Monthly Archives: March 2012

Asian Indian population is largest Asian Population Group in 25 States

India West recently published an article on Asian Indian population growth in the United States from the Census 2010 data. The report indicates that Asian Indian group is the largest Asian group in 25 states in the US. http://indiawest.com/news/3783-analysis-of-the-indian-american-community-from-census-2010-data.html

It is not clear whether the reporter Mr. Richard Springer is using the Asian Indian alone category for his analysis or in combination numbers as well as Asian alone or Asian in combination. The 2000 comparisons have to be made  carefully with 2010 data.  It is important that more and more Chinese Americans are reporting two or more races as well as a number of Asian Indians reporting biracial heritage. A detailed article of analyzing Asian in combinaton will be published by Dr. KV Rao at the India Network Foundation web site http://www.indianetwork.org .

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Filed under Census 2010, US Asian Indians

India Network Launches Comprehensive Health Insurance Plan for Visiting Parents

India Network lauched award winning comprehensive health insurance  plan tied to Multiplan Network with coverage for pre-existing conditions. This is a unique plan available to all age groups and enrollment is automatic without any medical underwriting. The plan, like other India Network plans is underwritten by Chartis Insurance, A Member of American Internatonal Group of Companies (AIG).  Claims support is provided by Chartis Insurance. It is a simple plan with 80% of covered expenses paid by the plan after meeting the deductible upto $5,000 and after $5,000, the plan will take care of 100 percent of all covered medical expenses. More information on the plan and brochure can be found at http://www.kvrao.org

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Filed under Consult a Doctor, Immigration Network, Indian Visitors Abroad, US Asian Indians, Visitors Health Insurance

Latest Outcome From Elections in States, India – 2012

Key party position – Party lead position in brackets as of March 6, 2012

Uttar Pradesh (403/403)

SP 218 (6), BSP 76 (4), BJP 45 (2), Congress 26 (2), RLD 9  – SP is going to form the government with Mulyam Singh Yadav as CM

Uttarakhand (70/70)

BJP 29 (2), INC 28 (4), BSP 3, IND 3 – No party received absolute majority – tossup

Punjab (117/117)

SAD 56, INC 46 , BJP 12, IND 3 – SAD is going form Government with others help

Manipur (46/60)

INC 42, AITC 7 , NPF 4 , MSCP 5., LJSP 1  – INC is going form the government – this is the only state Congress captured power

Goa (33/40)

BJP 21, INC 9, IND 5 (0), GVP 2, MGP 3 , NCP 0  – BJP is going to form government with other partner support.

Compiled from live television trends

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Filed under Indian Community Center, Indian Culture, Samachar

Prevalence of Diabetes Among Asian Indians – By Dr. Thakor G Patel

‘Prevalence of Diabetes in the Indian Diaspora: Successful Community-Based Prevention and Management Programs in India’ by Dr. Thakor G. Patel with Sevak Project of American Association of Physicians of Indian Origin (AAPI). He presented detailed data on the global burden of diabetes mellitus which is more pronounced in India and migrant Asian Indians as they have high rates of type 2 diabetes (T2DM) and related complications in the United States. The presentation further described the higher prevalence of T2DM among 1038 randomly selected Asian Indian immigrants in the U.S (17.4%), and 1082 Indians in India (8.4 % and 13.6% in rural and urban Indians, respectively). The prevalence of metabolic syndrome, using the International Diabetes Federation criteria, was 38.2%, 39.2% and 10.5% among U.S. Asian Indians, Urban Indians and rural Indians respectively. Results provided evidence that rural Indians have significantly lower rate of diabetes, pre-diabetes, and obesity as compared to urban Indians and immigrant Asian Indians in the US.

Source: GOPIO Newsletter

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Filed under Indian Community Center, Indian Culture, US Asian Indians, Visitors Health Insurance

IRS Imposes Additional Burden on Asian Indians with Form 8938

With effect from 2012, the IRS has introduced ‘Form 8938 – Statement of Specified Foreign Financial Assets’ to be filed along with the income tax return. That is, all those filing their tax returns of 2011 will have to include Form 8938, if applicable to them. This form, which has already earned synonyms like ‘Son of FBAR’ and ‘FBAR Turbo,’ will be in addition to the already existing requirement of Foreign Bank and Financial Accounts Report (FBAR) that must be filed by June 30th each year.

The IRS is tracking foreign accounts in all countries. Under the new riles, one has to report all your share holdings, mutual fund holdings, ULIP and insurance policy holdings, pension plans and bank balances in India.

Specified foreign financial assets do not include physical assets such as gold and real estate. However, if gold is held in the form of ETFs, it would be included as specified foreign financial asset.

The reporting thresholds that apply are as follows: – Unmarried taxpayers living in the US: The total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year – Married taxpayers filing a joint income tax return and living in the US: The total value of your specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year – Married taxpayers filing separate income tax returns and living in the US: The total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year. – Taxpayers living abroad: You are filing a return other than a joint return and the total value of your specified foreign assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the year or you are filing a joint return and the value of your specified foreign asset is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.

What is the due date for filing Form 8938? Form 8938 must be filed along with your income tax return. For US tax year 2011, the due date is April 17th 2012.

Form 8938 is in addition to FBAR
In recent years, the IRS has increased its focus on tracking offshore accounts for possible tax evasion. This new Form 8938 is just one more measure in that direction. In short, today, if you are a US resident or US citizen with bank and financial accounts in countries outside the US, you will have several reports to file. Your US tax return, 1040, itself has questions about your foreign financial interests in Schedule B. Then you have this new Form 8938 that must be filed along with your tax return. And finally you have the FBAR that must be filed by June 30th each year for the previous tax year.

While Form 8938 itself is not very complicated, the filing process might be cumbersome. For instance, while reporting share holdings in Indian companies in Part II of form 8938, you would need to list each company’s holding separately giving details of not just the shareholding but address of the company, dividends received and where you reported the income on your 1040. Consult a professional to make sure you don’t leave out any important details.

Source: GOPIO News Letter

See detailed article in Times of India at http://timesofindia.indiatimes.com/nri/us-canada-news/New-IRS-form-affecting-Indian-Americans/articleshow/11915264.cms

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Filed under US Asian Indians