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 Currency or USD. One […]
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. A lot of banks […]
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 person responsible for paying […]
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 certain payments, it shifts the […]