Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: TDS :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: due date for vat payment :: list of goods taxed at 4% :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: VAT RATES :: articles on VAT and GST in India :: VAT Audit :: ACCOUNTING STANDARD
 
 
News Headlines »
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits

NRIs may get to send home more money
October, 27th 2006
Currently, an NRI can send a maximum of 12 transactions in a calendar year, each not exceeding $2,500, as per RBI norms. This amount may be raised to $5,000. The legal channels available to NRIs to send money home will soon become more attractive with the Centre planning to double the amount per transaction allowed through money transfer operators (MTO) like post offices. Currently, an NRI can send a maximum of 12 transactions in a calendar year, each not exceeding $2,500, as per RBI norms. This amount may be raised to $5,000. This will spread cheer, especially among low-waged NRIs, as high volume transactions are now out of the purview of the remittance business coming through this route. Since the charges for funds sent through the MTOs are far higher than for those sent through the banking route, doubling the amount per transaction will make life easier for low wage earning NRIs. An RBI working group report on NRI remittances has found that the cost of sending money from the US ranges between $22 and $39 per transaction through MTOs. From the Gulf states, the cost is about $6 per transaction. Policy mavens hope that upping the ceiling will clip the attractiveness of the hawala route for sending in money. The government is keen on revising the limits for remittances to curb the hawala route, a government official said. Though there are no official figures, experts estimate that a sizeable chunk of the total remittances to India could be through the hawala route. The liberalisation could also mean a further push for the remittance business that touched $24.6bn in 05-06. As a percentage of the GDP for 05-06, the share of money being sent in by NRIs and others works out to 3.2%. India is the largest recipient of remittances in the world. The volume of the inflow is much more than that of the annual FDI flow coming in. Anil Kapur, MD, South Asia Western Union, said: With the current monitoring system, it is possible to trace money in the entire system and its only logical that the caps should be raised to allow more money to come through. Though the Indian Diaspora, estimated at 22m people, is nearly half the Chinese Diaspora, India has been receiving the maximum remittances for the past two years. A World Bank report estimated global remittances to developing countries at $230bn in 05, and it is expected to grow at 8% per year. The Indian remittance industry is expected to grow by 20-25% over the next three years, say analysts.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions