Consider these 3 things before you transfer money

Things to Consider Before Transferring Money Online

Transferring money from one country to another can be a regular task for some, but for others, it could be a tough one. If you are an Indian living abroad and planning to send money to India, you will either have to visit an agent or your bank or the best way is to make the transfer online. Though there are many ways through which you can send money to your country, you should always check how safe their service is. Apart from these things, have a look at the three major points that should be considered before you transfer money.

  • Watch Out For Exchange Rates – When you transfer a certain amount of money to another country, the money transfer agency or services charges a particular amount. Every financial institution has different exchange rates for international transfers. It is important to be vigilant and check the exchange rates, compare it with other money transfer agencies and select the best rates for a beneficial transaction.
  • Decide The Amount – Depending on the amount you are planning to transfer, select the mode from different money transfer agencies offering competitive rates and packages. For e.g., Remit2India can help you to transfer from minimal amount to a large amount of money up to 50,000 USD from the US to India. Money transfer services like Remi2India is ideal to make all types of money transfer conveniently to India.
  • Check The Transfer Fees – Many banks around the world or in the US to be specific can be very expensive when it comes to moving money internationally. The transfer rates of such financial institutes are very high and may burn a hole in your pocket when you want to send money to your loved ones in need. Remit2India offers zero transfer fees when you send money from Australia to India.

Sending money online is the best way when you want to transfer funds on an urgent basis without spending too much on its transfer. Remit2India is one such money transfer service that helps you to quickly and securely send money to your friends and family from 24 countries around the globe to India.

Remit2India: Special Festive Offers

This festive season, Remit2India will add plenty of cheer to your lives. Need to send money to India? Well, Remit2India is surely your way best bet. Send money with Remit2India this month and get amazing offers each and every time.

Here is our list of offers that are live currently:

Sending Country: United States of America (USA)
Sending Currency: USD
Offer 1: POWER 30

Remit2India Power 30 Offer

Festive Offer for United States to India

Send money to India from United States via Remit2India and get delightful offers on your first three transactions with Remit2India. On each occasion, get assured dollar thirty added to your transaction.

Offer 2: Special Login Offer

Sending Country: United Kingdom (UK)
Sending Currency: GBP
Offer: 50 % extra in INR value

Remit2India - Special Offer for Indians in UK

Special Offer for Indians in UK

Send money with Remit2India nad get upto INR 100,000 added to your transaction. Everytime you send money in GBP you get 50% of the sending amount (in INR) added to the transaction. For instance, send GBP 5,000 and get INR 2,500 additional added to the final transaction amount.

Sending Countries: Europe (Eur)
Sending Currencies: EURO
Offer: 50 % extra in INR value

Sending Country: Australia (AUS)
Sending Currency: Australian Dollar
Offer: FLAT 40 paisa extra per AUD

Remit2India - Special Festive Offer for Indians in Australia

Festive Season Offer

Send any amount from Australia to India and get assured 40 paisa per AUD added to your transaction.

There is something in it for everybody.

For more information you can visit our website – http://www.remit2india.com. Alternatively, you can email us at info@remit2india.com

NRIs can now enjoy tax benefits for salary credited to their NRE/NRO accounts

NRI-Taxes

Often NRIs working abroad face taxation worries for their overseas salary income credited into their NRE/NRO accounts. This is because a non-resident can be subjected to tax in India on that portion of the income which is received in India.

However, The Income Tax Appellate Tribunal (ITAT) which adjudicates tax matters, in a recent decision, has held that merely because the salary was credited by an international company to the employee’s NRE bank account in India, it will not trigger a tax incidence in India. The ITAT sought to distinguish between ‘income’ received in India and an ‘amount’ received in India.

Rupee at lifetime low against the $

Indian-Rupee

 

 

 

 

 

 

 

 

 

The falling rupee has given FII inflows in India the shiver; however Indians abroad (NRIs) are making the most of it.
Rupee on Monday slipped to a lifetime low of 57.33 vs dollar. Dropping to a record low in early trade, this comes after disappointing data from India and other Asian giants like China and slightly better-than-expected US jobs data.

Speculations now rise for a possible intervention by RBI

Another young Indian making a mark in US

barack-obama-praises-indian-american-student-for-her-science-projectIt comes as no surprise, yet another Indian-American student receiving praises for her work, this time around from none other than the US President Barack Obama himself.

Meghana Rao an Indian origin student from Portland, Oregon, exhibited her project based on ‘biochar’ (charcoal) to the US President at the fair in which around 30 student teams from across US participated.

American Natural History Museum Young Naturalist Award winner, Meghana, is a Jesuit High School student who-in addition to researching the ability of ‘biochar’ also directs a student-run non-profit organization, Portland Junior Scientists (PJS).

Her hard work helped her earn a 2013 Young Naturalist Award from the American Natural History Museum, and brought PJS a $5,000 grant from the Pepsi Refresh Project and an $11,500 grant from the Case Foundation’s Finding Fearless program.

Another Indian, making her nation and fellow Indians proud.

40% rise in Remittances expected in the state of Kerala

With India expected to hold on to it No. 1 remittance receiving country tag with expected $70 billion in remittance flows according to a recent World Bank report. The southern state of Kerala is expected to rise by 40% to Rs 60,000 crore in 2012, as against Rs 50,000 crore in 2011.

“This shows that slowdown and other crises are no limits when it comes to sending money back home,” S Irudaya Rajan, chair professor, research unit on international migration, Ministry of Overseas Indian Affairs said.

Recent policy measures by the Reserve Bank of India have also given a fillip to the remittance business. After the interest rates on NSE and NRO accounts were deregulated last year, banks looked to shore up low cost deposits through this route, by increasing rates which were controlled. NRE saving deposits mirror domestic saving rates at 4% while interest on NRE term deposits range from 8.5% to 9%.

Indians lead the race of tech entrepreneurship in US

More and more Indians entrepreneurs are the faces behind a growing number of US tech startups. A study by the US based Kauffman Foundation shows that 33.2% of the co-founders of engineering and technology firms founded by immigrants in the US since 2006 were Indians. The next came the Chinese, at 8.1%.

Another study done in 2007 for the period 1995 to 2005 had found that Indians accounted for 26% of the co-founders during that period. So there’s been a 7 % increase in the Indian contribution in the post-2005 period. In fact, the Indian immigrant contribution was the only one that increased; most other immigrant communities saw a decline in their contributions, leading to a general stagnation in immigrant entrepreneurship in the US.

An interesting fact is “The Bay Area which has only six million people resides half a million Indians. And among those Indians, 72% work in the tech sector. Of the total tech firms that get funded in the US, 50% are in Silicon Valley. Not surprising that Indians are becoming founders or co-founders.

Remit2India NRI Family Day celebrated in New Delhi with great enthusiasm

 

 

 

 

 

 

 

 

 

 

 

 

Known for its historical and political importance as also for its famous architectural monuments like the Qutub Minar, Humayun’s tomb and the Red Fort, India’s capital witnessed a spectacular evening this Sunday, filled with a wide variety of performances, activities and contests at the NRI Family Day, organized by Remit2India.

Remit2India, that serves over a million NRIs worldwide with its online money transfer service, extended its consumer connect initiative to New Delhi and recently gave 500 of its NRI families and friends a reason to celebrate. The Lalit, New Delhi played host to Remit2India NRI Family Day, an evening that witnessed a mélange of entertainment for each and every one present. From a breathtaking performance by India’s fastest guitarist Apernit Singh, to dance performances by talented international artists, the event had it all. The evening also witnessed activities like no other, and included free health check-ups, face painting, tarot card reading & photo sessions, all of which saw excellent participation from the families.

 

Speaking on this occasion, Kunnal Sharma, Business Head – Global Remittances, TimesofMoney said, “No countrywide celebration is complete without Delhi on its map. And true to its reputation, the city welcomed the NRI Family Day with great enthusiasm. We are delighted with the overwhelming response we received from over 500 NRI families for the Remit2India NRI Family Day. The event has provided us an opportunity to connect with our valuable customers, and thank them and their families for their continued support.”

Key partners for the event included Harit Dharaa, Jet Airways, Leonia Resorts, LIC Housing Finance Ltd., Moolchand Hospital and Volvo.

Remit2India’s Power20 – Get $10* EXTRA on each of your first two transaction

If you have just registered with Remit2India.com or registered before but haven’t yet used the services, Remit2India brings you a limited period offer to ensure that you get the best when you send money through it. Get up to $20 extra while sending money home all through this month. This special offer is valid till 30th March 2012.

So, hurry and make sure that you make the most of this offer. To know more click http://bit.ly/r2ip20

*Conditions Apply

How NRIs are benefiting from investing in Indian real estate

With real estate prices around the world sinking, investing in Indian real estate is ringing. This is the reality of the situation. Non know this better than the Non-Resident Indians (NRIs).

However, before venturing into investment in real estate in India, the Non-Resident Indians in particular should take care of the provisions contained in the Foreign Exchange Management Act as well as the Income-tax Act.

A fair knowledge of these two enactments will help the Non-Resident Indians to take a wise decision of investment in real estate keeping in view the provisions of law affecting such real estate investment.

As per the said Foreign Exchange Management Act an Indian citizen who resides outside India is permitted to acquire any immovable property in India other then agricultural/plantation property or a farm house. Thus, it is very clear that Non-Resident Indians enjoy almost all the privileges which are enjoyed by a resident Indian with reference to purchase of immovable property in India.

As per the said Foreign Exchange Management Act an Indian citizen who is a resident outside India popularly known as Non-Resident Indian has the permission for the following activities with reference to acquisition and transfer of immovable property in India :-

1. acquire immovable property other than agricultural land/plantation property or a farm house by way of purchase subject to the conditions regarding RBI rules mentioned in clause (a) of the Regulation;

2. acquire any immovable property other than agricultural land / plantation property / farm house by way of gift from an Indian citizen resident outside India or from a PIO;

3. acquire property by inheritance;

4. transfer by way of sale any immovable property other than agricultural / plantation property of a farm house by way of sale to a person resident in India;

5. transfer agricultural land / farm house or plantation property way of gift or sale to an Indian citizen resident in India;

6. transfer residential or commercial property in India by way of gift to a person resident in India or to a person resident outside India who is a citizen of India or to a person of Indian origin resident outside India.

Before making any investment in real estate the Non-Resident Indian should very carefully prepare the basic objective or the purpose of making investment in real estate sector in India.  Is it for investment in real estate or acquiring a residential property for self use.

 

Purchase of Property by NRI for Self Use

The Non-Resident Indian can make investment in a residential property for his own use.  This property can be in the form of ownership flat or it could be in the form of buying a piece of land and constructing a house thereon.  In both the situations it is of advantage for a Non-Resident Indian to make investment in a residential self-occupied property by taking a loan.

The Non-Resident Indian would be very happy to note that if he takes loan for a self-occupied house property, then he would enjoy a deduction from his Indian income in respect of interest paid on loan taken for such self-occupied residential property. This loan can be taken either from the bank or financial institution so also the loan can be taken from any member of the family or friend or relative. The maximum deduction in respect of interest on loan that is allowed for self occupied house property is Rs. 1,50,000.

Similarly, as per the provisions contained in section 80C of the Income-tax Act, 1961 within the overall deduction of Rs. 1 lakh the Non-Resident Indian just like a Resident Indian would also enjoy deduction in respect of repayment of the housing loan for self occupied property. However, the deduction for repayment of the loan would be permissible only in respect of loan taken from bank, financial institution etc., etc. Hence, whenever the Non-Resident Indian is contemplating to purchase a residential house property for self use, then surely the best investment strategy would be to take loan and make investment in your lovely self occupied house property.

Real Estate Investment for Rental Income

The Non-Resident Indian can make investment in a residential property or in a commercial property with the objective of receiving a regular flow of rental income. The provisions of taxing rental income are simple, easy and investor friendly.  Broadly speaking, from the rental income derived by a Non-Resident Indian deduction is available in respect of actual payment of house tax as also a special 30 per cent deduction is available towards repairs, maintenance and collection charges of the property.

This special deduction is permissible irrespective of the fact whether you spend on the repairs or you do not spend on repairs.  Thus, this is a big deduction available from rental income which is instrumental in cutting down the tax payment by a a Non-Resident Indian on rental income.

Another important feature of taxation relates to complete deduction without any upper limit of the interest paid by the Non-Resident Indian for purchase of property which is given on rent.  Thus, the entire interest payment for purchase of property which is given on rent is allowed as a deduction from the rental income.  This is a great big advantage.  Hence, it is worthwhile for the Non-Resident Indian to make investment in real estate specially the real estate acquired for receiving a fixed flow of rental income by taking a loan for such purchase.

 

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