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DARK SECRETS: 2 | Vintage Vibes

Hold US stocks under LRS? Here’s why you may not be able to gift them to NRI children

Indian residents cannot gift US shares purchased through the LRS route to their NRI children. The liberalised remittance scheme requires sale proceeds to be repatriated within 180 days. US stocks held under LRS may face US estate tax upon the investor's death. Indian residents can reduce this exposure by investing…

The Economic Times

Are gifts given to NRIs by relatives taxable? Here's what you need to know about income tax and FEMA rules

NRIs receiving gifts from resident Indians face varying tax implications. Gifts from specified relatives are fully exempt from Indian income tax. Non-relative gifts exceeding fifty thousand rupees become taxable income. FEMA rules also govern the transfer of money and assets. Proper documentation is essential for both taxable and exempt gifts.

The Economic Times

Two dozen states sue Trump White House for politicizing Fema disaster aid

The 25 Democratic attorneys general say administration imposed ‘unlawful’ conditions on federal disaster grants

The Guardian - US

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Is withholding federal counterterrorism funds from states – as FEMA has threatened – legal?

The Federal Emergency Management Agency has issued new grant guidelines that threaten to withhold counterterrorism funds from states that do not comply with President Donald Trump’s election security directives.

The Conversation

One top-100 mayor has left office early this year, and proceedings are underway to remove another from office

A hearing to remove Mayor Paulette Guajardo (Nonpartisan) is underway in Corpus Christi, Texas, the 58th largest city in the country by population. One other mayor in the 100 largest cities, Vi Lyles (D-Charlotte, N.C.), has left office early this year.

Ballotpedia

More than two dozen states sue Trump administration over disaster aid conditions

The lawsuit alleges the administration is compelling states to alter their election systems and assist DHS with immigration enforcement

The Independent UK

Son becomes NRI, gifts shares worth Rs 30 lakh to father; should this be disclosed in ITR? What taxpayers must do to avoid tax notices

NRI son gifted Rs 30 lakh shares to his father through an off-market transfer. Should it be reported in ITR? Although a genuine gift of shares from a son to his father is not regarded as a transfer for capital gains purposes in the hands of the donor, the reporting…

The Economic Times

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Wisconsin Democrats ask state commission to let mail-in voters recast ballots after changes to gubernatorial candidate field

Welcome to the Thursday, July 23, 2026, Brew.

Ballotpedia

Lalit Modi says his home will remain London but he will now visit India after winning tribunal

Lalit Modi announced his return to India after SAFEMA tribunal cleared penalties. He will apply for an OCI card as he surrendered his Indian passport. Modi claimed he fled India due to threats from Dawood Ibrahim. He stated he has won all his legal cases in India. Modi will continue…

The Times of India

‘Where did they go?’: homeless people feel force of America’s brutality in World Cup clean-up

Fifa says football brings the world together but the unhoused in Atlanta feel targeted and completely excluded from the tournament

The Guardian - UK

Climate change driving more rains that lead to deadly flash floods, experts say

Over the last month, states across the country have experienced record rainfall and flash flooding

The Guardian - US

Where to find flooding resources and how to help impacted Texans

From addressing storm damage to mental health needs, here’s how to help or find resources.

The Texas Tribune

Trump is taking longer than any modern president to approve disaster aid: report

When major disasters strike, Americans are routinely waiting weeks — or even months — to receive presidential approval for aid

The Independent UK

ETMarkets Smart Talk | Equity, mutual funds, bonds or property: Tax rules every NRI should know: Ritu Shaktawat

NRIs investing in India must understand tax rules and residential status. Double Taxation Avoidance Agreements offer beneficial tax treatments for certain income streams. Recent changes affect capital gains and mutual fund taxation significantly for investors. Careful planning of investment exits and documentation is crucial for compliance. Adhering to FEMA and…

The Economic Times

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The Economic Times

ED initiates FEMA investigation against Mumbai-based film producer

Searches were conducted against Kalanee Impex Ltd. and its director Dharmesh Sangani. Officials alleged undisclosed foreign assets and bank accounts were found during searches. Export proceeds from overseas buyers were also not realised by the company. The agency found substantial shareholding in an undisclosed Canadian company.

Medical Daily

Extreme Heat Kills More Americans Than Any Weather Disaster, but It Has Never Received a Federal Disaster Declaration

Extreme heat kills 2,394+ Americans annually but has never qualified for a federal disaster declaration. Here's what that means for your community.

Reason

Washington Promised Puerto Rico $14 Billion To Fix Its Grid. Most of the Money Is Still Stuck.

A new GAO report attributes the delays to onerous regulations and poor coordination among government agencies.

International Business Times UK

Trump Denies £170 Million Blizzard Aid To Four Democratic States While Approving £634 Million For Republican-Led States

President Trump denied blizzard recovery aid to four Democratic-led states while approving funds for Republican states, sparking allegations of partisan bias in disaster relief decisions.

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International Business Times UK

Trump Disaster Aid Gap Revealed: Rhode Island Denied at 10 Times the Threshold as Red States Got Approved

Trump denied $227 million in blizzard aid to four Democratic-led states days after approving relief for Republican states with far smaller damage claims.

The Independent UK

Trump administration warns election officials: Comply or face arrest

President Donald Trump’s administration is threatening to withhold some federal funding from states that don’t make changes to voting practices

The Economic Times

Swiggy's foreign shareholding falls below 50%: What it means for investors

Swiggy's foreign shareholding now stands below fifty percent, meeting a key regulatory requirement. This change allows the company to pursue Indian-Owned-and-Controlled Company status under FEMA rules. However, full qualification is not expected until March 2027, after governance changes. Reducing foreign ownership further may impact index weightage for Swiggy. JM Financial…

Medical Daily

Flooding Rain Triggered a New Jersey Store Roof Collapse and Left Drivers Stranded in Rising Water

Heat wave broke Monday with flooding across NYC, Philadelphia, and NJ. A BJ's roof collapsed in Ocean Township. Two people briefly trapped. Flash flood warnings active now.

The Guardian - US

FBI seized more than 600 drones flying over World Cup games in US cities

Agency says drones had been caught across all 11 US host cities in restricted airspace since tournament began

International Business Times

Extreme Heat Alerts Span Over 200 Million Americans As A Massive Heat Dome Builds Over The US. Yet The Country Still Lacks A Federal Framework To Treat Heat As A Disaster.

Extreme heat deaths in the United States have nearly doubled since 1999, with 2,394 Americans killed in 2024 — yet federal disaster law has never declared extreme heat a major disaster, leaving FEMA unable to deploy its full toolkit even as a Fourth of July heat dome places 200 million…

Kiplinger

Is Home Insurance Pricing Retirees Out of the American Dream?

Homeowners insurance is a national crisis — and retirees are hit especially hard.

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