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 NRE and FCNR deposits […]
Since the Foreign Account Tax Compliance Act (FATCA) came out in 2010, US Government has already signed Bilateral Agreements with 9 countries until June 2013. The November 8, 2012 Press Release mentioned that the US is engaged with more than 50 countries (including India) to implement FATCA. After analyzing all 9 bilateral agreements entered till […]
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, 2012. SEBI (Securities and Exchange Board of India) vide circular MIRSD/SE/Cir-21/2011 dated October 5, 2011 […]
FBAR Requirement: In simple terms, US Citizens and resident aliens (i.e. anyone filing Form 1040) are required to report Foreign Financial Accounts in FBAR form if Value of their Foreign Financial Accounts (FFA) (including bank, FD, shares, securities, mutual fund, cash value of life insurance, etc.) exceed $10,000 at any time during the calender year […]