NRI Top Stories – February 2007

RBIs
Restraining Arm May Deter NRIs, Fear Banks
Monday, February 05, 2007: In its efforts to correct the inflationary trends in the real estate
and equity markets, the Reserve Bank of India‘s double-edged
sword aimed at non resident Indians could cause a temporary setback
in NRE deposits, fear banks.

NRI
Deposits of ICICI Bank Deactivated
Friday, February 03, 2007: ICICI
Bank has taken the extreme step of freezing the accounts
of all Non-Resident Indians who have not submitted documents required
by the bank. Scores of documents were lost by ICICI Bank
in Mumbai in the floods that swept the city in July 2005. It took
ICICI Bank more than a year to identify the customers whose papers
had been lost.

B
& C Announces Proposal for IT Park
Friday, February 03, 2007: Best
& Crompton a leading engineering company with
its headquarters in Chennai, announced its plans to develop
a 2 million sq. ft. IT Park in Ambattur, North Chennai.

Govt’s
Initiative on Justice for Abandoned NRI Women
Friday, February 02, 2007: Waking up
to the distress of the 30,000 women who have been abandoned by their
husbands post marriage, the Overseas Affairs and the Woman and
Child Welfare ministries are working on certain measures which
would pre-empt such marriages of ill-intent from occurring.

Accolades
Galore for Tata Steel
Friday, February 02, 2007: Indians at
home and abroad have hailed the takeover of the Anglo-Dutch steel
giant Corus
by Tata Steel, prompting accolades from across industry.
The jubilation is shared by top NRI industrialists, Lord Swaraj
Paul, Caparo group chief, G.P.Hinduja,
President of the Hinduja group, and NRI steel magnate L.N.Mittal.

SEBI
to Issue Guidelines to Real Estate MFs
Friday, February 02, 2007: In view of
real estate projects taking at least 2-3 projects to complete, the
Securities and Exchange Board of India
(SEBI) is considering a move towards enforcing a minimum closing
period of three years for real estate mutual funds (REMFs).

Corus
Acquisition – A giant Leap Forward
Thursday, February 01, 2007: A proud
moment for India, as the Tatas won the battle to acquire Corus
with a winning bid of 608 pence a share in London on Wednesday.
Tata Steel stands
fifth in the world’s hierarchy of steel corporations. Interestingly,the
Mittal-Arcelor combine is at No.1.

Standard
& Poor’s Upgrades India’s Credit Rating
Thursday, February 01, 2007: A recognition
of India’s sound economic policies and financial stability came
from the ‘investment grade’ rating conferred on it by Standard
and Poor’s, the world’s leading provider of
independent credit ratings. Finance ministry officials welcomed
the upgrade while S&P’s credit analyst Ping Chew said
India’s consistent economic performance and supportive policies
taken by the government towards NRI
investment have contributed to this up scaling.