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The lending and borrowing facilities are given to non resident Indians by the Reserve Bank of India. However, the lending and borrowing by an NRI is limited to “close relatives” of the NRI. The meaning of close relative is also explained to have same meaning as given for Relative in section 6 of the Companies Act. As per this, the Meaning of “relative”...
The RBI has under Liberalized Remittance Scheme allowed all resident Indians to invest abroad in all kinds of investment except prohibited items . The limit of remittance abroad without approval of RBI is upto US Dollar 2,00,000 in one financial year. So now an Indian resident can approach its bank for remitting US Dollar 2,00,000 for following types...
Apart from the gift in form of securities by a Resident Indian to his/her NRI who is relative , now Reserve Bank of India has allowed Indians to gift money upto US Dollar 2,00,000 to any NRI close relative. The salient feature of the RBI Circular on Gift by Resident to NRI is as under...
Sale proceeds of any immovable property inherited by NRI / PIO from a person resident in India can be remitted abroad subject to a ceiling of USD one million per financial year subject to production of documentary evidence in support of inheritance and Tax clearance certificate / no objection certificate from the Income Tax authority...
Under the provisions of FEMA, 1999, a person resident outside India requires the prior approval of the Reserve Bank of India for establishing a Liaison Office (LO) /Branch Office (BO) in India.However, RBI noted that many Liaison Office are functioning in India without its approval. Reserve Bank of India has issued Circular providing 90 days...
Form 15G or 15H are declaration for individual residents and HUF that they have neither taxable … [Read More...]
A video reports on tax planning by US based corporate to shift their office elsewhere in other … [Read More...]
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