Tag: Remittance
India to grow 6.7% on average to touch $7-trn mark by 2031
India’s gross domestic product (GDP) growth is expected to moderate to 6.8% this fiscal year (FY25) from the robust 8.2% in FY24 as high interest…
Large offshore investment write-offs trigger RBI alert
Mumbai: Large write-offs of overseas investments are raising the hackles of the regulator. About half a dozen companies have drawn the Reserve Bank of India’s…
UK Chancellor Jeremy Hunt abolishes non-domiciled status
LONDON: UK Chancellor of the Exchequer Jeremy Hunt announced in the Budget on Wednesday that non-domiciled status, the tax status of UK Prime Minister Rishi…
income tax return: Personal use of family office money may be discouraged
Amid an unstated concern over the flight of capital and migration of the rich, Indian regulatory authorities are taking a stance that family offices floated…
TCS roll-out moved to Oct 1 amid pushback
The government on Wednesday “suspended” its decision to charge up to 20% TCS (tax collected at source) on foreign remittances through credit cards under the…
tcs: No TCS on overseas spending up to Rs 7 lakh per year by credit or debit cards: GOI
The Government of India on Friday has announced that individuals making payments using their international debit or credit cards, up to Rs 7 lakhs per…
Indian economy: How NRI money is bolstering India’s economy
The Non-Resident Indians (NRIs) are part of India’s soft power, boosting India’s global image as well as adding to its diplomatic heft. But they hold…
HDFC Bank, Lulu Exchange ink deal to enhance cross-border payments between India-Gulf region
HDFC Bank, a major private sector bank, and UAE-based Lulu Exchange have signed an MoU to strengthen cross-border payments between India and the Gulf Cooperation…
NEFT: RBI makes changes in NEFT, RTGS for daily reporting of foreign remittances
With the Home Ministry mandating SBI to report all details of overseas donors, including purpose of remittances on daily basis, the Reserve Bank of India…