Breaking the streak of continuous fall in outstanding amounts, non-resident Indian (NRI) deposits rose for the first time in the financial year to $134.54 billion in October 2022. The figure was $133.67 billion in September. Reserve Bank of India (RBI) data showed that NRI deposits were in shrinking mode for the first six months of FY23. They fell to $133.67 billion in September from $139 billion in March.
RediffGURUS Ashwini Dasgupta, Anu Krishna, Dr Karthiyayini Mahadevan and Jinal Mehta answer queries from Rediff readers.
Based on the current momentum, the funds likely to be raised through the RBI's relaxed window would be $3.5 billion-$4 billion.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Purchase of three plots of land in Haryana in 2005-06 by Congress leader Sonia Gandhi's son-in-law Robert Vadra from a real estate agent is being probed along with a land deal made by his wife Priyanka Gandhi Vadra, the Enforcement Directorate (ED) claimed in a recently filed money laundering case charge sheet.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The flow of deposits from non-resident Indians (NRIs) hit a four-year low in the financial year 2020-21 mainly due to contraction in foreign currency deposits, latest data released by the Reserve Bank of India (RBI) shows. Total NRI deposits during FY21 were $7.3 billion as compared to $8.6 billion in FY20 - the lowest since 2016-17, when such deposits had contracted by $12.3 billion. Indian banks have three kinds of deposit accounts where NRIs or PIOs (persons of Indian origin) can park their funds: non-resident external-rupee account (NRE); non-resident ordinary rupee account (NRO); and foreign currency non-resident bank account (FCNR [B]).
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
The National Investigation Agency (NIA) on Monday attached 17 properties of Kashmiri businessman Zahoor Ahmed Shah Watali in a terror funding case, the agency said.
Even as competition to garner deposits is intensifying into a tight liquidity and high credit growth scenario, Bank of Baroda (BoB) has hiked deposit rates for the second time in the current quarter. Also, private lender IDBI Bank has come out with a limited period offer on its term deposits. It is offering 7.6 per cent interest rate for a tenor of 700 days, effective from December 2022.
Salaried persons whose liability is fully deducted as tax deducted at source by their employer need not worry about advance tax payments, unless they have other sources of taxable income.
Flow of money into non-resident Indian (NRI) deposits moderated sharply to $3.23 billion in April 2021-March 2022 from $7.36 billion in the same period of the previous year. Outstanding deposits have also gone down to $139.02 billion at the end of March 2022. This compares to $141.89 billion a year ago, according to Reserve Bank of India (RBI) data.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
NRIs can repatriate the proceeds from the sale of a residential property in India, provided they meet a few conditions.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Interest on NRE accounts is tax-free, but the I-T department creates hurdles to tax these accounts.
Union minister Jitendra Singh assured the members of the Rajya Sabha on Thursday that there is better nuclear safety in India as compared to many other countries and there are enough safeguards in the Indian nuclear plants.
Those taking up a job abroad should notify their bank about the change in status and open appropriate NRI accounts
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
The bank raised the interest rates on Non Resident External rupee deposits of one year to less than 2 years to 3.08 per cent from 2.49 per cent, two years to less than three years to 3.18 per cent from 2.5 per cent and three to five years to 3.45 per cent from 2.81 per cent. Similar hikes have been made in Foreign Currency Non Resident deposits held in dollars, pound sterling, Euro, Australian dollar, Canadian Dollar and Yen.
State Bank of India has hiked the interest rates offered on non-resident Indian deposits with effect from Friday.
India's current account deficit is expected to deteriorate in the current fiscal on account of costlier imports and tepid merchandise exports, according to the Finance Ministry's monthly economic review. The review released on Thursday by the ministry also said that global headwinds would continue to pose a downside risk to growth as crude oil and edibles, which have driven inflation in India, remain major imported components in the consumption basket. For the present, it said, "their global prices have softened, as fears of recession have dampened prices somewhat. This would weaken inflationary pressures in India and rein in inflation."
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
Bank of Baroda has revised upwards the interest rates on Non-Resident External deposits for various maturities by 0.05 to 0.1 per cent.
All categories of NRI deposits saw net inflows in July.
ICICI Bank has raised its interest rates on non-resident external rupee savings account, NRE fixed deposits and foreign currency non-resident deposits.
Consider taxation and currency risks before choosing between NRI, NRO and FCNR accounts.
India's rupee woes seem to have worked in favour of non-resident Indians (NRIs). Last week, the Reserve Bank of India increased the cap on foreign currency non-resident (FCNR) and non-resident external (NRE) interest rates.
One cannot open a savings bank account, have a fixed deposit or a public provident fund.
Getting US citizenship will in no way affect your right of being able to own or hold the agricultural land in India.
With real estate -- NRIs's favourite investment vehicle in the past -- unlikely to do well in the near future, there is a strong case for NRIs to shift to equity and debt mutual funds, says Prateek Mehta.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Here's how NRIs can protect their overseas earnings from exchange rate risk.
The Union Bank of India has revised downwards the interest rates applicable to its dollar-denominated FCNR (B) and NRE (Rupee) term deposits.
ICICI Bank on Friday said it has revised interest rates on foreign currency NRE fixed and FCNR deposits from July 1.
ICICI Bank has revised interest rates on non-resident external savings account and NRE fixed deposit by 0.61 per cent and 0.47 per cent respectively across various maturities.
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