The Many Ways of Online Remittance to India

Sending money to India is a major concern for those living abroad. Moving your finances is never easy, since the currencies are different and there are a lot of nitty-gritties involved when it comes to money transfer. Clearly, there is no ‘one size fits all’ kind of solution for money transfer and you need to figure out what works best for you. While looking for the best money transfer services, it’s important to choose licensed transfer operators. If you are looking for the best possible ways of money transfer, here’s a quick lowdown on everything you need to know.

While looking for money transfer services for online remittance to India, you need to understand that not all companies operate worldwide. Before going any further, make sure that the company has a robust network and operates in the country you want to send money to. Your own bank could be a good starting point since most banks now offer international money transfer services to their customers. And the best part is that you are eligible for a whole lot of special privileges and discounts if you have been with that bank for a long time.

Of course, the rules and the fee structure would vary from one bank to another and transferring money through your bank may not always be the most economical option. You can, however, ask about exchange rates and the charges involved, and then make a choice. You also need to ask about the preferred currency for the transaction along with the time taken for transfers to India and other countries. Banks are undoubtedly one of the safest means of money transfer, though they may not always be the cheapest.

It’s quite obvious that the best way to send money to India may not be the most economical option but knowing your options takes away the stress from the money transfer ordeal. If you need to send money, but do not have an account yet, you may consider the services of transfer operators. Transfer operators offer their services online and are often your best bet in case of an emergency, or when there is a major time crunch. They usually have a strong network, operate worldwide and are always just a phone call away.

A transfer operator will enquire basic details such as identity proof, after which you would be given a reference number that enables the recipient to receive money. If you know of good transfer operators in your country, you may consider their services for quick money transfers. To be on the safer side, you may consider sending only small sums initially. Foreign exchange brokers are also known for offering decent exchange rates and the transfer fees are also pretty reasonable. Locked-in exchange rates often sweeten the deal and create a win-win situation for you as well as the foreign exchange broker.

While looking for swift transactions, make sure to pay equal attention to safety every step of the way to avoid complications or nasty surprises later.

Now it pays to stay in touch with your NRI friends and relatives

Remit2India - Har Naam Par Inaam offer

Refer an NRI and win amazing prizes

Remit2India, the chosen online remittance service for millions of NRIs across the globe, brings about yet another innovation for its customers and users in general. It has introduced a novel way for YOU to benefit by merely referring your NRI friend or relative.

Introducing Remit2India’s ‘Har Naam Par Inaam’ a referral program where YOU get to refer as many NRI friends to Remit2India as you want. And as soon as they use Remit2India, you get a Rs. 2,250/-* travel voucher PER referral. What’s more, one lucky winner will get a chance to fly and meet his or her friend anywhere across the world. In addition, your friend you have referred will also get a travel voucher worth Rs.3,000/-*

Remit2India's - Har Naam Par Inaam offer - Stay in touch with your NRI friends and family and win big prizes

It pays to stay in touch with your NRI friends & relatives

We all have friends from schools, colleges and our neighborhoods, who are living abroad. Thanks to Facebook and other social media platforms, we are connected with them online.  With Har Naam Par Inaam, you can get your NRI friends to be part of the Remit2India family – and both your friend & you benefit.

So if you have a friend in Sydney or a cousin in London, this is the time to make the most of your network. And who knows you might be visiting them soon.

*Prizes courtesy Ezeego1, terms and conditions apply. For more information, log on to www.harnaamparinaam.com.

It pays to stay in touch with your NRI friends & relatives - BIG TIME!

Participate in ‘Har Naam Par Inaam’ & Win – BIG TIME!

Love for the yellow metal

gold-bars

Last year the Indian government increased the import duty on Gold to 6% from around 1% anticipating a correction on the price thereby curtailing the demand

However, the gold demand went up 41% to 262 tonnes during the October-December quarter as households flocked to buy their favourite precious metal, ignoring the spurt in prices.

The rise in demand poses a fresh policy challenge for the government, which is battling to control gold imports as part of its efforts to keep current account deficit under check.

So far those efforts seems to have failed as India emerged as the fastest growing market and retained its position as the largest market, according to data released by the World Gold Council.

Inheritance of agricultural land by NRIs

Indian Laws governing the investment opportunities by NRIs are governed by Foreign Exchange Management Act, 1999 (FEMA), according to which NRIs and PIOs in India (non-resident Indians and Persons of Indian Origin) are prohibited from buying agricultural land in India. Under the general permission granted by Reserve Bank of India, properties other than agricultural land, farm house and plantation property can be acquired by foreign citizen of Indian Origin provided the purchase consideration is met either out of inward remittance in foreign exchange through normal banking channels or out of funds from the purchaser’s NRE (Non Resident External Rupee Account) or FCNR ( Foreign Currency Account) accounts maintained with Indian banks. The reason relating to the prohibition clause, about agricultural land is mainly to protect farmers from foreign conglomerates looking to buying up agricultural land.

Indian NRIs cannot buy agricultural land in India and this is applicable to the whole of India. Approval is required from the Reserve bank of India which one can assume is not easily available and this would depend only on individual circumstances. In addition to that, some State Governments in India have rules that allow only farmers to buy agricultural land in their State and this restricts even Indian citizens from buying agricultural land unless they come from a family of farmers. Therefore, one cannot complain that due to the above prohibition, NRI investment options have been mitigated. On the other hand, NRIs who have acquired foreign citizenship, are sometimes mislead into believing that they cannot continue to hold agricultural land as foreigners cannot hold agricultural land in India. But this is not all encompassing, because Indian NRI’s can continue to hold agricultural land or any other property they own in India provided they had acquired them legally before accepting foreign citizenship. NRIs and Foreign Citizens of Indian Origin cannot acquire agricultural land, even by way of gift. However they can acquire agricultural land by way of inheritance and an agricultural property or land thus acquired can only be sold to a resident in India and not to an NRI.

Just like every cloud has a silver lining, therefore, even if it seems like there are a lot of obstacles involved in the process of inheriting an agricultural land as an NRI, but eventually, the initiative generates one of the biggest advantages eliminating the hurdle of paying any inheritance tax for NRIs. Also, NRIs can sell the inherited agricultural land to a resident Indian, but they will have to pay capital gains tax on the sale proceeds. Once the tax is paid the remaining sale proceeds can be remitted abroad which again should not exceed 1 million USD in any financial year. Therefore, these are a few attributes an NRI must keep in mind while deciding on investment strategies to the best of their suitability. Therefore, the conclusion lies in the fact that, inheritance of agricultural land is not covered by the ban on NRIs, but in fact it is an exception to the rule.

Source:- blogs.siliconindia.com

India- An Investment Destination

Sixty years young India, and having a GDP that is touching 9%, is considered to be tomorrow’s economic superpower. With all its companies doing decently well, the Indian Share Market has become a hot and favorite destination of global investors. Liberal economic policies coupled with an ever-growing GDP are factors enticing potential investors to India.

But these factors are certainly not the only factors responsible for the sudden boom in the number of NRI investors in the Share Market of India. There are other factors as well that has given immensely colossal reasons to NRIs to commence investing in India. Here are some of the other factors, which are worthwhile for NRIs to consider investing in India.

India is synonymous with the word “resilience”. The people are pliant in catastrophe and so is the Indian market. While the world was contemplating the US Market, India, after initial jitters, was back on her feet soon. Investors are still flocking in this growing market. The resilience is mirrored in the fact that post liberalization; the economic magnification rate has reached new heights. Moreover, as India is ascending the growth ladder, we hope and expect the economy to perform even better.

The two sectors that were somewhat left unattended were those of agriculture and infrastructure. But there is a good news. For about two-three years now, these sectors have been given their due recognition. Paying more attention to these two fields implicatively insinuates increase in production and consequently, consumption. This will conspicuously lead to better standard of living and higher income levels for the Indian masses, which eventually would lead to more investments for more money to be made.

India not only has manpower quantitatively but also qualitatively. English is the dominant language in prime cities, and the engineering/technological educational institutions are providing India (and the world at large) with specialists in varied fields. So next time the ‘WHY’ comes in your mind, do ingest these reasons to put your money to work.

 

Remit2india: NRIs – now pay utility bills in India, online

Imagine you are sitting 4000 miles away from home & you get a sudden email alert in your Inbox “Your Landline Bill payment is due. Please pay at any of our centers in Chennai immedieately”.

For an NRI, managing utility bill payments in India is often a nightmare. With different time-zones, no one who you can send the payment with, very limited online options & so on, it sure can be an unnecessary pain to deal with.  But now there is a solution in sight. Remit2India, the online money transfer service for NRIs, has recently launched a service called ‘BillPay2India’. As the name suggests, the service allows NRIs across the globe to pay a wide range of utility bills across 28 cities in India. The list of bills that can be paid range across landline & mobile service providers, electricity bills etc. In all, there are 55 service providers across the country, listed for the service.

To make the process even simpler, Remit2India allows the NRI to choose the exact rupee amount that he wishes to make the payment for, irrespective of the currency that he is using. BillPay2India is definitely making the world smaller for the global Indian.

More details on the service are available on the website, http://www.remit2india.com.

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