RBI direction on import of gold by Qualified Jewellers as per IFSCA guidelines

[Guidelines on import of gold by Qualified Jewellers as notified by – The International Financial Services Centers Authority (IFSCA)] RBI notified agencies in case of banks and nominated agencies as notified by DGFT, and the Qualified Jewellers (QJ) as notified by International Financial Services Centers Authority (IFSCA) are currently permitted to import gold under specific…

How to transfer funds abroad from sale of property or from your Rupee account (NRO a/c) in India?

(Look here for repatriation of money abroad from Sale of property purchased from funds remitted from overseas OR NRE/ FCNR accounts, Sale of property purchased from Rupee Source (while resident in India), Sale of property acquired through inheritance etc and permissible sources of funds for an online/offline transfer abroad from an NRO Account .) An…

Banks may use an Alternative reference rate in place of LIBOR for export/import transactions: RBI

RBI today notified AD category banks to use any other widely accepted/Alternative reference rate in the currency concerned for such transactions. “This is in view of the impending cessation of LIBOR as a benchmark rate, it has been decided to permit AD banks to use any other widely accepted/Alternative reference rate in the currency concerned,”…

What is a Shipping Bill?

Shipping Bill which is also known as bill of export is a document prepared by an exporter or his agent for the purpose of custom authorities to grant permission for exports. Whether the shipment is by air, sea, or road, an exporter cannot load the goods without filing the Shipping Bill which the customs authority…