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 per the revised rule, Form 15CA/CB is applicable only if a […]
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 to NRE account. While the revised rule reduces the procedures for […]
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 and regulations specific to NRIs for investments or taxation or both. […]
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: The budget proposes to give tax credit of Rs. 2,000 to […]
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 experience in newly issued notification in case of NRIs, Banks as […]
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 Break FD and Transfer funds AS SOON AS POSSIBLE provided total […]
RBI and Indian Government Agencies have made a lot of changes affecting NRIs and NRI Investments in last 8 months. I have selected 15 and have summarized them in the following table for easy understanding. 15 Important Changes affecting NRIs by RBI and Indian Government # Date Topic Detail Effect / Benefit […]
As per RBI’s notification RBI/2011-12/536 dated May 7, 2012, NRIs are eligible to transfer funds from NRO account to NRE account within the overall ceiling of USD one million per financial year subject to payment of tax. Such credit of funds to NRE account shall be treated as eligible credit. I believe it is really […]