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.
Tuesday, January 24, 2017
Saturday, January 21, 2017
NRIs are allowed to buy and sell properties in India and they can also bring the profit post sale of their property to abroad but there are a couple of things which you need to learn and remember. For example, you need to know that the sale proceeds amount can only be deposited into your NRO account and not on your NRE account. There are many similar points which every NRI should know and remember before selling their ancestral or self-bought properties in India. I have tried to list a couple of them in this article. If you have any suggestion or any other important things which are not in this list, please suggest in comments.
Friday, January 13, 2017
In theory, there is absolutely no limit to how much money you can send to India, provided you earned your money legally and paid your taxes but the USA is special. In practice, depending upon which channel you are using for sending money to India, you might have some limit. Similarly, you will also hit the daily limit of transaction you can do with your local bank e.g. paying bills up to 50,000 dollars daily for remittance purpose.
Saturday, January 7, 2017
Many NRIs buy property in India by taking NRI home loans, but when it comes to tax saving, most of them are not sure whether they are eligible for any tax saving in India or not. They just earned in abroad and replay the home loan by their NRE/NRO account without thinking of tax deductions available under income tax law of India for home loans. Many banks, which provide NRI home loans e.g. ICICI, HDFC, State Bank of India, Axis bank, Federal Bank, Bank Of Baroda and other non-banking financial institution like Tata capital, LIC Housing or HDFC itself doesn't tell you anything to NRIs about how they can save taxes while paying their home loans in India.
Monday, January 2, 2017
Yes, NRIs can take personal loans in India, nothing stops them except the bank which are giving Personal loans. Unfortunately, even though, all the public sector banks e.g. SBI, Bank of Baroda, Punjab national bank, private sector e.g. ICICI, HDFC, Axis bank, YESBank, Standard chartered, Federal bank, and even non-banking financial institution like Tata Capital, LIC finance are offering home loans to NRI but no one is providing personal loans to NRIs.