What’s a Power of Attorney (POA)? A POA is a document by which you can authorize some other person to act on your behalf. You can issue a General POA or a Specific POA (only for a specified transaction or purpose). POA for NRI accounts A shortcoming of being an NRI is that you cannot [...]

Do you need to get a PAN card if you are an NRI? Is there a way you can get a PAN card without going to India? What procedures you should follow to obtain a PAN? If these questions have been playing on your mind lately, read on to find out more about PAN for [...]

India’s external debt stock, as at the end of September this fiscal, stood at $190.5 billion (Rs. 757,967 crore), showing an increase of about $9.9 billion or 5.5 per cent over the previous quarter ending June 2007.Of this, around $5 billion is explained by valuation change arising out of the weakening of the U.S. dollar [...]

India’s current account deficit shrunk to $5.5 billion in July-September 2007 as remittances by non-residents offset rising oil prices, higher import bill and slower growth in software exports. The overall balance of payments (the country’s external sector balance sheet) rose to a record surplus $29.2 billion during the same period. According to the preliminary figures [...]

ICICI Bank has launched a new non-resident ordinary deposit feature in order to enable NRIs to maximise their post tax yield on NRO fixed deposits. With this scheme, namely NRO Fixed Deposit Plus, NRI customers can avail tax deducted at source at a concessional rate under the double taxation avoidance agreement. The bank will offer [...]

This year was an eventful one for the rupee. The Indian currency advanced against the dollar despite galloping global oil prices. Against the dollar, the rupee advanced 12.5 per cent during the year. Against the euro, another currency preferred for invoicing, the rupee has remained steady from April this year. But the euro is also [...]

The booming real estate market in the country has prompted industry players to introduce a slew of innovative products to people willing to pay. From real estate developers to real estate fund managers, from banks to housing finance companies, it’s a party time for all. But behind those euphoric times, some banks, with operations in [...]

BEING THE 10TH largest economy in the world and the 4th largest in terms of purchasing power parity (PPP), India has emerged as a potential destination for NRI investment.  It has a large reservoir of skilled labour which is internationally cost-competitive, a large entrepreneurial base and a diversified manufacturing sector.  These attributes make it easy [...]

Before you go on overseas deputation, you must be aware of certain regulatory requirements. A little effort to fully understand the issues involved can prevent a lot of eleventh-hour hassles. You are in that dream job with that dream company. And, like the icing on the cake, that much-awaited stint abroad has arrived. While you [...]

I. Bank Accounts and Deposits a) Non-Resident (External) Rupee (NRE) Accounts (Principal / Interest Repatriable) Savings – The interest rates on NRE Savings deposits shall be at the rate applicable to domestic savings deposits. Currently the interest rate is 3.5%. Term deposits – For 1 year to 3 years, the interest rates on fresh repatriable [...]