Wherever the BO or PO is required to remit funds outside India, within the applicable guidelines under FEMA, they may do so not necessarily through the designated AD Category I bank but through any AD Category I bank of its choice subject to obtaining no objection certificate (NOC) from the designated AD Category I bank.…
Read MoreRepatriation of money abroad NRIs do not visit India frequently and are not open to renting out their properties. They prefer not to burden relatives and friends with the task of paying property tax, maintenance and society dues and see more sense in encashing the capital value of their inherited properties. Selling real estate is…
Read MoreProvident Fund For International Workers In India Foreign nationals were brought under the purview of the Employees Provident Funds and Miscellaneous Provisions Act, 1952 (“EPF Act”) in October 2008. The EPF Act is the law governing social security in India. Originally, the EPF Act was applicable only to Indian workers. The Government of India in 2008 broadened the…
Read MoreOur client, an NRI from Singapore had sold his long-term property in India. Unfortunately, the purchaser instead of deducting TDS on Long Term Capital Gains of the NRI, deducted the TDS on entire sale proceeds. Aggrieved, the NRI wanted a refund on account of TDS deducted by the purchaser of the property u/s 195 of…
Read MoreGeneral criteria Applications from foreign companies (a body corporate incorporated outside India, including a firm or other association of individuals) for establishing BO/ LO/ PO in India shall be considered by the AD Category-I bank as per the guidelines given by Reserve Bank of India (RBI). If the principal business of the entity resident outside India…
Read MoreOpening a Branch in India Options and Requirements for Foreign Investors Opening a Branch in India There are certain conditions for opening a branch in India for a foreign company. A branch can be opened for specific purposes, and there are some requirements and conditions for opening a branch office in India. . Branch in…
Read MoreIt is a common situation for many NRIs who are unable to physically look after their properties back home in India that their property is encroached or illegally possessed by somebody. How encroachment actually takes place Local goons often upon seeing a vacant property encroach it and may also create false documents to prove their…
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