India's the first ropeway over the sea will zip you from Mumbai to the Elephanta Caves in 40
minutes! Yes, you read it right. Not just that, in a little over three years, this world’s longest sea ropeway will
become operational, according to officials of the Mumbai Port Trust. Elephanta The island is popular for the Elephanta Caves which is a UNESCO’s World Heritage
site. Currently, people can
reach the island via a one-hour long ferry ride from the Gateway of India. Known locally as Gharapuri Caves,
the small 16 sq. km island has several archaeological remains pointing to its
rich cultural heritage, including the famous temples carved out of rocks. The approximately 40-minute ride by a 20-seater cable car,
with a transit station midway will be quick in covering the 8kmdistance, starting
from Sewri in Mumbai’s east coast and will end at Raigad district’s Elephanta
Island. Additionally, the proposed ropeway
will offer a magnificent view of mudflats on the east coast, which come alive during the flamingo season, the mangroves and
the Mumbai Trans Harbor Link to the north. The tentative fare is expected to be
around ₹ 500 for the journey both ways for Indians and ₹ 1,000 for foreign
tourists.
An NRO (Non-Resident Ordinary) savings account is where you can maintain and manage your income earned in India such as rent, dividends, pension, etc. An NRO account can be opened in the form of a savings, current or fixed deposit account. Repatriation of funds from NRO accounts is permitted by RBI, subject to certain limits. Procedure for opening an NRO account is as follows: 1. Options The non-resident Indian can convert his/her existing resident account in India to the NRO account or open a new NRO account. Documentary proof that the account holder is a non-resident as defined in Indian tax laws is a prerequisite for NRI accounts. 2. Difference between NRO & NRE Account Unlike NRE accounts, interest earned on this account is taxed at the rate of 30% (plus surcharge) and other applicable taxes in India according to the ITA. In order to take the benefit of lower rates of tax as per double taxation avoidanc...
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