Over the recent weeks, I have set a record of sorts. My maiden venture into the field of entrepreneurship was a huge step forward, but a risk none the less.
I am now quite happy for several reasons. The first one being my concept of learning and
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
When a person resident in India wishes to make remittance to non-residents, such remittances can be made by banks if the person making the remittance furnishes an undertaking, accompanied by a certificate from a Chartered Accountant (“CA
This is a question posed by a participant in CA Club :
I used to work in India for almost 10 years before moving to USA and so the salary that I had received in India during that time, is also in the NRO account. Will this come under
Inward remittances in foreign currency.
By and large, inward remittances are permitted without any restrictions. However, certain remittances towards capital account are regulated i.e. External commercial borrowing and inward remittance towards
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 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
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