After Demonetization, the next focus of Indian government to curb black money is Benami Properties. Because of relaxed provisions, informal ways of doing things until now, it became part of a normal business to do certain things in the name of tax planning or to circumvent the laws. As a result, […]
“From midnight of November 8, 2016, Rs. 500 and Rs.1000 will cease to be legal tender. These notes are just papers from tomorrow,” said Prime Minister Mr. Narendra Modi. The announcement was made to combat black money, corruption, counterfeit currency notes and terrorism financing, etc. All electronic transactions, cheques, debit cards, […]
A FATCA (Foreign Account Tax Compliance Act) / CRS (Common Reporting Standard) declaration was prepared by financial institutions/ intermediaries to comply with the Central Board of Direct Taxes (CBDT) rules. After signing FATCA agreement with USA and Multilateral Competent Authority Agreement (MCAA) developed by the Organization for Economic Co-operation and Development […]
Sharing and Reporting of accounts and income has become a hot topic among NRIs and there is a lot of confusion about whether, when , which information, why, how India will share the information. India will soon be sharing the information of financial accounts and income generated in India but owned […]
In a Historical turn of events, India has reached FATCA agreement in substance with the USA and has consented to be included in the list of jurisdictions that are treated as having a Inter-Governmental Agreement (IGA) under Model-1 with an effective date of April 11, 2014..…THIS IS HUGE….I have been telling […]
Looking at the success of the Leveraged FCNR deposits, increased interest of NRIs of investment in Leveraged products, continuous inquiry from NRIs to increase their returns and lower LIBOR rates, financial services industry is very much interested to come up with the products that offer Capital Protection/Guarantee of Capital in Foreign […]
Recent RBI steps in September to stop rupee depreciation have created a new buzz in the banking sector in attracting NRI funds, this time in Foreign Currency Non Resident (FCNR) deposits, especially, through Leveraged FCNR deposits. Exploiting the opportunity, it is expected that banks could raise USD 10 billion or more. […]
Recently, due to volatile rupee and favorable currency exchange rates, Banks have been aggressively marketing to NRIs for investments in the FCNR deposits with Forward cover highlighting a limited time opportunity comparing the yields with NRE Fixed Deposits. Banks have been selling the idea as an Arbitrage (Risk Free) opportunity between […]
On August 14, 2013, RBI made 5 important changes to address the depreciating rupee. Whenever RBI takes such measures, NRIs are sure to benefit. Two changes are aimed at attracting foreign exchange from NRIs in long term NRE or FCNR bank deposits and other three are related to preserving the foreign […]
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 this level. The yield on 10 year G-sec increased from 7.10% […]