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 since last 1 year […]
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 […]