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REMITTANCES JULY 2024
India eyes more FDI, speed up divestment, asset monetisation as economy faces external risksIndia's government is set to accelerate reforms, focusing on attracting foreign investment and divesting assets. This strategy aims to main...- What's brewing? FinMin seeks gold lending info from banksIn a communique to banks on Friday evening, the Department of Financial Services sought data on value and quantity of gold metal loans (GML...
- India, Oman trade pact to come into force from June 1; Check what's insideIndia and Oman's Comprehensive Economic Partnership Agreement, CEPA, begins on June 1. This pact offers Indian exports 100% duty-free acces...
- International funds deliver up to 50% returns in a year, subscriptions halted. Should investors book profits or stay invested?International funds have delivered up to 50% returns in one year, supported by a global tech rally, rupee depreciation, and strong earnings...
- Saudi Arabia to expand pension and savings programme to foreign workersSaudi Arabia is set to launch a voluntary pension and savings programme, including foreign workers for the first time, aiming to boost hous...
- US tax on outward remittances to pinch Indians sending money homeIndians in America may face higher costs for remittances. A proposed US tax could significantly increase their financial burden. This levy ...
- Sending money home? New US bill proposes 5% tax on remittances by non-citizensA proposed US bill, The One Big Beautiful Bill, suggests a 5% tax on remittances sent by non-citizens, potentially affecting many Indians i...
- Budget just made international mutual funds more attractiveFinance Minister Nirmala Sitharaman's announcement to raise the threshold for tax collected at source (TCS) on remittances under RBI’s Libe...
- RBI’s new domestic money transfer rules for stronger KYC are applicable from November 1, 2024; check detailsNew money transfer rules: The revised regulations are intended to improve the security of domestic money transfers and ensure compliance wi...
- Indians spend $3.2 billion overseas in August, driven by travel and educationIn August 2024, Indians spent $3.2 billion abroad, majorly on travel and education, despite a new 20% tax on remittances. Travel expenses a...
- Indians spent $1.6 billion on international travel in JulyOutward remittances by Indians reached $2.8 billion in July 2024, the highest in 10 months, driven mainly by overseas travel spending. Trav...
- Amazon Pay, Adyen, BillDesk secure cross-border payment licence from RBIArmed with this licence these companies can now offer payment services for international trade, besides merchant payment services in the do...
- New bank money transfer rules from November 1, 2024: All you should knowWith a focus on banking services and payment systems, the Reserve Bank of India (RBI) recently released a new framework on Domestic Money T...
- Budget 2024: New income tax slabs, capital gains tax, key tax changes that impact salaried, other taxpayersThe Budget 2024, presented today by Finance Minister Nirmala Sitharaman, will impact personal finance and individual income taxation in var...
- TCS paid on foreign remittances, purchase of car can be used to lower TDS on salaryTCS on Foreign remittances: Budget 2023 raised TCS on most foreign remittances under LRS to 20%. The initial implementation was met with cr...
- Budget 2024: Higher TCS of 20% on certain foreign remittances via LRS can be reduced to 5%TCS rate of 20% is high and can create liquidity challenges for individuals who rely on regular remittances for personal or business needs....
- Following Eiffel debut, India launches UPI at Galeries Lafayette, ParisIndia's Unified Payments Interface (UPI) has expanded its footprint to the heart of Paris, with the flagship store of Galeries Lafayette on...
- New NPS contribution rule: PFRDA reduces timeline of contributions made from July 1; three important things to knowNew NPS rules: The new NPS contribution timeline allowing for same-day investment will come into force on July 1, 2024, as per a circular i...
- Interim Budget seals India's plan for higher taxes on your foreign holidaysThe Interim Budget 2024 includes the inclusion of increased Tax Collected at Source (TCS) rates on foreign remittances into the Income Tax ...
- Will Budget 2024 reduce 20% TCS for taxpayers, levy TCS on credit card forex payments?Budget 2024: The industry wants the Finance Ministry to reconsider the decision of applying TCS at such a higher rate of 20%. The rate is e...
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