Author Archives: Jigar Patel, CFA (USA), MBA-Finance (USA), CPA (USA), CA (India)

About Jigar Patel, CFA (USA), MBA-Finance (USA), CPA (USA), CA (India)

Mr. Jigar specializes on NRI Investments and Taxation. He is proud to be one of only 21 CFA Charterholders in India working as consultants. (In 2011, when he became CFA Charterholder, out of 97,173 CFA Charterholders in the World, only 697 Charterholders were in India and only 3% work as consultant; Source: www.newcfa.org). He received his MBA (Finance) from University of Illinois, Chicago, USA, CPA from USA and a Chartered Accountant from India. Jigar has over 15 years of professional experience including more than 4 years with KPMG USA’s Risk Advisory Services. Currently, he provides Wealth Management and taxation consulting serving clients from USA, UK, Americas, Europe, Middle East, Asia, Africa, Australia and India.

15CA/CB rules revised Again: 15CA/CB May NOT be required for NRO to NRE transfer

CBDT vide notification 67/2003 revised the rules and procedures AGAIN for payment to NRI. And this time, for good. The updated rule will also be effective from October 1, 2013. I hope they do not change the rules again. 1. As … Continue reading

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Revised Forms 15CB/15CA and Updated Procedures for Outward Remittance of money (including NRO to NRE transfer)

On August 5, 2013, CBDT (Central Board of Direct Taxes) changed the rules, procedures and forms for making payment to a non-resident from October 1, 2013. The revised forms and procedures will also be applicable for transfer of funds from NRO … Continue reading

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Rare and Small window of Opportunity to Invest in Debt in India

Recent Steps by RBI to curb rupee depreciation (reduce gold import and tight liquidity in banking system) has led the short term rates and bond yields hit record high, giving a unique opportunity for investors to invest in debt at … Continue reading

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Webinar on NRI Investments and Taxation – Opportunity for NRIs to enrich their Knowledge with latest rules and regulations

India has always been the most rewarding and sought after destination for investments for NRIs due to higher interest rates and growth potential. However, their experience may not be excellent mainly due to theirs or their advisors’ ignorance of rules … Continue reading

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Should NRIs invest in FCNR deposits with Forward Cover?

With FCNR rates regulated by RBI and volatile foreign currency market, a lot of banks have introduced and are marketing products for NRIs to generate more return on FCNR deposits. While there are catchy names used for the plans by … Continue reading

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Union Budget 2013: Important proposals related to NRIs – Highlights Analyzed

On February 28, Indian Budget 2013 was presented in the Parliament. I have selected 15 major proposals that could affect NRIs and have analyzed them as follows: 1. Tax credit of Rs. 2,000 for Individuals with income upto 5 lakhs: … Continue reading

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Important update for MF Investors who completed KYC formalities before January 1, 2012

Individual Mutual Fund Investors, who completed KYC prior to Jan. 1, 2012, are required to submit ‘missing/not available’ KYC (Know Your Customer) information and complete the IPV (In Person Verification) for investing in a  new mutual fund after Nov. 30, … Continue reading

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RBI allows transfer from NRO to NRE account 3: Procedures for Transferring funds

A lot of NRIs have shown interest in transferring funds from NRO to NRE since the notification came out on May 7, 2012. However, very few have actually transferred funds. This is mainly due to the lack of awareness or … Continue reading

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Thank you for the Overwhelming Response!!!!!

In less than 7 weeks since we started tracking visitors on our 2 month old blog, without any promotion, our blog has witnessed Over 1,500 reads Visitors from 53 countries Visitors from every part of the world and ALL continents Average … Continue reading

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No Additional Interest benefit on NRO, NRE and FCNR deposits (e.g. FD) to NRIs

On July 18, 2012, Reserve Bank of India (RBI) vide  notifications RBI/2012-13/136 and 137, DBOD.Dir.BC. 29 and 30/13.03.00/2012-13 withdrew the discretion given to banks to allow the benefit of additional interest rate of one per cent per annum on NRE, NRO and … Continue reading

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No Service Tax on NRI Money Transfers from abroad (Inward Remittance) – CBEC

CBEC (Central Board of Excise and Customs) Circular No. 163/14/2012 –ST dated July 10, 2012 clarified that there is no service tax per se on the amount of foreign currency remitted to India from overseas. This is a good news for NRIs … Continue reading

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RBI allows transfer from NRO to NRE account 2: Understand Tax Drag and Why transfer.

I have been receiving lot of inquiries whether to transfer, when to transfer, whether to break NRO FD to transfer funds out of NRO to NRE accounts and many more. My answer has been and is always going to be … Continue reading

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Indian Market Scenario 1: Would you Invest in India under these circumstances?

Currently, there are lots of negatives news, events and circumstances related to Indian Market such as  India’s Rating India has lowest Investment grade rating by rating agencies (BBB-). One more downgrade will change its status to non-investment grade i.e. Junk … Continue reading

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