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This category contains 14 posts

ECB for startups to be allowed

[Source: www.thehindubusinessline.com] Overseas loans at lower rates may help start-ups stay afloat In a bid to give a further impetus to the growing start-up ecosystem in the country, the RBI has allowed them to raise up to $3 million a year through external commercial borrowings (ECBs). In his first Monetary Policy speech, RBI Governor Urjit [...]

The tax implications for NRIs buying property in India

The falling rupee and the lull in the property market in many cities are attracting Indians settled abroad to consider property investments in India. Non-resident Indians are allowed to purchase residential or commercial property in India but not agricultural land / plantation property / farm house, says Amarpal S. Chadha, Tax Partner, EY. There are [...]

FATCA is a `fatka’ for NRIs

US may soon get a leash on Indian financial institutions Imagine this: Having moved to the US on a work visa, you have become a taxpayer there. But you have not closed your savings account with State Bank of India and a demat account with its subsidiary. Both you and your bank/broker would soon be [...]

Consolidated FDI Policy Circular effective April 5, 2013 – Policy or a mere consolidation???

[By CA Tirthesh Bagadia (Partner), Bagadiya & Jain] The Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce & Industry, Government of India has come out with a FDI policy that is in tandem with its name – only a mere consolidation of the already issued press notes/ press releases/ circulars/ notifications…Our Hon’ble Finance [...]

RBI Circular – “Write-off” of unrealized export bills – Simplification of procedure

RBI/2012-13/435 A.P. (DIR Series) Circular No. 88 March 12, 2013 To All Category – I Authorized Dealer Banks Madam / Sir, “Write-off” of unrealized export bills – Export of Goods and Services – Simplification of procedure Attention of Authorized Dealer Category – I (AD Category –I) banks is invited to A.P. (DIR. Series) Circular No. [...]

Validity of Cheque / Draft Only 3 Months from 01-Apr-2012

In India, it has been the usual practice among bankers to make payment of only such cheques and drafts as are presented for payment within a period of six months from the date of the instrument. RBI has taken cognizance that some persons are taking undue advantage of the said practice as these instruments are [...]

Symbol for Rupee in final lap

Panel shortlists five candidates, decision on winning entry in January. The long wait for a symbol of the rupee is expected to end by March next year. A committee headed by Reserve Bank of India (RBI) Deputy Governor Usha Thorat has shortlisted five symbols from 4,000 entries for a public competition to select a design [...]

Highlights of Foreign Trade Policy 2009-14

Higher Support for Market and Product Diversification 1. Incentive schemes under Chapter 3 have been expanded by way of addition of new products and markets. 2. 26 new markets have been added under Focus Market Scheme (FMS). 3. Incentive available under FMS raised from 2.5% to 3%. 4. Incentive available under Focus Product Scheme (FPS) [...]

RBI’s special interest rate for exporters till Oct 31

RBI Notification.pdf Providing relief to exporters hit by shrinking global demand, the Reserve Bank on Tuesday extended the concessional interest rate scheme by six months till October this year. The ceiling of interest rate on pre-shipment rupee export credit up to 270 days and post-shipment credit up to 180 days at BPLR minus 2.5% was [...]

RBI liberalises NPA norms

Further liberalising the prudential norms for the treatment of non-performing assets in the context of ongoing slowdown in the Indian economy, the Reserve Bank of India on Friday said all accounts which were standard accounts on September 1, 2008 would be treated as standard accounts on restructuring provided the restructuring is taken up on or [...]