Tax collected at Source (TCS) enlarged on foreign remittances effective from July 1, 2023
In line with the existing Liberised Remittance Scheme (LRS) in India, any resident individual including a minor is free to remit up to US Dollars 2,50,000 or its equivalent in one financial year for overseas education, traveling abroad for business and private visits, to patients for medical treatment, or to a person for accompanying as…
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Due date for premature redemption of Gold Bond SGB 2017-18, Series IX -is May 26
RBI today announced the next due date of premature redemption of the Sovereign Gold Bond Scheme (SGB 2017-18, Series IX – Issue date November 27, 2017) tranche shall be May 26, 2023 (May 27, 2023, being a non-working Saturday). As per Sovereign Gold Bond Scheme, premature redemption of a Gold Bond may be permitted after…
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Provide shade and water to the customers exchanging or depositing Rs 2000 notes: RBI
Pursuant to Friday’s announcement of withdrawing Rs 2,000 notes, RBI reiterated that Rs.2000 notes continue to be legal tender unlike demonetization exercise. In view of the allegations of customers were dying while waiting in queues to exchange bank notes during the 2016 note ban, the Reserve Bank on Monday advised banks to provide shade from…
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RBI to withdraw Rs 2,000 notes from circulation must be exchanged before September 30, 2023
The Reserve Bank of India has decided to withdraw Rs 2,000 denomination banknotes from circulation and asked all to exchange them by September 30, 2023. The Rs 2,000 notes, however, will continue to be legal tender. “In pursuance of the “Clean Note Policy” of the Reserve Bank of India, it has been decided to withdraw…
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Govt. hikes tax on international credit card spends on foreign trips
The Ministry of Finance on May 16 notified that the Foreign Exchange Management (Current Account Transactions) Rules 2000 amended to include international credit card payments under LRS. Under LRS a resident can remit money abroad up to a maximum of USD 2.50 lakh per annum without the authorization of RBI. According to the notification, the…
IRDAI norms for surety bonds
The Insurance Regulatory and Development Authority of India (Irdai) made significant changes to the norms governing ‘surety bonds, a type of insurance policy that protects parties involved in a transaction or contract from potential financial losses. As per a circular issued by the IRDAI, the solvency requirement applicable for such products has now been reduced…
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