Bangalore: The Union Budget apparently had something in store for every individual. The economic Times have listed out the quick takeaways for Non Resident Indians (NRIs). Let's have a look.

1. The government of India will now permit qualified foreign investors in to the Indian corporate debt market. Qualified foreign investors, or QFIs, can be individuals, groups or associations based abroad.

This proposition, when executed will expand the country's shallow bond market and also unlock money-spinning avenues for foreign individual investors who are eager to participate in India's growth story. NRIs were allowed to invest in Indian corporate bonds on paper. On the other hand, it required the issuing companies to enable the option for NRI investors with specific permission with the Reserve Bank of India. Often, companies chose not to do so, curbing access to NRIs. It is hoped that this move will also perk up access for NRIs in the corporate bond market.

2. To introduce obligatory foreign asset reporting; income tax body to have powers to open previous returns of up to 16 years to check for tax evasion.

Though the purpose of this plan is to bring to book all those who have been escaping taxes by hiding their money abroad, one fear it will generate unnecessary reporting requirements and unwanted annoyance among NRIs who have returned to India after a long period in abroad.