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Residents can open foreign currency a/cs at GIFT City under LRS
Resident Indians can now open foreign currency accounts (FCAs) at Gift City under the liberalized remittances scheme (LRS) for a wider range of purposes. This includes sending gifts to friends abroad, buying property overseas, purchasing insurance, making fixed deposits, paying for education loans, and funding international travel. The Reserve Bank of India (RBI) has expanded the LRS rules at International Financial Services Centres (IFSCs) like Gift City, aligning them with global financial centers.
ITR filing: Credit card and forex spend reported separately by banks in AIS, know the impact and what you can do
Income tax return: While filing your ITR make a note that banks are now reporting total forex spends as a separate category in addition to total credit card spends. According to Gopal Bohra, Partner, N.A. Shah Associates, "Transactions through international credit cards are currently exempt from TCS, and accordingly, banks do not collect TCS. However, banks report all remittances under LRS through TCS filing, irrespective of whether TCS is collected or not."
ITR filing for FY2023-24: Latest full list of authorised banks for tax payments available at e-Pay Tax service
Taxpayers are offered wide range of modes for payment, including Net Banking, Debit card, Pay at Bank Counter. List of banks for tax payments available at e-Pay Tax service, as per the Income Tax Department’s website:
From spirits to simplification: Diageo India to slim down Mallya-era overseas subsidiaries for a better high
Diageo first bought a stake in USL in 2012, taking its holding to a majority by the following year. Mallya stepped down from USL in 2016 and left India that year amid loan repayment troubles at Kingfisher Airlines. At the time, USL had nearly two dozen subsidiaries, joint ventures and associate companies, half of them in the UK, where Mallya has currently exiled himself.
Banks seek clarity from RBI on credit card network norms
Several banks have sought clarity from the Reserve Bank of India (RBI) regarding guidelines that mandate offering existing credit card customers a choice of networks like Rupay, Visa, and MasterCard. As per RBI's guidelines issued in March, card issuers must provide this choice both during initial issuance and at the time of renewals. A senior bank executive informed ET that banks have sought clarification on whether this choice of networks should be extended to all existing customers or only implemented during renewal processes.
Centre seeks exemption for sovereign funds from RBI's alternate investment fund rules, sources say
The Indian government has requested the Reserve Bank of India (RBI) to exempt sovereign funds from the tightened rules concerning investments in alternate investment funds (AIFs). The RBI has asked banks and non-banking financial companies to raise provisions for AIF investments if they were also lenders to the projects in which the AIFs were investing.
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India set for decade-high $2 billion bond inflows around JPMorgan index inclusion day
Foreign inflows into Indian bonds will hit a decade-high of $2 billion around June 28, when they will be included in a widely-tracked JPMorgan index, although the central bank will lap up most of the dollars to avoid a knee-jerk rise in the rupee, bankers said.
Ecommerce firm Pop raises $2.4 million funding from India Quotient, others
Ecommerce firm POP closed a $2.4 million seed funding round led by India Quotient. They received approval as a Third-Party Application Provider from NPCI for UPI payments via the POPclub app. The funding will expedite initiatives including the POP UPI service for earning POPcoins. Bhargav Errangi aims to make POP the go-to platform for payments and shopping for young Indians.
Oyo finalises Rs 1,000 crore fundraise from Indian family offices
Oyo fundraise: Hospitality startup Oyo is raising around Rs 1,000 crore from family offices and investors. The fundraise aims to value Oyo at about $2.5 billion, marking a significant decrease from its peak valuation of $9 billion in 2021. Oyo is slated to hold an extraordinary general meeting (EGM) on Tuesday to approve the fundraise.
Modi plans post-election reforms to rival Chinese manufacturing
Indian Prime Minister Narendra Modi is planning business-friendly measures if he secures a third term, aiming to boost domestic manufacturing by easing labor regulations, offering subsidies, and reducing import taxes. Modi's vision includes creating industrial zones to attract global firms, but challenges remain with restrictive labor laws, land acquisition, and high import tariffs. His reelection campaign emphasizes economic development and positioning India as a manufacturing hub.
Fake job offers in India or abroad: How to spot a fraudulent job offer, know the full list of authorised agents for foreign jobs
Fake job offers: India is such a country where millions of young people reside and many of them are searching for a job either within India or abroad. Younger people have aspirations and enthusiasm which fraudsters are using to dupe them with fake job offers. In the recent past many young Indians were taken abroad to work in scam jobs, etc.
Work overnight for FPI tax papers: Sebi tells big four firms
At a meeting on Tuesday, the Indian capital market regulator has told the accounting biggies in no uncertain terms to generate the mandatory 'confirmation certificate' overnight so that offshore funds managers can repatriate the money from the sale of stocks here to other international markets the very next day.
RBI Guv Shaktikanta Das launches PRAVAAH, Retail Direct mobile app and FinTech Repository
The Reserve Bank of India (RBI) has launched three major initiatives to enhance regulatory processes, facilitate retail investment, and provide comprehensive data on the fintech sector. The PRAVAAH portal is a secure web-based platform for individuals and entities seeking authorizations, licenses, or approvals from the RBI. The RBI Retail Direct mobile application simplifies transactions for retail investors, and the FinTech Repository provides data on Indian fintech firms for better regulatory understanding and policy formulation.
How Jaipur-based AU Small Finance Bank plans to plug a $400 billion credit gap
India’s largest small finance bank has recently bulked up and is now looking to utilise its heft to increase its presence in MSME lending. How successful would it be, is the billion-dollar question.
Latest bank charges to send money abroad: SBI, HDFC Bank, ICICI Bank, Axis Bank, IDFC FIRST Bank, DBS Bank India
It means that as per the RBI rules, one can transfer of money up to USD 250,000 per calendar year for defined purposes. However, fees per transaction differ depending on the bank. Here is a comparison of the latest top banks’ charges for sending money abroad.
Compliance plays a big part in helping Indian MSMEs grow exports
While challenges persist, the compliance levels of Indian MSMEs in terms of export have been gradually improving, say experts.
Indian banks to step up IT spends as regulatory scrutiny rises
Banks were earlier spending between 6%-8% of total operating expenditure on technology, sharply below the global average of 10%-12%.
Where did the funds come from? Banks ask Indians moving money abroad
Under the Liberalised Remittance Scheme (LRS), resident individuals are permitted to transfer up to $250,000 a year abroad to invest in properties and securities, maintenance of relatives, among other specified purposes. Some of the tax professionals and bankers ET spoke to said authorised dealer (AD) banks are undertaking greater scrutiny before clearing LRS remittances.
Overseas Indians book return trips, send home record $29 billion in Q3
Remittances are a source of permanent flows, unlike repatriable NRI deposits, and these help in narrowing the current account deficit (CAD), which has steadily shrunk as a percentage of India's gross domestic product (GDP).
Govt updates list of banks authorised to import gold, silver during FY25
The government updated the list of banks authorized to import gold and silver for the fiscal year 2024-25. Eleven banks, including HDFC Bank and ICICI Bank, received authorization from the Reserve Bank of India (RBI) to import gold and silver from April 1, valid until March 31 next year.
SpiceJet CMD Ajay Singh ups bid for Go First following banks' nudge
One of the two bidders for bankrupt airline Go First in India has raised its offer following lender encouragement, increasing the bid by 1-1.5 billion rupees from the original 16 billion rupees. The consortium, including SpiceJet's Ajay Singh and Busy Bee Airways, aims to meet creditors' expectations.
Indian banks halt silver imports as duty differential spurs private trade
India's banks have stopped silver imports after private traders bought large volumes of the precious metal from the United Arab Emirates to benefit from a lower duty. The Comprehensive Economic Partnership Agreement signed between India and the UAE in 2022 allows private traders to import silver through the India International Bullion Exchange (IIBX) at a 9% duty and an extra 3% tax for value addition.
NHAI advises Paytm FASTag users to switch to other FASTags by March 15 or face penalties
In its advisory issued on Wednesday, the National Highways Authority of India said Paytm FASTag users should procure a new FASTag by a different issuing bank before March 15, 2024 to avoid penalties or any double fee charges while commuting on national highways.
Trade game-changer in making? Several countries willing to start trading with India in rupee
Neighbouring Sri Lanka and Bangladesh are keen to start trading with India in rupee immediately. Countries from the Gulf are giving it a serious thought too. The mechanism is already in place in trade with Singapore, minister Piyush Goyal said.
Paytm not in list of 32 banks authorised to issue new FASTags
The road tolling authority has advised highway users to buy FASTags from authorized banks, listing 32 banks except Paytm Payments Bank. This signals to over 20 million Paytm FASTag users to get new RFID stickers as Paytm FASTags will become inoperative after February 29 due to RBI's directive barring Paytm Payments Bank from offering services from next month. IHMCL, the electronic tolling arm of NHAI, shared the list of authorized banks on its official handle.
Amid Paytm crisis, Indian NBFCs explore options for loan disbursal
Indian non-bank lenders are exploring alternative options for loan disbursal amid concerns over the regulatory issues surrounding Paytm, which has led to a temporary halt in its lending services. While lending partners have not terminated contracts with Paytm, they are reportedly seeking alternatives due to uncertainty about when lending services might resume through the Paytm app.
Indian state banks to snap two-month streak of selling govt debt: Traders
These banks, typically the biggest buyers of government debt, have sold bonds worth Rs 14,380 crore ($1.73 billion) on a net basis so far in December, following sales of Rs 8,840 crore in November, clearing house data showed.
RBI authorises Bandhan Bank to disburse pensions on behalf of Indian Railways
Indian Railways: Bandhan Bank has received authorisation from the Reserve Bank of India to distribute pensions through e-PPOs for the railway ministry. This permission enables the bank to provide pensions to ex-Ministry of Railways employees and access about 50,000 Indian Railways retirees annually across various offices.
Cross-border norms bring ePay companies directly under RBI watch
With regulatory clarity comes an opportunity to attract more venture money to tap into the burgeoning export-import market of a growing economy.
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