The Ministry of Commerce and Industry's Anti-Money Laundering and Terrorist Financing Department conducted approximately 936 inspections of real estate, exchange, and jewelry companies in the first nine months of 2023, averaging four inspections per day. A total of 372 field visits were made to real estate companies, 92 rounds were made to exchange companies, and 472 rounds were made to jewelry companies during this period. The Ministry of Commerce reports that within nine months, the Money Laundering and Terrorist Financing Department suspended the activities of four companies, including a real estate firm, two exchange firms, and a jewelry firm.

In addition, eight companies' licenses were lifted simultaneously, including two real estate companies, an exchange company, and five jewelry shops. The department blocked 27 websites during the same period, and around 1.87 thousand transactions relating to money laundering were recorded. It includes 1,28 thousand real estate transactions, 41 transactions for exchange companies, and 550 transactions for jewelry companies.

A total of 284 transactions were conducted by the Anti-Money Laundering Department within nine months, including 1.65 thousand real estate transactions, 136 exchange transactions, and 1.05 thousand jewelry transactions. In June, the Kuwaiti Ministry of Commerce and Industry initiated a campaign using electronic platforms, particularly the Sahl application and e-mail, to raise awareness among local companies and commercial institutions about financial crimes.

Businesses were sent awareness messages about the dangers of money laundering and terrorist financing, emphasizing the need to secure financial transactions and protect institutions from these threats. During the nine months, inspections were conducted to ensure compliance with the provisions of Law No. 106 of 2013 on money laundering and terrorist financing, Ministerial Resolution No. 37 of 2013, and Ministerial Resolution No. 431 of 2016. Data and procedures were inspected, documents examined, customer information updated, and documents examined. To strengthen the Ministry's supervisory role in dealing with electronic risks related to combating money laundering, terrorist financing, and consumer protection, the Ministry of Commerce and the Communications and Information Technology Commission signed a memorandum of understanding in late November. A detailed description of the services provided by the Communications Authority related to the blocking and unblocking of social media accounts, websites, and electronic applications is contained in this agreement, as well as the responsibilities of all parties involved.

In accordance with international prices, the committee charged with reviewing various subsidies decided to reduce the price of Ultra gasoline by 14 percent, or 35 fils, for three months starting in January, reports Al-Anba daily.

There is no change in the price of other fuels: The committee decided to retain the prices of other types of fuel: the price of a liter of premium gasoline is 85 fils, special gasoline is 105 fils, diesel is 115 fils and kerosene is 115 fils. according to sources.

The Ministry of Interior has prepared a comprehensive plan to maintain security and discipline, and deter any attempt to violate the laws, as per the directives of First Deputy Prime Minister and Minister of Interior Sheikh Talal Al-Khaled.

Assistant Undersecretary for Public Security, Traffic, Operations, Correctional Institutions and Judgments Execution Major General Abdullah Al-Rajaib announced that the abovementioned security plan is for the New Year holiday, during which there will be heavy security presence in all locations to take the necessary precautionary measures in order to maintain public order and protect lives and properties. He said: “During the New Year holiday, there will be an emphasis on all elements of the delegated security forces participating in the security plan. They have been instructed to be at their designated stations and carry out their tasks efficiently to ensure the safety of everyone.” He added the total number of security patrols assigned in various governorates reached 310 with around 1,950 security personnel assigned in different parts of the country.

He stressed that like in previous years, the Public Security Affairs Sector assigned security patrols in front of churches and mobile patrols in and near these places. “We have eight churches – two in the Capital Governorate, four in Hawally and two in Ahmadi. These are the focus areas in addition to the chalets, desert, coastal strip, Abdally farms, famous commercial complexes, markets, parks, public gardens and others. We have coordinated with other entities to ensure the safety of everyone. There will be heavy presence of public security, traffic, rescue and investigation patrols in crowded places; in addition to the participation of other agencies, such as medical emergency and Kuwait Municipality that will work according to their capabilities,” he explained.

On instructions for communities and churchgoers, Al-Rajaib explained that the ministry always warns and advises citizens and expatiates to respect the laws and directives of the ministry and other concerned authorities. He said: “Everyone must adhere to public values and morals. They should not deviate from public order and avoid engaging in acts punishable by law in order not to be subjected to various penalties like deportation and imprisonment.”

He added security officers will be stationed in different areas like the chalets, beaches, Subiya, end of Jaber Bridge and desert to prevent the violation of public morals. He said Sabah Al-Ahmad Marine Police Station and Wafra Police Station will also carry out their duties in maintaining security and public order; stressing all the participating security services will conduct inspections to monitor violations or manifestations of violation of public morals. He warned that all those proven to have committed violations will be dealt with as per the law.

About the reckless activities along highways such as Wafra and Salmi, he asserted there will be a strict mechanism to prevent such activities as all the concerned patrols have been instructed to prevent the gatherings of vehicles and individuals who engage in reckless acts that endanger their lives and that of other people. “If any of these reckless people are caught, they will be referred to the concerned authorities, along with their vehicles,” he stressed.

The Embassy of India in Kuwait will remain closed on Monday, December 25th, for Christmas, the Embassy informed us in a notice. However, the emergency consular service will be available, it added.

Meanwhile, all the three BLS Consular application centers will continue to work as usual.

CA Surin Gandhi is a Senior Investment Analyst employed with Astrolabe Holding Company. He serves as a Committee member of The Kuwait Chapter of the Institute of Chartered Accountants of India (KCICAI).

Arab Times: What are the stipulated limits for the amount of money and gold an NRI can carry when visiting India?

Gandhi: For Cash, an NRI can carry up to USD 10,000 or its equivalent in foreign currency without customs declaration.

For Gold, a male passenger is allowed to carry a maximum of 20 gms, which doesn’t cost more than Rs. 50,000 and a female passenger can carry a maximum of 40 gms which should not cost more than Rs. 1 lakh as a duty-free allowance.   

Arab Times: Is the salary transferred to an NRI account taxable if you are working from home in India?

Gandhi: If an NRI is working from home in India, the tax implications would depend on various factors, including the duration of stay in India and the residential status. If the person is working remotely for a foreign employer, his/her salary earned outside India is generally not taxable in India. However, if he/she is physically present in India for more than 182 days in a financial year while working remotely, full salary is taxable in India.

Arab Times: What must NRIs do after returning to India for good? (Bank notification)

Gandhi: Upon returning to India for good, an NRI must notify his/her bank within 30 days about the change in residential status. They need to convert their NRI accounts to resident accounts or open new resident accounts. Provide necessary documents to the bank as per RBI guidelines.

Arab Times: What is the process for NRIs to file tax returns, and are there specific guidelines or requirements that need clarification in this regard?

Gandhi: NRIs with taxable income in India if such income exceeds the basic exemption limit, need to file income tax returns before July 31st of the following year. The process involves obtaining a Permanent Account Number (PAN), filing the return online on the portal, and fulfilling other compliance requirements as necessary.

Arab Times: What emerging investment opportunities are available for NRIs beyond traditional choices like real estate and gold?

Gandhi: India’s financial landscape is evolving, and there are diverse investment options beyond traditional choices. For NRIs looking to invest outside real estate and gold, they can consider:

• Equity markets and Mutual Funds
• Startups and SMEs: Invest in high-growth Indian businesses through angel investing or venture capital funds.
• Infrastructure Bonds: Offer attractive returns with government backing and contribute to India’s development.
• Alternative Investment Funds (AIFs): Provide access to diverse assets like private equity, debt, and real estate with higher potential returns.

Arab Times: What are the challenges and issues that NRIs can face while investing in real estate in India?

Gandhi: NRIs may face challenges such as legal complexities, delays in property transactions, lack of physical presence to manage property, currency fluctuations, and lack of transparency in real estate transactions. It is crucial to conduct thorough due diligence and seek legal advice before investing.

Arab Times: What recommendations are advised for NRIs facing a limited timeframe stay in India due to delays in government processes?

• Appoint a trustworthy power of attorney to manage your affairs in your absence.
• Plan investments carefully, and consider short-term liquid investment options such as mutual funds or bonds that are easy to encash. Be aware of the regulatory and procedural delays.
• Consider renting instead of buying property unless you have a long-term commitment.
• Seek professional advice from registered wealth advisors

Arab Times: How can NRIs avoid double taxation, and where exactly do Indians end up paying taxes twice?

Gandhi: NRIs can avoid double taxation by utilizing Double Taxation Avoidance Agreements (DTAA), claiming foreign tax credits, and understanding the residential status. It is advisable to seek advice from a tax consultant to ensure compliance with applicable tax treaties and take advantage of available DTAA exemptions.

Arab Times: What are the restrictions for NRIs in India in terms of investments in India?

Gandhi: While NRIs have various investment options, there may be restrictions on certain sectors as regulated by FEMA guidelines. Some of these include:

• NRIs cannot invest in agricultural land or purchase agricultural properties directly.
• Certain restrictions apply to investments in sensitive sectors like defense and atomic energy.

Kuwait City ranked second worst city in the world in the latest Air Quality Index (AQI) with a score of 210; while the Bangladeshi capital – Dhaka is in first place with a score of 237 and Chengdu, China in third place with a score of 200, reports Al-Seyassah daily.

An AQI result between 51 and 100 indicates that the air quality is moderate, it is classified as unhealthy for sensitive groups if the result is between 101 and 150 and a place is considered unhealthy if the result ranges from 151 to 200. An AQI score of 201 to 300 is considered an emergency with health warnings, in which case children, the elderly and the sick are urged to limit their indoor and outdoor activities.

Al-Ojairi Scientific Center confirmed that the country experienced winter solstice — the shortest day of the year — on Friday; while the Meteorological Department forecasted scattered light to moderate rain in some areas from Friday evening until Saturday afternoon, reports Al-Rai daily. According to the center, the winter solstice started at 6:28 am on Friday; indicating this signals the beginning of winter in the northern hemisphere.

It explained that winter solstice is marked by delayed dawn, as it coincides with the shortest day of the year — approximately 10 hours compared to 14 hours at night, as the Sun rose at 6:38 am the next day. During the winter solstice, the Sun reaches its lowest point above the horizon at noon when it crosses the meridian, and the human shadow on the ground at this time is the longest possible, the center added. On the other hand, the Meteorological Department announced that the weekend weather was moderate to warm during the day and cool to cold at night, with scattered light to moderate rain in some areas from Friday evening until Saturday afternoon

Kuwait’s Ministry of Health has officially stated that the “JN.1” variant of the coronavirus has not been detected in Kuwait. The genetic examination teams are actively engaged in monitoring the prevalent patterns of the coronavirus and other viruses. This announcement comes in light of reports from various countries around the world regarding the identification of this particular variant.

The ministry emphasized that the emergence of new variants is an anticipated occurrence and should not raise undue concern, as mutations are inherent characteristics of viruses. The ongoing efforts of the genetic examination teams are crucial in staying vigilant and informed about the evolving nature of the virus.

To address the evolving situation, the Ministry continues to provide the latest version of the COVID-19 vaccine at 42 preventive health centers across Kuwait. This updated vaccine is designed to cover all prevalent strains of the virus. The ministry strongly advises individuals, particularly those in high-risk categories such as those over 60 years old and adults with chronic diseases or immunodeficiency conditions, to receive the vaccine as a preventive measure.

The Food and Nutrition Public Authority confirmed that the oat products in Kuwait from the brand (Quaker) have all been examined and are suitable for human consumption and free of salmonella bacteria.

The authority explained in a press release today, Friday, that the US Food and Drug Administration’s warning regarding the possibility of contamination of US-produced Quaker brand oat products with Salmonella bacteria relates to products that carry expiration dates before January 9, March 12, June 3, August 2, or August 1. September or October 1, 2024.

The Food and Nutrition Authority indicated that the same batch numbers were not imported into the State of Kuwait, stressing that the products of the same brand present in the markets have all been examined and are suitable for human consumption (KUNA)

Kerala reported three COVID-19 fatalities and 300 new cases on Wednesday. Especially in Bengaluru, the state capital, the situation in neighboring Karnataka is growing alarming as cases are expected to surpass 100. Bengaluru authorities have sent 17 samples for genome sequencing in order to confirm the presence of the JN.1 variant, with results expected in five days.

In the last 20 days, Bengaluru has reported 42 positive COVID cases, with three deaths. All individuals, however, had other critical health conditions, according to sources. Authorities are increasingly concerned about the evolving situation, especially with the upcoming Christmas and New Year celebrations.

During the last 24 hours, the Department of Health and Family Welfare reported 20 new positive COVID-19 cases and two deaths. The total active patients stand at 92, with 72 isolated at home, 20 hospitalized, and seven in the ICU. The positivity rate is 2.47%, and the case fatality rate is 10%.

In the past 24 hours, the federal Health Ministry reported 358 new COVID cases nationwide, including 300 in Kerala. Six deaths, including three in Kerala, were recorded during this period. The country has 2,669 active cases, with a spike attributed to the JN.1 variant.

The Union Minister of Health and Family Welfare Dr. Mansukh Mandaviya stressed the importance of alertness and preparedness against new strains of the COVID-19 virus. He urged states to increase surveillance and ensure an adequate stock of medical supplies.

World Health Organization (WHO) highlighted the evolving nature of the virus and encouraged member states to continue strong surveillance following the surge and new JN.1 variant. Dr. Soumya Swaminathan, former WHO chief scientist, cautioned against dismissing COVID as a common cold, emphasizing potential long-term effects.

Dr. Rajeev Jayadevan, Co-Chairman of the National Indian Medical Association's Covid Task Force, expressed concern about the JN.1 variant's marked differences. He recommended wearing masks in specific situations and advised vulnerable populations to use pulse oximeters.

According to Dr. Mandaviya, states must enhance surveillance and maintain adequate medical supplies to prevent the spread of new strains of the virus.

Investments in financial derivatives by local banks experienced a decline over the initial 10 months of 2023, decreasing by 15.1% to 1.965 billion dinars. This contrasts with December 2022’s 12.951 billion dinars, marking a decline according to data from the Central Bank of Kuwait in October. On an annual basis, these investments increased by 10.3%, reaching 1.03 billion dinars, compared to 9.956 billion dinars in October 2022. However, a monthly increase of 7.8%, approximately 796.9 million dinars, was observed from the end of September, when the total was 10.1 billion dinars.

The trajectory of bank investments in financial derivatives fluctuated throughout 2023. Decreasing from 12.951 billion dinars in December 2022 to 10.654 billion dinars in January, it rose in February to 10.934 billion dinars. Yet, it declined to 10.176 billion in March, reaching 10 billion in April, 9.836 billion in May, and 9.725 billion in June. Subsequently, it increased to 10.304 billion dinars in July, only to decrease again in August to 10 billion dinars and reach 10.1 billion in September. Financial derivatives encompass diverse investment instruments derived from the value of financial or other assets (such as stocks, bonds, real estate, currencies, and commodities). These instruments include futures contracts, options contracts, and more. Futures contracts involve agreements to buy or sell assets at an agreed-upon price on a future date.

Options contracts, on the other hand, grant one party the right (but not the obligation) to buy or sell an asset at a predetermined price on a future date, with payment of a premium. Several Kuwaiti banks have previously obtained approval from the Central Bank of Kuwait to establish special purpose companies in the Cayman Islands, specifically for dealing in financial derivatives contracts. Regulatory authorities, including the Central Bank of Kuwait, the Capital Markets Authority, and the Ministry of Commerce and Industry, have collaborated to create a regulatory framework for derivatives trading.

Notably, a Capital Markets Authority decision in October 2021 mandated companies involved in financial derivatives to regularize their status, with oversight limited to derivatives traded in Kuwait. As part of Kuwait’s efforts to upgrade its market from “emerging” to “advanced emerging” in the “FTSE Russell” index, the Capital Markets Authority is implementing a strategy to develop and enhance the market’s appeal to investors. This involves expanding the offering of financial products and services, including listing and trading platforms for bonds, instruments, exchange-traded funds, financial derivatives, and repurchase contracts. These initiatives align with Kuwait’s ambition to become a regional financial and commercial center, competing with other Gulf markets, and attract both foreign and local investors.

Indian Prime Minister Shri Narendra Modi congratulated His Highness Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah on becoming Kuwait's Amir.

"Greetings and congratulations to His Highness Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah on his appointment as Kuwait's Amir. Modi said in a tweet on X platform that he is confident that the Indian community in Kuwait will continue to flourish in the coming years.

New Coronavirus variant JN.1 has emerged, causing heightened concerns among health authorities, experts, and the general public. This new subvariant of COVID-19, JN.1, is a descendant of BA.2.86, and its detection has contributed to a surge in India’s active caseload, reaching 1,828 on Monday. Kerala reported one death associated with the JN.1 subvariant, prompting the central government to issue an advisory urging state governments to strengthen health measures.

JN.1 Covid subvariant was first identified in Luxembourg and is derived from the Pirola variant (BA.2.86), itself derived from the Omicron subvariant. It has a number of unique mutations, especially in the spike protein, which may increase its infectious potential and immune-evading properties.

There are a number of symptoms associated with the JN.1 variant, including fever, runny nose, sore throat, and headache. Fortunately, most patients experience mild upper respiratory symptoms that typically improve within four to five days.

A subvariant of JN.1 has been detected in Kerala, India. A 79-year-old woman tested positive in an RT-PCR test on November 18, exhibiting mild symptoms of influenza-like illness (ILI) and subsequently recovering from Covid-19. Over 90% of Covid cases in India are mild and are managed at home.

In Singapore, an Indian traveler was identified with the JN.1 subvariant. This individual, hailing from Tamil Nadu’s Tiruchirapalli district, had traveled to Singapore on October 25.

Rajeev Jayadevan, co-chairman of the National Indian Medical Association Covid Task Force, characterizes JN.1 as a severely immune-evasive and fast-spreading variant. Its ability to infect individuals with prior COVID-19 infections and those vaccinated raises concerns about its potential impact.

The India SARS-CoV-2 Genomics Consortium (INSACOG), responsible for sequencing and monitoring new COVID-19 variants, conducted surveillance in Kerala.

The Karnataka government has ruled out the need to restrict movement on the border for now, assuring that all precautionary measures have been implemented. Currently, Karnataka reports 58 active cases, with 11 hospitalized and one Covid-related death with additional comorbidities.

It was first detected in September 2023 in the United States, underlining the global nature of the variant and the need for heightened vigilance.

A medical check appointment for expatriate workers scheduled for December 17, 18 & 19 has been rescheduled for December 20th, 21st and 24th by the Ministry of Health.

On December 17, 18 and 19, the medical test was cancelled due to the public closure following the sad death of late Amir HH Sheikh Nawaf Al Ahmad Al Sabah.

MoH has announced that those who received appointments on these dates should visit the center on 20th, 21st, and 24th, respectively.

Indian Minister of Petroleum and Natural Gas & Housing and Urban Development, Shri Hardeep Singh Puri, has arrived in Kuwait to extend condolences and pay homage to the leadership of Kuwait on behalf of the Government of India following the passing of the late Amir, HH Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah.

The Government of India has declared a State mourning across the country on December 17 as a gesture of respect for the departed leader.

In the wake of the demise of His Highness Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, Kuwait mourns the loss of a visionary leader who steered the country towards progress and prosperity. Under the late Amir's leadership, India and Kuwait maintained close and friendly relations. His unwavering commitment played a crucial role in guiding and enhancing bilateral engagements for the mutual benefit of both nations. The Ministry of External Affairs (MEA) emphasized in a press statement that the significant Indian expatriate community in Kuwait will deeply feel the absence of his leadership and compassionate care.

"Deeply saddened to learn about the unfortunate demise of His Highness Sheikh Nawaf Al-Ahmed Al-Jaber Al-Sabah. We convey our deepest condolences to the Royal family, the leadership and the people of Kuwait."

In a gesture of collective mourning, commercial complexes across Kuwait have announced the closure of their doors starting today, Saturday, and continuing until the day after tomorrow, Monday. This solemn decision comes following the passing of the revered Amir, His Highness Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, may God Almighty rest his soul in peace.

Various commercial complexes shared statements on their social media platforms, expressing condolences and solidarity with the nation during this period of grief. The administrations have communicated that regular business operations will resume from next Tuesday onward.

In honor of the late Amir of the State of Kuwait, His Highness Sheikh Nawaf AI-Ahmad Al-Jaber AI-Sabah, who passed away on December 16, 2023, India has designated December 17, 2023, as a day of national mourning. This solemn occasion will be acknowledged throughout India and at all Indian high commissions, embassies, and consulates worldwide.

As a gesture of respect, the national flag will be flown at half-mast on all Government of India buildings across the country, as well as at Indian high commissions, embassies, consulates, and India Houses globally. In observance of this day, all official entertainment activities are suspended on December 17, 2023.

The Embassy of India in Kuwait will mark the occasion by lowering the Indian national flag to half-mast on December 17, 2023. Additionally, all officials of the Mission will observe two minutes of silence at 12:30 PM on the same day.

A heartfelt appeal is extended to all Indian nationals in Kuwait to participate in this tribute by observing two minutes of silence at 12:30 PM on December 17, 2023. This collective act of remembrance joins 1.4 billion brothers and sisters in India who are partaking in a day of mourning to pay homage to the departed leader.

Introduction to the New Law Kuwait is set to introduce a transformative residency law in early 2024. This law will notably extend the visit visa duration for expatriates, a significant change from the existing one-month limit.

Extended Visa Duration and Renewal Under the new regulations, expats can enjoy a three-month stay on a visit visa. This can be renewed subject to the Interior Minister's approval, offering more flexibility for international visitors.

Stringent Penalties for Residency Violations The law takes a strict stance against residency violations. Offenders face severe consequences, including imprisonment for up to a year and fines ranging between KD 1,000 to KD 2,000.

Increased Fines for Delayed Compliance Daily fines for failing to adhere to residency rules are set at KD 2. The law also introduces increased fines for late registration of newborns, emphasizing timely compliance.

Regulations for Employment Violations The law enforces a KD 3,000 fine for expatriates working for non-sponsor employers. This aims to regulate the labor market and ensure adherence to employment guidelines.

Conclusion Kuwait's 2024 residency law aims to streamline residency procedures while enforcing stricter compliance. These changes reflect Kuwait's commitment to maintaining a structured and law-abiding environment for expatriates.

The proposed changes are anticipated to take effect at the beginning of 2024, ushering in a new era in Kuwait's residency regulations.

In a bid to advance the digital transformation of the Interior Ministry, especially in enhancing public services, the Ministry of Interior is set to launch the transfer and renewal of vehicle ownership through the 'Sahel' application, effective January 1st, 2024.

As per Al-Seyassah daily, Lieutenant General Anwar Al-Barjas, the Undersecretary of the Ministry of Interior, has directed Mohammad Al-Otaibi, the Director of the Insurance Regulatory Unit, to take necessary measures for activating the electronic document system 'Bima' to facilitate this groundbreaking process.

Emphasizing the ministry's commitment to providing online services, including vehicle ownership renewal and transfer, Lieutenant General Al-Barjas highlighted discussions held during a meeting with representatives of the Kuwait Insurance Federation on November 27, 2023, at the Ministry of Interior's Information Systems General Department in Subhan.