Prashant Ajmera of Ajmera Law Group making a presentation to the law students of Nirma University students

1. Speaker:
Adv. Prashant Ajmera
B.Sc. LL.B. ( India) ICSA (UK)
prashant@ajmeralaw.com www.ajmeralaw.com

2. • Migration to Africa and North America - before and
after II World War mostly for work
• 1960-70 – For higher studies in USA, UK and Europe
• Large migration of workers to UAE & other Gulf
countries in early 70’s
• Migration Act of 1984
• Canada immigration and immigration programs of
other countries become stricter- Introduction of IELTS
• 2008 onwards - Huge rise in student visa consultants
• Immigration consultants – Not regulated and hence
frauds are wide spread - More than 5000
• Study Abroad and settled abroad become a way

3. • Period – 1947 to 1993 – Pre Liberalization
• Period – 1993- 2007 – Inbound Investments
• Period 2007 – Present- Inbound & Out-Bound Inv
Currency Restrictions – RBI - FEMA
• 1988 – $500 US per foreign trip
• 2019 – $250,000 US per person / per year
• 2007 – HNIs in India 152 ,000
• 2015 – HNIs in India 236,000
• 2018 – HNIs in India 430,000
• 2023 – HNIs in India 860,000

4. • Investment made Out side India - US$ Millions
• 2006-07 – 72.8 millions
• 2007-08 – 440
• 2008-09 – 808
• 2009-10 – 983
• 2010-11 – 1153
• 2011-12 – 1001
• 2012-13 – 1206
• 2013-14 – 1093
• 2014-15 – 1325
• 2015-16 – 4642
• 2016-17 – 8107
• 2017-18 – 11333
• 2018-19 – 13876
Investment in 2017-18
(i) Deposits - 414.9
(ii) Property – 89.6
(iii) Debt / equity - 441.8
(iv) Gift – 1169.7
(v) Donations - 8.5
(vi) Travel - 4022.1
(vii) Close Relative – 2939.4
(viii)Medical - 27.5
(ix) Study - 2021.4
(x) Others – 200.6

5. • Remittance made Out side India - US$ Millions
Outward Remittances under the Liberalized Remittance Scheme (LRS) for Resident Individuals IN US$
Item 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
1 Outward Remittances under the LRS 1,206.4 1,093.9 1,325.80 4,642.6 8,170.7 11,333.6 13,787.6
1.1 Deposit 20.1 31.6 51.4 109.9 283.8 414.9 455.9
1.2 Purchase of immovable property 77.7 58.7 45.5 90.8 92.9 89.6 84.5
1.3 Investment in equity/debt 236.9 165.5 195.5 317.9 443.6 441.8 422.9
1.4 Gift 261.6 267.1 403.5 533.0 749.5 1,169.7 1,370.2
1.5 Donations 4.5 2.0 3.2 3.9 8.8 8.5 8.7
1.6 Travel 44.8 15.9 11 651.4 2,568.0 4,022.1 4,803.8
1.7 Maintenance of close relatives 226.6 173.9 174.4 1,372.1 2,169.5 2,937.4 2,800.9
1.8 Medical Treatment 4.9 4.7 7.2 17.2 17.3 27.5 28.6
1.9 Studies Abroad 124.7 159.3 277.1 1,200.0 1,536.4 2,021.4 3,569.9
1.10 Others 204.1 215.3 157.1 346.4 300.8 200.6 242.2
Note : 1.10: Include items such as subscription to journals, maintenance of investment abroad,
student loan repayments and credit card payments.

6. Before 2007 ….
• Home
• 2 Wheeler or 1 car
• Investment – India
• Holiday in India
• Children Education – India
and only Master abroad
• 2nd Home – India
• Wedding – India Destination
• Business -National& Inbound
After 2007
• Home + Decorated
• Two Four wheelers
• Investment - International
• Holiday –International
• Children education – after
12th abroad
• 2nd Home – International
• Wedding – Inter. Destination
• Business Global & outbound

7. • Market size
• Outward Foreign Direct Investment (OFDI) in
Equity, Loan and Guaranteed issue stood at
-US$ 12.59 billion in 2018-19 and
-US$ 2.841 million in April-June 2019
• India’s cumulative stock of
Overseas Foreign Direct Investment (OFDI)
US$ 155 billion in 2017.
https://www.ibef.org/economy/indian-investments-abroad

8. Non-Immigrant Visas
(1) Tourist visa
(2) Student visa
(3) Work Permit
( Served by Travel agent /
Consultants)
Immigrant Visas
(1) Family sponsorship
(2) Refugees & H & C Grounds
(3) Economic migration
(a) Professionals
(b) Business Immigration
(i) Investment based –
Passive: Project, Bond, Real estate
(ii) Entrepreneur – Active in a
business: New, Purchased or
Joint Venture
(iii) Start-Up – Active business

10. 1. Indian HNIs want children to study abroad
• Early planning can save 80% in tuition fees and
many other benefits
2. International Properties
London is new Lonawala &
Madrid is new Mahableshwar
3. Businessmen – Exporter and his advantage

11. 1. Lawyers
2. Accountant
3. Wealth managers / Financial Planner
4. Tax advisory
5. Management professionals
6. SEBI, RBI & Government for regulating
7. Law Institutes for imparting knowledge

12. • Lack of knowledge and trust
• Professionals do not take interest
• No professionals with real expertise and know-
how
• Limited and basic advice from immigration
consultants and visa agents
• USA visa rules become the general applicability

13. • CHAPTER IV
• RIGHT TO PRACTICE 29.
• Advocates to be the only recognized class of
persons entitled to practice law.
—Subject to the provisions of this Act and any
rules made thereunder, there shall, as from the
appointed day, be only one class of persons
entitled to practice the profession of law, namely,
advocates.

14. Thank You for your time
Q & A
www.ajmeralaw.com
prashant@ajmeralaw.com www.ajmeralaw.com