We often wish that we could hold accounts in the currency of our choosing. The good news is we are getting there. India in now convertible on current account, while we are partially convertible on capital account. More in later posts on current
Documentation for remittance in case of individuals:
The Reserve Bank does not, generally, prescribe the documents that should be submitted to Authorised Dealers while releasing foreign exchange.
Any person wanting to transact in
LRS = Liberalized remittance scheme of RBI for Individuals: The path to full convertibility.
Having invested in companies abroad can an individual provide loans to such companies?
No. This is not permitted.
Can you repay
As an individual can you invest in companies overseas?
The LRS (Liberalised remittance scheme) prohibits remittance by a resident individual for setting up a company abroad.
What is allowed is.
Resident individuals are free to acquire
We go to a bank to deposit and withdraw money, to transfer funds and perform financial transactions.
Who do banks go to?
Yes of course, the Central Bank of the country , in our case The Reserve Bank of India.
Now who is the
We are all aware what an ATM is . Any time money… not really, you do need to have a balance in your account. ATM stands for Automated Teller Machines.
So what is White label ATM?
These are ATM’s which are not owned by banks but
Are you aware of a product banks offer called speed clearing?
Speed clearing involves clearing of cheques drawn on other cities through the local clearing house in your city of which your bank is a member. The cheque does not need to be
Continuing my previous post, I have been asked several times as to why FEMA should to be feared. Gone are the days of FERA.
First and foremost, the law is the law and ignorance of law is no excuse. FEMA may not be punitive
India is convertible on current account. What does it mean? For day to day expenditure subject to certain restrictions on banned uses which includes but is not limited to sweep stake and lottery, call back charges, residents in India can freely
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