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Articles for Lrs, search results for investments

RBI allows resident Indians to open foreign currency accounts in GIFT City
5 months, 1 week ago

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

Live Mint  

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 …

Financial Currency Foreign Rbi Foreign Currency Gift City Lrs
How regulations squeezed investments into Gift City
1 year ago

How regulations squeezed investments into Gift City

Live Mint  

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 …

Singapore Tax Investment Indian City Residents Rbi
How HNIs can invest abroad without the LRS limit or TCS
1 year, 4 months ago

How HNIs can invest abroad without the LRS limit or TCS

Live Mint  

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 …

Tax Gift Indian Investments Income Odi Route
How to get 5% TCS for remittances beyond ₹7 lakh
1 year, 5 months ago

How to get 5% TCS for remittances beyond ₹7 lakh

Live Mint  

The ministry of finance on 28 June deferred the applicability of increased TCS, or tax collected at source, rate of 20% on overseas tour packages and remittances under the Liberalised Remittance Scheme for a further period of three months, from 1 July to 1 October. Before the budget announcements, a uniform TCS rate of 5% was applicable on all kinds …

Treatment Foreign Rate Lakh Overseas Limit Remittances
Panama Papers: ED Seizes Over Rs 41 Cr Valued Prime Real Estate of Businessman Zavareh Poonawalla
1 year, 7 months ago

Panama Papers: ED Seizes Over Rs 41 Cr Valued Prime Real Estate of Businessman Zavareh Poonawalla

News 18  

The Enforcement Directorate on Monday seized three properties at a prime location in Mumbai, valued more than Rs 41 crore, as part of a foreign exchange violation probe against Zavareh Soli Poonawalla whose name was figured in the Panama Papers. In a statement, the federal probe agency said Zavareh Poonawalla and his family member are accused of “remitting foreign exchange …

Family Fema Foreign Rbi Whose Name Poonawalla His Family Members
5% tax on foreign tour, investments and study abroad from today: Details here
4 years, 2 months ago

5% tax on foreign tour, investments and study abroad from today: Details here

Live Mint  

Authorised dealers, typically banks and remittance companies will collect 5% tax at source once LRS remittance made by an individual crosses 7 lakh in a financial year. For the current financial year, any remittances made post March 2020 will count towards the 7 lakh threshold. Viram Shah explains, "If you have transferred ₹6 lakh before October and you transfer additional …

Tax Transfer Lakh Tcs Foreign Tour Lrs