GOPIO NEWS

October 1, 2012

A Publication of the Global Organization of People of Indian Origin (GOPIO)

FIVE INDIAN AMERICANS IN THE FORBES MAGAZINE'S LIST OF RICHEST PEOPLE IN AMERICA

Five Indian-Americans figure in the Forbes magazine's annual list of the richest people in America with Microsoft Corp chairman Bill Gates retaining his top spot with $66 billion, up $7 billion from 2011.

The Indian-Americans' list is topped by Bharat Desai and family with a net worth of $2 billion in the 239th place. Kenya-born Bharat Desai started as a programmer for Tata Consultancy Services, leaving the company four years later to start Syntel.

Romesh Wadhwani ranked 250, is founder and chairman, Symphony Technology Group, with a net worth of $1.9 billion. Landing in the US with only a few dollars in his pocket, he developed business software firm Aspect Development. Today his portfolio includes more than 10 different enterprise software companies.

Kavitark Ram Shriram, managing partner, Sherpalo Ventures is ranked 298, with a net worth of $1.6 billion. He was one of the first people to write a check to Google cofounders Sergey Brin and Larry Page in 1998.

India-born Manoj Bhargava ranks 311 with a net worth of $1.5 billion. His two-ounce caffeine and vitamin elixir, 5-Hour Energy, promises to keep users alert without crashing -- and claims a 90 per cent-plus market share in the energy shot sector

Last on the Indian-American list is venture capitalist Vinod Khosla at 328 with a net worth of $1.4 billion. With a firm belief that the future lies in developing cleaner energy sources, the Khosla Ventures founder was a big backer of biofuel producers Kior and Gevo, both of which went public in 2011. 

WHITE HOUSE APPOINTS 2012-2013 CLASS OF WHITE HOUSE FELLOWS

The President's Commission on White House Fellowships announced the appointment of two Indian American physicians, Anand Veeravagu, MD and Dave Chokshi, MD who are among these 15 accomplished Americans. The Fellows come from diverse backgrounds, varied professions, and have all shown a strong commitment to public service and leadership.

Dave Chokshi, Baton Rouge, LA, is a primary care physician with interests in public health and innovation in health care delivery.  He recently completed internal medicine residency at Brigham & Women's Hospital and Harvard Medical School.  He received his MD with distinction from Penn, an MSc in global public health from Oxford, and graduated summa cum laude and Phi Beta Kappa from Duke.

Anand Veeravagu, Palo Alto, CA, is a neurosurgeon in training at Stanford University SOM. Anand is focused on advancing minimally invasive diagnostic and surgical techniques for diseases of the central nervous system. Anand received his MD from Stanford University and graduated with honors from Johns Hopkins University with a BS in Biomedical Engineering and minor in Multicultural and Regional Studies.

Selection as a White House Fellow is highly competitive; each Fellow must possess the knowledge and skills necessary to contribute meaningfully at senior levels in the Federal government.

NETHERLANDS INDIAN ASSOCIATION COMPLETES 60 GLORIOUS YEARS

The Netherlands has the second largest Indian community in Europe. A very large and vibrant community, they occupy a special niche in the Dutch socio-cultural-education milieu.

The Netherlands-Indian Association (NIA) has become a very vocal force in promoting Indo-Dutch cultural and economic relations; it has been a bridge of sorts between the Indian and Dutch governments, and is duly consulted on important issues.

NIA was founded in 1951 by a few prominent Dutch nationals who were interested in learning more about India and its diverse culture.

In the later years, a large number of Indians got actively involved in its affairs with RL Lakhina becoming its first Indian secretary and Dr Badri Madan the first president. Today, The Netherlands-India Association encompasses a wide range of activities including the study of the respective cultures, histories, philosophies, religions, education and even the Indian Ayurvedic system of medicine.

The Netherlands today boast of the second larger Indian community in Europe, next to United Kingdom.

TWO INDIAN AMERICANS NAMED WHITE HOUSE INNOVATION FELLOWS

Ryan Panchadsaram, head of customer and product at Ginger.io, a spin-off from MIT Media Lab; and Karl Mehta, founder and chief executive officer of Fremont, California-based PlaySpan, which was acquired by Visa in March 2011, have been named among 18 White House Innovation Fellows for 2012.

Selected from an applicant pool of nearly 700 innovators, they will spend six months in Washington DC working on five high-impact projects aimed at supporting entrepreneurship, small businesses and the US economy. The Presidential Innovation Fellows program leverages the ingenuity of leading problem solvers from across America together with federal innovators to tackle projects that aim to fuel job creation, save taxpayers money and improve the lives of Americans in tangible ways. Ryan has been assigned to the Blue Button Initiative and Karl to the 20 Percent Initiative.

Ryan co-founded San Francisco-based Pipette, a mobile health start-up focused on turning consumer mobile devices into remote monitors for patients. He will work on the Blue Button Initiative, which will enable Americans to download their own health information electronically.

Karl founded PlaySpan, a leader in monetization platforms for digital media, mobile apps, social networks and online games. The 20 Percent Initiative is working to transition the last mile of international development assistance payments from cash to electronic methods, lowering administrative costs, promoting financial inclusion and reducing theft, fraud, and violence.

INDIAN AMERICAN DEEN CHATTERJEE AMONG CARNEGIE COUNCIL'S GLOBAL FELLOWS

Deen Chatterjee of University of Utah among 11 Global Ethics Fellows named by the Carnegie Council for Ethics in International Affairs. Selected Fellows will host site visits to generate dialogues on the local dimensions of global issues such as economic development, corruption, and climate change.

Deen Chatterjee is senior advisor and professorial fellow at the SJ Quinney College of Law, University of Utah. His research focuses on justice and global initiative, ethics of war and peace, and philosophy of religion and culture.

Global Ethics Fellows lie at the heart of Carnegie Council's Global Ethics Network, a platform for educational institutions around the world to create and share interactive multimedia resources. The Network was launched as part of the Council's three-year Centennial project: Ethics for a Connected World. Through the Network, Fellows enable their students to interact with other students and educators around the world. Fellows meet annually at Carnegie Council in New York to exchange ideas for research, teaching, and public engagement.

WORLD BANK NAMES CORNELL PROFESSOR KAUSHIK BASU AS CHIEF ECONOMIST

The World Bank named Kaushik Basu, a Cornell University professor and former Indian official, as the institution's new chief economist and Senior Vice-President.

Dr. Kaushik most recently served as chief economic advisor of the India's Ministry of Finance while on leave from Cornell, where he was an economics professor and the C Marks Professor of International Studies.

"Having worked in a Ministry of Finance, in addition to his impressive academic achievements, Dr Kaushik is uniquely suited to help us offer evidence-based solutions and advice to client countries and provide innovative excellence in leading our development research,'' said World Bank President Jim Yong Kim. "Dr Kaushik brings first-hand experience from a developing country and will be a terrific asset to the institution," said Kim.

Dr Kaushik holds a doctorate from the London School of Economics and founded the Centre for Development Economics at the Delhi School of Economics in 1992.

SIDDHARTHA DEB WINS US LITERARY AWARD

Author Siddhartha Deb has been named among the winners of the 2012 PEN Awards, considered the most comprehensive literary awards program in the US, for his non-fiction work The Beautiful and the Damned: A Portrait of the New India.

Described as a gripping analysis of the country and an important book of current times, the book won the PEN Open Book Award, which carries a $5000 cash reward for an exceptional work of literature by an author of color.

Deb's book chronicles varying lives in contemporary India, including that of highly paid call center workers, an entertainment mogul and the tragedy of the farmer suicides.

"Deb gives us a gripping analysis of what is happening in India, where an uncertain world is being built from its newest industries and oldest traditions, as well as a portrait of our own new and uncertain America in the background, also in crisis.

RESERVE BANK OF INDIA ALLOWS NRIs TO PICK-UP SHARES, DEBENTURES AT FACE VALUE

The New Reserve Bank of India announced that Non Resident Indians can make investment in an Indian company at the face value of shares or debentures subject to compliance with FDI scheme.

As per the existing norms, non-residents are allowed to purchase shares or convertible debentures of an Indian company up to the extent and subject to terms and conditions set out under the FDI scheme.

A person purchasing shares proposes to be collaborator or proposes to acquire the entire shareholding of a new Indian company is required to obtain prior permission of the government if he has a previous venture or tie-up in India through investment in shares or debentures.

It also requires that the price of shares issued to persons resident outside India under this scheme shall not be less than the price worked out in accordance with the Sebi guidelines, if the issuing company is listed on any recognized stock exchange in India.

Fair valuation of shares should be done by a chartered accountant as per the guidelines issued by the Controller of Capital Issues, in all other cases, as per RBI.

HELP FOR NRIs: HOW TO TRANSFER TITLE OF INHERITED PROPERTY

According to a study conducted by the RBI, remittances made by overseas Indians from Gulf countries accounted for an average of 27% of the total remittance inflows.

Dealing in Indian real estate matters, especially if you have lived outside the country for a long time can be a nightmare.

"The process of transferring title in India can be quite cumbersome especially if the paperwork is not in order as it will involve several court matters," explains P Sunder, Managing Director of yourmaninindia.com, a TTK Services company that provides legal services for NRIs. "A lot of times there is no Will making the title itself disputable. When there is a Will, the related property documents may not be in place. Indian sensitivity prevents the heirs from asking for estate documents before the death of parents or other bequethers. As a result, the heirs end up running around quite a bit to complete the inheritance process."

Here are some answers to frequently asked questions on this issue:

What are the documents needed to transfer title of inherited property?

A Registered Will - As per legal requirement, a Will is not required to be registered. It can just be written on a plain piece of paper. However, registration makes it a valid document that can be presented in the court. "We recommend that the Will is registered. One can always keep revising a registered Will," Sunder explains.

A Succession Certificate - In the absence of a Will, the heirs would need to obtain a Succession Certificate from the court. "The heirs will have to submit various documents such as death certificate of the deceased, the birth certificate of the heirs, copy of the ration card, bank statement of the heirs etc. These documents are needed to prove that the heirs are indeed the rightful successors," Sunder says.

Original purchase deed of property and registration documents. In case of old properties, the original purchase deed may not be available. In such cases, you would need to procure certified copies of the title deed from the jurisdictional registrar's office.

Encumbrance Certificate - The Encumbrance Certificate records and reflects all the transactions occurred in respect of an immovable property be it a sale, lease, mortgage, gift, partition, release, etc.

Khata - Khata is a record that shows the entry of the property owner's details in the records of the Corporation/Municipality. It contains details such as name of property owner, type of property, property taxes paid/ payable etc. It is basically an evidence of who owns and possesses the property concerned.

How is Khata different from the property registration?

The registration document shows the purchase or sale of the property from one owner to another with various rights thereon, whereas the Khata shows the annual property taxes paid. Ideally, when registration of a property changes, automatically the Khata should also be changed in the municipal records. Unfortunately, that automatic process does not happen and Khata must be transferred separately.

What is the process for effecting transfer of title?

"Transfer of title can be done through mutation of revenue records/ transfer of Khata," Sunder explains.

Mutation of revenue records means updating the details of new owner of the property in the books of the respective development authority, that is, either municipal corporation or village Panchayat.

In order to do this, you must submit all the documents mentioned above to the authority.

"While the transfer must be affected locally, that is, within India and within the same jurisdiction where the immovable property is situated, it can be executed by an NRI using a Power of Attorney (PoA)," says Sunder adding, "For the succession certificate too, the NRI can have someone represent him/her through the PoA." The person you choose can be a friend, relative or even a professional. Different municipal bodies follow different processes. It might be best to speak to a local lawyer about your specific case.

How should an NRI make the PoA?

Sunder explains the procedure, "The NRI can issue a PoA in favor of a local representative, authorizing such person to do certain specified and incidental acts/deeds and things. Such PoA should be duly notarized by an attorney in the country of the NRI's residence followed by attestation at the nearest Indian consulate in that country. This must be handled by the NRI in his country of residence. Next, the PoA needs to be registered in India (via adjudication process) by paying requisite fees/stamp duty to the Department of Stamps and Registration. This can be handled by the PoA holder."

"It is safe to give a PoA provided you clearly specify its purpose and keep a track of it. If you apprehend misuse at any point of time then take immediate action to revoke the PoA followed by a newspaper publication of such revocation thereby deliberately notifying the general public. General PoAs (that is PoAs with open ended/blanket/broad powers) should be avoided at all times. Through the PoA, the acts of the holder are akin to acts as if they have been carried out by you. So you cannot claim misuse if you have given a very open ended PoA. Also, we have seen that normally misuse of PoAs happens within families and relatives. Blind trust without checkpoints and the sensitivity of personal relationships makes this a difficult space to tread. Most property related legal problems for NRIs stem from here," he adds.

What are the most important things to do as a precautionary measure to avoid future legal issues or complications with respect to inherited property?

Ensure that a Will is made and duly registered. One can always draft a fresh Will anytime and have it registered again. The last registered Will is the one that will be used. Ensure property matters are discussed and clarified between siblings so that there are no complicated legal wrangles later on.

Ensure that documentation required for each property to establish ownership is mandatorily done. "In some cases the property continues in peaceful enjoyment without mutation (transfer of records to the next successors) for generations. That kind of a situation is a time bomb waiting to explode should relationships go bad. And the more the number of successors, the more the complications," Sunder says.

Source: Deepa Venkatraghvan, Times of India, Sept. 25^th, 2012

BLUE CARD ADVANTAGES: OPPORTUNITES FOR INDIAN TECHIES IN GERMANY

Introduction of the new German 'blue card initiative' for skilled and highly qualified workers can look forward to tapping opportunities in Germany. The German government has also announced the Recognition Act, which facilitates the recognition of foreign professional credentials.

The changes to the Residence Act include regulations regarding the issuance of the new EU blue card which is a residence permit intended for highly skilled non-EU nationals seeking employment in Germany. It also offers new benefits for foreign students. While pointing out the advantages of the blue card scheme for young professionals from India, the German ambassador Michael Steiner said, "The new EU blue card is one step towards providing better access to jobs in Germany for skilled international workers. Germany and many of our European partners are ageing societies that need skilled workers.

"Today's ideas are what make tomorrow's technologies, products and services possible. This is why we are providing targeted funding for young academics including measures that make it easier for specialists and scientists from abroad to come to Germany," said Federal minister of education and research Annette Schavan.

The German Academic Exchange Service (DAAD) is very upbeat about the opportunities that will be now available for foreign students. "This new law gives foreign academics more freedom of choice on extending their stay in Germany. This is an important step at a time when we are urgently in need of skilled workers," president of DAAD, Margret Wintermantel, said.

"Since 2000, when the earlier green card scheme was launched, Germany needed to attract software professionals. But because of language problems and a perception among skilled workers that countries such as the US and UK were better to live in, the best talent did not move here," says Chirantan Banerjee, a researcher at the University of Bonn and a permanent resident of Germany on the merit of his high-end research work.

Source: Economic Times, Sept. 24^th, 2012

NEWS OF INTEREST TO NRIs AND PIOs AROUND THE WORLD

GOPIO is a non-partisan, non-sectarian global organization with chapters in several countries, actively promoting the interests of people of Indian origin worldwide by monitoring and addressing current critical issues of concern, and by enhancing cooperation and communication between groups of Indians living in various countries.

GOPIO Individual Life membership is open to all who believe in the mission of GOPIO. The one- time fee is $5,000 for Platinum Life Membership, $2,500 for Gold Life Membership and $1,500 Silver Life Membership and half the amount for each category for those from developing countries and India.

GOPIO is looking forward to opening chapters in all major cities of the world so as to network people of Indian origin all over the world. If you do not have chapter in your city, please visit GOPIO website (www.gopio.net) and get details of chapter initiation (visit http://www.gopio.net/chapter_initiative.htm). Process involves sending a letter of intent to start a chapter by a committee of five people or more. For more information, contact:

GOPIO Chairman - Inder Singh, Tarzana, California, USA, Tel: +1-818-708-3885, E-mail: gopio-intl@sbcglobal.net.

GOPIO President - Ashook Ramsaran, Fresh Meadows, New York, USA, Tel: 718/939-8194, E-mail:ramsaran@aol.com

GOPIO Executive Vice President - Sunny Kulathakal, Bahrain, Tel: +973 39441956 or +91 9845756692, E-mail:Kulathakal@yahoo.com

Chief Editor: Dr. Thomas Abraham, Founder President and Chairman Emeritus of GOPIO Intl. and Executive Trustee, GOPIO Foundation (Stamford, CT, USA)

Editor: Nami Kaur, Secretary, GOPIO International (New York, USA)

Co-Editors: Bina Mahabir, Co-Chair GOPIO Media Council, GOPIO International (Guyana-New York, USA) and Nilofar Pardawala (Portland, Oregon, USA)

Webmasters: Prashant Gupta (Hyderabad, India) and Abu Thomas (New Rochelle, NY, USA)