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.
The Foreign Exchange Management Act (FEMA) is a law enacted by the Government of India in 1999 to control the flow of foreign currency across Indian borders.FEMA aims to facilitate external trade and their payments in India, a systematic improvement and continuation of foreign exchange in the Indian market.It’s important for Indians working abroad to understand FEMA rules for NRIs very carefully since it can affect the way they can send and receive funds from India.Let’s look at five FEMA Regulations for NRIs: 1. Maintaining a Bank Account You need to operate bank accounts that are specifically designated for NRIs. FEMA rules for NRIs do not allow holding a savings bank account. There are 3 major types of accounts as stipulated by the Reserve Bank of India (RBI)that you can open: - NRO account - If you want to send money earned abroad back to India. - NRE account - For repatriable or moveable assets like securities and cas...
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