On December 13, 2017, the Indian income-tax department reportedly conducted surveys at bitcoin exchanges across the country to assess the risk of individuals who may have evaded taxes. Surveying Indian Exchanges Typically such surveys are conducted by the department without prior warning and include relatively extensive scrutiny of the assessee’s… – Continue reading
The government is hell-bent on cracking down on black money and undisclosed income of Indians within the country and safely stowed away abroad. While there is no proper estimation of the actual amount of black money in the economy, the government is actively taking measures to stop it. Recent media… – Continue reading
MUMBAI: The Reserve Bank of India has tightened norms for banks lending to overseas subsidiary of Indian companies by raising the provisions substantially against these loans. On Thursday, RBI said that banks can extend loan to overseas subsidiaries of Indian corporates but they have to make 2% of the loan… – Continue reading
Why raise the limit for quoting PAN in cash deals? Though the government’s one-time black money compliance window for money stashed overseas garnered a mere Rs 3,770 crore, getting rid of black money remains a focus area. While it is understandable that industry’s protests over the General Anti-Avoidance Rules (GAAR)… – Continue reading
Outward remittances by Indians remained elevated for the third month in a row. The remittances under the liberalised remittance scheme (LRS) for resident individuals grew to $457.5 million in September 2015 from $408.4 million in August. In July 2015, outflows were $380.3 million, a sharp jump from $140.7 million in… – Continue reading
Mumbai: India will allow offshore insurance companies, pension funds and sovereign wealth funds to lend to local companies for the long term, the Reserve Bank of India (RBI) said on Monday, easing rules for offshore borrowing. The RBI said it was taking a “more liberal approach” for long-term foreign currency… – Continue reading
Non-resident Indians (NRIs) have one more investment option to choose from. The Reserve Bank of India (RBI) has allowed NRIs to invest in the National Pension System (NPS), under Foreign Exchange Management Act. NPS will allow NRIs to invest in a mix of equities and debt and save for their… – Continue reading
