FAQs on the new -Liberalized Remittance Scheme

                      By Accommodation Times News Service Q.1. What is the Liberalized Remittance Scheme of USD 125,000? Ans. Under the Liberalized Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 125,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of

Wills by Non- Residential Indians

            By Avikshit Moral & Mustafa Motiwala  Indians today are more mobile than ever before, migrating to most parts of the world. Asset ownership across borders is also becoming a common phenomenon. And with that comes a set of new challenges for such individuals. We intent to clarify a few issues relating

Taxation Aspects for NRIs, PIOs, Foreigners

By Accommodation Times News Service NRIS, PIOs and Foreigners in India are liable to pay taxes which include the Property Tax, Income Tax, Service Tax, Capital Gains Tax and the Wealth Tax. The Income Tax Act, 1961 grants certain tax concessions to NRIs desirous of returning permanently. Property Tax Property Tax is payable

Acquisition and transfer of immovable property in India by NRIs/PIOs/Foreign Nationals: Latest Amedments

By Accommodation Times Bureau s/PIOs/Foreign Nationals of Non-Indian Origin Master Circular No. 4/2012-13, dated 2-7-2012 Acquisition and transfer of immovable property in India by NRIs/PIOs/Foreign Nationals of Non-Indian Origin is regulated in terms of sub-sections (3), (4) and (5) of section 6 of theForeign Exchange Management Act, 1999, read withNotification No. FEMA 21/ 2000-RB, dated May 3, 2000. The

Overseas Investments by Resident Individuals – Liberalisation / Rationalisation

By Accommodation Times Bureau RBI/2011-12/474 A. P. (DIR Series) Circular No.97, Dated -March 28, 2012 Overseas Investments by Resident Individuals – Liberalisation / Rationalisation Attention of the Authorised Dealer (AD – Category I) banks is invited to the Notification No. FEMA 120/RB-2004 dated July 7, 2004 [Foreign Exchange Management (Transfer or Issue of any

Compounding of Contraventions under FEMA, 1999

RBI/2011-12/357 Master Circular No.8 /2011-12 July 01, 2011 (Updated as on January 20, 2012) To, All Authorised Dealer Category - I banks and Authorised Banks Madam / Sir, Master Circular on Compounding of Contraventions under FEMA, 1999 The compounding of contraventions under

Initiatives for Overseas Indians

INDEPENDENCE DAY 2011 The Overseas Indian Citizenship (OCI) Scheme was formerly launched in January, 2006 by amending the Citizenship Act, 1955 to facilitate life long visa free travel to India and certain economic education educational and cultural benefits