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 well as Chartered Accountants. […]
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 FCNR (B) deposit accounts. Banks in India offer benefit of additional interest of 1% to […]
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 as they will not be charged any service tax on money transfer services provided by […]
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 cost of premature withdrawal […]