Tuesday, February 21, 2017

Difference between Wire Transfer (SWIFT) and ACH (Automated Clearing House) Money transfer

Even though both Wire transfer and ACH are ways to send a large amount of money from one place to another, there are some significant differences in the way they operate. A wire transfer, also commonly referred as SWIFT transfer is an electronic transfer of money from one financial institution to other across the financial network. The word "wire" is chosen to signal the electronic transfer of money. It is fast and secure and can be used to transfer fund from one bank or credit union account to other. The wire transfer is mostly used for international money transfer e.g. sending money from the USA to India, particularly for a large amount of money due to its safety, security and speed advantages because no actual cash is moved in wire transfer transaction.

Friday, February 3, 2017

Top 5 Income Tax Changes and Slab Rates from Budget 2017

The Indian Budget for 2017 has been announced a couple of days back and Finance Minister Mr. Arun Jaitely announced some Income tax reforms, amendments, and relief for personal income tax payers of India in his budget 2017 speech. The most important of them are 5% tax on the lowest slab i.e. 2.5 lakhs to 5.0 lakhs instead of 10%. This change will impact most of the tax payers in India as data provided in the budget, total 3.7 crore people filed income tax returns in 2015-16 and out of those almost 2 crore was in the range of 2.5 lakh to 5 lakh.

Tuesday, January 24, 2017

NRIs can now exchange old Rs 500 and Rs 1000 notes until 30th June 2017 - deadline extended for Resident Indian and NRI returning from Abroad

In a pleasant surprise in the new year, Government now allows NRIs to exchange or deposit demonetized Rs 500 and Rs 1000 notes until 30th June 2017. Earlier the deadline was 31st March 2017 on RBI offices for NRIs but this is now extended until 30th June 2017 to allow NRIs to better plan their trips to India. This is a much-needed relief to NRI community who was very disappointed with the way the government  handles this demonetization exercise as many of them left with old cash ranging from 5K to 25K due to no legal option to convert them at overseas.