Working or studying abroad? Learn about the Emigration Bill
Is it necessary for persons leaving India either for work or education to register themselves with the specified authority? I am told that this new regulation is now in place.
There is a draft Emigration Bill 2019, which has been introduced in Parliament. It was put in the public domain on January 9 this year. It will be finalised after receiving feedback from the public. Under the bill, it is mandatory for Indian nationals proceeding for overseas employment as well as students going abroad for education to intimate to the appropriate authority. This will be done online on a digital platform to be set up by the government. However, even before this proposed legislation, government has made it mandatory for persons going to 18 countries for taking up employment to register with the appropriate authority. According to Government sources, the object of making the registration/intimation mandatory is to protect the interest of Indian nationals and to assist them in times of distress. The proposed legislation also makes it mandatory for registration of recruitment and student enrolment agencies, as well as enrollment of sub-agents working with such agencies.
I have considerable experience of being a director of depositories outside India. An Indian company that is in the same line of business has offered me a job as director. I want to know whether there are any regulations governing directors who serve on depositories in India.
Stock exchanges, clearing corporations and depositories are classified as market infrastructure institutions (MIIs). Directors who serve on these institutions are called public interest directors. The Securities and Exchange Board of India, which is the regulator of MIIs, has laid down certain guidelines applicable to such directors. Under the guidelines, a public interest director can be appointed for three years, extendable by another period of three years. The extension would be granted subject to a performance review. The maximum tenure would be for two terms and, therefore, a director who has completed six years will not be eligible for further extension in the same entity. However, after a gap of one year, a public interest director can be appointed for a term of three years in another MII. No such appointment can be made if the director has reached the age of 75.
I am currently a non-resident in India under the tax law, but I will be returning to India shortly. I am currently 52 years old and I want to know whether I can subscribe to the National Pension Scheme. If so, to what extent, and how much tax benefit will I get from my taxable business income? Is the scheme safe?
The National Pension Scheme is regulated by the Provident Fund Regulatory and Development Authority of the government of India. It offers a transparent platform which allows any individual who is a citizen of India to do retirement planning in a cost effective way. The amount to be subscribed every year is flexible. A person has the option to open two accounts. A Tier I account enables an individual to contribute a minimum amount of ₹1,000 per annum. You may contribute in installments of ₹500 each if you so wish. In a Tier II account, the NPS architecture offers you an investment option of contributing a minimum of ₹250 every time you deposit the amount. From this account, you can withdraw your investments at any point of time. Under section 80-CCD(1-B) of the Incometax Act, you will get a deduction of ₹50,000 per annum from your taxable Indian income.