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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...
[ic_bing_image keyword="gold"][ic_spinrewriter ]The Central government has raised the import tax on gold by two percentage points to 6 percent to curb purchases and rein in a ballooning fiscal deficit, however the move has left buyers disappointed. India’s passion for gold has ended in an increase in its current account deficit, which reached an all-time high [...]
The assessee was a non-resident company carrying on banking business in India. It entered into forward contracts with its clients to buy or sell foreign exchange at an agreed price on a future date.In some cases, the date of maturity of the contract fell beyond the end of the accounting period. Following guidelines laid down...
No, in general . The forign companies are allowed to buy the property in India . However , foreign national resident outside are clearly prohibited to acquire any property in India.The Reserve bank of India has stated in its FAQs no 5,6 & 7 as under
Q.5. Can a foreign national of non-Indian origin be
Section 155(16)of the Income Tax Act was introduced from Asst Year 2004-05 (F.Y 2003-04 ) . This relates to capital gains on compensation .The reason for bringing such provision was that the land property were being acquired by government or private bodies for major infrastructure development. In that event
Cash Reserve Ratio (CRR) is the amount of funds that the banks have to keep with the Reserve Bank of India. If RBI decides to increase the percent of this, the available amount with the banks comes down. RBI is using this method (increase of CRR rate), to drain out the excessive money from the
The Reserve Bank of India relaxes norms for remittance of salary paid by a company in following cases (i) A citizen of a foreign state, resident in India, being an employee of a foreign company or a citizen of India, employed by a foreign company outside India and in either case on deputation to the
In the Senior Citizen's Saving Scheme 2004 If I invest !5 Lacs in Joint account along with my wife( My wife as a second account holder) is my wife entitled to open another account of 15 lacs in her name and me as second joint holder? Dolford Menezes , Aurangabad Yes, your wife can open
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