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When an NRI becomes a resident, can the foreign currency non-resident account FD be freely repatriated without coming under the ambit of the liberalised remittance scheme? Only an NRI or a non-resident of Indian origin is permitted to open a foreign currency account or the FCNR account as the name suggests, is a foreign currency deposit account in India. Regulations …

Non-resident Indians receive or send money to India quite often, and usually open a non-resident ordinary or non-resident external bank account, or both. View Full Image Graphic: Pranay Bhardwaj "A resident individual can transfer INR funds into an NRO account online – subject to the maximum INR transfer limit set in your netbanking – or offline. To transfer funds from …

Indian

RBI allows resident Indians to open foreign currency accounts in GIFT City

The Reserve Bank of India has expanded the scope of remittances to International Financial Services Centres under the Liberalised Remittance Scheme allowing Indian residents to open foreign currency accounts in Gujarat International Finance Tec-City. On Wednesday, RBI decided to allow authorised persons to facilitate remittances for availing financial services or financial products as per the International Financial Services Centres Authority …

Bitcoin ETF approval: Indian investors too can participate - here’s how

The approval of spot bitcoin exchange-traded funds by the Securities Exchange Commission in the United States has paved the way for Indians to explore investment opportunities in crypto assets. It's important to highlight that participation in foreign stock and ETF markets by Indian investors is regulated by the Reserve Bank of India's Liberalised Remittance Scheme. “For Indian investors, the Bitcoin …

Indian Investors

New Delhi: India’s attempt to tighten outward investment rules to discourage Indian residents from unnecessarily taking money out of the country has hurt fund flows into the International Financial Services Centre, Gift City, two people aware of the matter said. To encourage wealthy Indians to use Gift City instead of overseas jurisdictions for their investments, the Reserve Bank of India …

Why do ordinary Indians find it difficult to invest outside the country? Overseas investments made by LLPs would be out of its individual partners’ balance sheet / personal wealth, and hence, the structuring of such LLP needs to be undertaken with care. View Full Image Mint Since this LLP is registered as an ‘Indian entity’ as per the Reserve Bank …

As parents you may need to send money to your children studying or residing abroad quite regularly. The Liberalised Remittance Scheme of the Reserve Bank of India makes it simple and hassle free for Indian parents to send money to their children in foreign countries. Here’s a detailed guide to send money to your children living abroad without any hassle. …

On Saturday, Trinamool Congress spokesperson Saket Gokhale courted controversy after he spread disinformation about the 20% TCS, introduced by the Indian government, over the use of credit cards for international purchases. “Any payments by an individual using their international Debit or Credit cards upto Rs 7 lakh per financial year will be excluded from the LRS limits and hence, will …

After the Centre announced that an increased Tax Collected at Source rate of 20 per cent will be imposed on international credit card spending, former BharatPe MD Ashneer Grover slammed the new notification. Taking a jibe at the Indian government’s ‘interesting’ rule, Grover on Thursday said that instead of tax deduction, political donations enjoyed tax exemption. In a tweet, Ashneer …

MUMBAI: Wise, a London based fintech firm, built on the principle of peer-to-peer forex transfers has announced its entry into India. Wise has tied up with RBL Bank enabling Indians to send money abroad through the Liberalised Remittance Scheme. The company serves over 10 million customers worldwide, processing GBP 5 billion in cross-border transactions per month, a spokesperson for Wise …

Covid-19 has transformed the way we work and live. Residency under the Indian tax and exchange control law Residency under the India tax and exchange control regulations is predominantly determined basis the number of days an individual is present in a country. During financial year 2020-21, the Central Board of Direct Taxes has issued some clarifications from a tax perspective …