Income Tax (IT) Department of India is optimizing the ITR forms to make tax payers furnish all the foreign income, investment related data at the time of filing there tax return. To...
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Direct Tax Code (DTC) will bring many changes in the existing tax structure of India which will impact many. Non Resident Indian’s (NRI’s) comes under the scope who will be significantly get...
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After deregulation of NRE interest rates, banks have started offering attractive interest rates to attract customers. Earlier customers were more inclined towards NRO account due to high post tax returns as compare...
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Deregulation of NRE interest rates has initiated a rate war between banks. Dhanlaxmi bank has intensified this rate war by revising its non resident external term deposit to 10.10% for deposits upto...
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Karnataka Bank has announced their revised interest rates for their Non Resident Accounts (NRE) deposits. As per the revised interest rates, now bank will offer 9.75% interest for the “repatriable” NRE account...
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Today opportunities are knocking the doors of Indian residents which make them go abroad and earn in foreign currency. Are you also one of them who is planning to become an Non...
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As per the notification issued by the Reserve Bank Of India (RBI), transfer of shares between residents and non residents would not be require any prior approval in several key areas like...
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Income tax department of India has introduced new permanent account number (PAN) application form especially for Non Residents. With the introduction of form 49AA NRI’s, PIO’s and entities having interest in India...
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Federal Bank and Oriental Insurance company, the two established brands of the industry have come up together to bring a new insurance product in the market for their NRI customers. This tie...
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As per the notification issued by the Reserve Bank of India (RBI) on 16th Sep 2011, loan taken by an NRI/PIO from an Indian Bank in rupees can be repaid by an...
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As per the notification issued by the Reserve Bank Of India (RBI) on 16th Sep 2011, now individuals i.e. resident Indians are allowed to make gift money to their NRI/PIO close relative...
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We have already discussed about different types of NRI bank accounts which an NRI can maintain and operate while having a NRI status. Here is another bank account for NRIs which they...
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In this article we are going to talk about the importance of Permanent Account Number (PAN) Card for a Non Resident Indian (NRI) or a Person of Indian Origin (PIO). As we...
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Indian citizens who migrate to some other country for an uncertain duration are known as NRIs. Today lots of people are migrating to other countries for different reasons like education, employment etc....
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All Non-Resident Indians (NRIs) face a dilemma at the beginning of their NRI status – What kind of bank account should they maintain in India? Although there are several options available for...
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Both Non-resident External Account (NRE) and Non-Resident Ordinary Account (NRO) are rupee saving accounts that can be held by NRIs opened with the objective of managing their earnings. An NRO can also be opened by an Overseas Citizen of India (OCI) and a Person of Indian Origin (PIO). The two broad reasons for holding such an account are: NRI wants to keep India based income in India; NRI wants to send back money earned overseas back to India. These accounts can be opened both as current accounts or savings accounts. The average monthly balance for either of these accounts should not fall below Rs.75,000. While an NRE Account is tax-free, an NRO account is subject to the applicable income tax bracket, wealth tax, and gift tax. The NRE account can be jointly held with another NRI, but you cannot jointly hold it with a resident Indian, however, in the case of an NRO an NRI can hold this account jointly with a resident Indian who is a close relative defined under section 6 of Companies Act.
