government's vaccination policy and its handling of the Covid situation in the country.

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News Network
June 13,2021

Bengaluru, June 13: More than 1.5 lakh employees in shopping malls across Karnataka have become jobless due to lockdowns and restrictions over the past year and owners have incurred losses in crores of rupees. Mall owners have urged the government to allow them to reopen by June 21 to help them stem the tide.

Mukesh Kumar, chairman, Shopping Centres Association of India (SCAI) & CEO, Infiniti Malls, said for every person directly employed with malls, on an average, three others are indirectly employed, providing logistics and support.

“In such a scenario, at least 1.5 lakh people have lost their jobs in the state,” Kumar said during a press conference in Bengaluru on Friday. “Though around 50,000 of them were reemployed after malls reopened for a brief time, many were laid off during the second lockdown,” he said. He said over 50% of malls, a majority of them standalone ventures, will close down if no support is provided.

Sunil Munshi, AVP operations, Orion Malls, said almost 80% of employees working in malls, shops, restaurants and service sectors come from economically weaker sections.

Kumar said a moratorium extended by RBI last year ended in March and they now have nothing to fall back on. “There has hardly been any revenue for a retailer or the mall. The past few months have been so stressful that we don’t know how to cope,” he said.

He said on average, revenue from retail in malls in the state is Rs 2,000 crore per month. They pay Rs 350 crore GST. Due to lockdowns, retails have incurred losses of Rs 20,000 to 25,000 crore and governments have suffered GST loss of Rs 3,000 crore. “Malls have lost 15% of the revenue generated by retailers,” Kumar said.

Kumar said pre-Covid estimates show that across India, 1,000 malls generate monthly revenue of Rs 12,000-Rs 15,000 crore. The whole ecosystem has suffered almost Rs 1 lakh crore losses.

Najeeb Kunil, CEO, PPZ Mall Development & Management Services Co said they have urged the state government to provide waivers around rental / lease, electricity charges, upcoming renewals of existing permits / licenses / NOCs among others. They have also sought waiver of property taxes payment till January 2022 and support around minimum wages rates and guard-board payments until FY 2021-22.

He also feared a downstream effect hitting smallscale industries and small businesses which have no income with shopping malls shut. “The sooner they take a call and heed our requests, the better it will be for everyone in the ecosystem, not just the developers,” he said.

SCAI members said that the solution lies in reopening the shopping malls as soon as possible. Kunil said vaccination is a major solution. “We hope to be back to 90% of footfall by October,” he said.

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News Network
June 8,2021

Bengaluru, June 8: The Karnataka Common Entrance Test for various vocational courses, including engineering, is scheduled to be conducted on August 28 and 29.

"The CET exam will take place on August 28 and 29. Each subject will carry 60 marks," Deputy Chief Minister C N Ashwath Narayan said at a press conference on Tuesday.

The Maths and Biology exams will be held on the first day while Physics and Chemistry on the second day. Registration will commence from June 15, he said, adding that the PUC marks will not be taken into account. Narayan further said students will be required to score a minimum mark to clear the entrance test.

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