Saturday, September 23, 2017

How much foreign Currency NRIs or Foreigners can carry to/from India

In the last article, I told you how much Indian currency NRIs are allowed to take Overseas and in this article, I'll talk about how much foreign currency NRIs are allowed to bring India and then take back while going to Overseas. The discussion is also valid for many foreigners and tourists traveling to India. There is no limit to bring foreign exchange in India from the USA, Singapore, Dubai, UK or any other country, barring the local rules which tells how much foreign currency you take without declaring to Immigration or after declaring to customs.

Sunday, September 17, 2017

5 Money transfer Tips for Non Resident Indians Sending Money to India from Abroad

When a young software engineer gets his first onsite opportunity, whether it's short term or long term, he is full of excitement. Nothing beats the excitement and adventure of going abroad, especially America or Europe. As they settle down there are receive their first month's salary, it can be little difficult for them to send money back home. They are new and not aware of all the options they have for sending money to India. Many of them settled to what they are colleagues are using without doing any research about other options available and whether the option his colleagues are using giving the best value for his money or not.

Saturday, September 9, 2017

Does NRIs need to update Aadhaar on Bank Accounts?

Recently many of my colleagues received an email from their banks e.g. ICICI and HDFC bank regarding their saving accounts to update Aadhaar on their bank accounts, the deadline to link Aadhaar with a bank account is 31st December. If you don't do this then your account will be frozen. Since many NRIs doesn't have Aadhaar card, so what can NRIs do to deal with this situation? Well, this is not required for NRIs.

Sunday, September 3, 2017

Best bank to open SGD/HKD FCNR Fixed Deposit? DBS vs ICICI

If you are living and working in Singapore or HongKong and thinking to open FCNR (Foreign currency Non-resident) fixed deposits in Singapore and HongKong dollar i.e. SGD or HKD then, unfortunately, you don't have many choices as not all Indian banks provide facilities to open FCNR fixed deposit in SGD and HKD. Most of the Indian banks supports 6 major foreign currency for FCNR deposits e.g. USD, GBP, EURO, JPY, AUD, and CHF. Even, the biggest bank of India, the SBI doesn't support SGD or HKD as foreign currency for FCNR deposits. then you should consider DBS bank's FCNR fixed deposit option.

Saturday, August 26, 2017

10 Points NRIs should know about Income tax in India

Many NRIs are not aware of income tax laws in India and doesn't know whether they have to file income tax returns in India or not. Sometimes they also wonder, do they have to include income earned in the USA as well or only income earned in India would be taxable? Other doubts which come in minds is whether interest earned on NRE, NRO, and FCNR deposits should be counted as taxable income or not. What about long term equity gains?

Friday, August 11, 2017

What happens to bank account, Fixed Deposit, and Insurance Policy When you become NRI?

One of the most common doubt among new NRIs are about their bank accounts e.g. what happens to their bank account, Fixed deposit, Demat accounts, brokerage accounts, and insurance policies when they become non-resident Indian? Well, once your residential status changed from resident Indian to non-resident there are certainly few changes in your financial accounts. For example, your resident account needs to be converted into NRO account. You also become eligible to open NRE (Non-resident external) account. Similarly, once you become NRI you need to inform your bank about your fixed deposits, brokerage accounts, and insurance policies.