Send large amount to India only with Remit2India

You might be sending money to India for renovation of your house, buying a new property in India, sending savings to India, for loan repayment or other reasons. Many of us think that it is a long and difficult process to send huge amount. But with Remit2India, it is a hassle free process. Remit2India helps you to send money to United States with great benefits.

Only with Remit2India, you can send as much as $50,000 to India in one go and avail zero fees and special rates by speaking to one of our customer service executive. When we say zero fees, we will not charge you any extra fee, transfer charges or hidden fee to send money to your friends and family living in India. Now you can send money from the US to India without worrying about the extra charges. The service is completely online and you also get personalized service. Since the transaction is done through local wire transfer, many banks do not charge any fee; hence there are no local bank charges. The benefit is passed on to the customers.

We also have ongoing extra paisa offer where for every dollar transferred, we add guaranteed 15 paisa to your money. This adds up to a big extra sum when you transfer large amount to India.

So, whether you are an IT professional returning back to India and looking to transfer your savings or a doctor wanting to construct a house for your parents in India, Remit2India is there to fulfill all your wishes and provide you a hassle free experience of sending money to India.

For more details you can contact us on +1-888-736-4886 or send a mail to info@remit2india.com .

If you are interested in sending large amount to India, visit:

http://sendmoneytoindia.remit2india.com/WireTransfer-USA/index.asp

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

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%.

Seattle-based coffee giant Starbucks inaugurated its first store in India

India a country known for tea lovers has witnessed yet another historic moment; Starbucks the coffee giant has opened its first store in India in association with Tata Global Beverages.

Like KFC, McDonalds and Pizza Hut, Starbucks too has menu items that reflect local as well as western tastes, featuring items such as Elaichi Mawa croissants – made with cardamom and milk solids – and tandoori paneer rolls.
With over 42 items on the menu, seating capacity of 120 people and free Wi-Fi it promises to appeal both youngsters as well as the office executives.

With the likes of Cafe Coffee Day, that has around 1,350 outlets (current market leader) along with a host of international players, like Gloria Jean’s, Costa Coffee, Coffee Bean & Tea Leaf already scrambling to catch up. Dunkin Donuts which also debuted this year, it would be interesting to know how the coffee giant goes about its business in India.

Remit2India introduces Fortune Offer

The Remit2India Fortune offer introduced this month allows users to avail extra paisa on completed transactions. This offer is valid on  remittances in the following currencies USD / GBP/ AUD and EUR.

The offer slabs are:-

Currency

Transaction Amount

Extra Paise*

USD

50 – 5000

5

GBP

> = 50

15

AUD

> = 50

15

EUR

> = 50

15

This offer is not valid for transaction amount above USD 5000, however there is no upper limit for other currencies. The extra paisa benefit is payable to the beneficiary in INR only

Make the  most of this, offer ends on 4th October 2012

For more information visit bit.ly/fortunepromo

Glory for Indian Cricket

Undoubtedly cricket is a sport that Indians excel at. Heros time and again have inspired youngsters in our country to play this sport.
From Sunil Gavaskar, Kapil Dev, Sachin Tendulkar, Mahindra Singh Dhoni, Virat Kohli and now Unmukt Chand all have played their role.

No wonder the country boosts of a great future for the sport. With domestic cricket & IPL format it not only allows mass recognition but great career option too.

So what’s working for India when it comes to cricket compared to other sports?

Is it:-
• Individual excellence as oppose to group
• Talent
• Stardom and lineage of super stars from the past decades
• A great career option along with instant fame and recognition

Well whatever the answers maybe we are happy that the sport is doing well, allowing plenty of opportunity to new as well as old cricketers.

And we hope that the sportsmen who are treated ‘God like’ continue entertaining the masses.

On that note Remit2India congratulates the success the Under-19 cricketers who have brought home the World Cup.

15th August, 2012 – Celebrating India’s 66th Independence Day.

 

India can boast of its freedom much different than other nations, a freedom won without a war. Saw the birth of a super power, which still in many ways in its infancy.

A day to look back and feel the FREEDOM in the wind, the day the British bid adieu, a day that remind us that much more needs to be done for a majority of the population that lacks basic quality of life.

A proud moment for all and a reminder to the post-Independence born citizens to salute the endless spirit of its nation’s Heros that brought us freedom. With a promise to keep the struggle on to achieve what our leaders dreamt off.

And hope that someday our children value what they have and salute the sacrifice of many that has made this Independence Day possible.

Wishing all a Very Happy 66th Independence Day!

NRE deposits hit 10-year high in Jan on rising rates, weak Re

Further to the article posted on 11th March on is the rupee undervalued? The NRE deposits have hit an all-time high.

At a time when the government is looking for ways to attract foreign fund inflow, the spike in non-resident (external) rupee (NRE) deposit rates has brought some relief with non-resident Indians (NRIs) routing their savings substantially into NRE accounts.

While NRI fund inflow into NRE deposits in the month of January hit a 10-year high of $1.56 billion (over Rs 7,800 crore), the total inflow for FY’12 till January stood at $5.09 billion (around Rs 25,000 crore).

With data for February and March still to come, this is the highest-ever inflow in the NRE account in a financial year after FY’03 — when the net inflow stood at $6.19 billion.

NRE accounts are where NRIs can park their overseas savings that are remitted toIndiaby converting into rupee.

The surge in inflow can be primarily attributed to the move taken by the Reserve Bank ofIndiain December 2011 to deregulate interest rates on NRE deposits, following which banks raised their offering on such deposits from around 3.8 per cent to up to 9.5 per cent. The depreciation of rupee during the recent times also played a crucial role.

The rupee was trading at over 50 against a dollar till January, pushing investors to route their investment into rupee accounts to take the advantage.

Economists feel that even though this money is debt creating there is nothing to worry about since the composition of money has changed post liberalisation and also this is a stable source of funds.

Taxation on NRI accounts

There are different types of bank accounts that are used by Non Resident Indians (NRI) and the two most common ones are the Non Resident Ordinary (NRO) and the Non Resident External (NRE) bank account.
There are different ways in which the money can be handled in these accounts in terms of the repatriation of the amounts and there is also a tax angle that will have to be considered for the individual non resident when they earn income from these account. With several changes recently with respect to these accounts it is important to take a close look at the position.

Nature of account
The NRO savings bank account is a rupee account usually consisting of money earned in India before or after becoming a NRI. A specified amount is repatriable abroad from this account for specific purposes. This is the reason why most of the income that is earned in India can be put here. On the other hand the NRE savings bank account is meant for fund that would be repatriated and hence the amount of the contribution to the bank account also comes from outside earnings in foreign exchange.
The principal as well as interest on the account is repatriable. This account is also present in rupees so there is a currency risk that is present at the time of transfer of money. There are two types of accounts where the amounts can be invested and the first one is the savings account mentioned above. Further the investor can also ensure that there are fixed deposits that can be put with the bank so these will offer an additional investment opportunity for the individual Non Resident Indian.

Interest rate changes
One of the major changes that have been witnessed in the account in recent times is that the interest rate on the NRE fixed deposits has been decontrolled. This means that the banks are free to price the deposits as they deem fit and the immediate impact of this has been that the rates have shot up to over 9% in most cases. This is a significant rise for the investor and they will be able to ensure that there is a good return that they are getting on their investment. While there is this kind of benefit that is present a need is also present to take a careful look at how the taxation will work out.

Tax free
What will come as a bonanza for the non resident investors is the fact that the income earned in the form of interest from the NRE accounts are tax free in their hands. There is no taxation on the interest that is earned here and for this reason there will also not be any Tax Deducted at Source (TDS) on the income earned here. This is a good thing because the individual will be free to ensure that they are investing what they want into the deposits and there is no tax element that they have to worry about.
This reduces the situation of having to claim back amounts from the government as refunds after filing the tax return. The interest earned on the savings bank NRE account as well as the fixed deposit NRE account will be tax free for the investor.
On the other hand when it comes to the NRO account the amount that is earned here is taxable. So the first thing that the NRI has to plan for is the fact that any income from such accounts will have to be included in the tax working. In many cases the fact that the income is taxable might not be such a major point because the total income earned by the NRI and taxable in India might not be very high so they might not have to pay tax.

However there will be a TDS that is done on the account and hence there could be a situation where the NRI will have to go and get a refund of the amount that they have faced as a deduction from the government. This will be done only when they file a return with the necessary details and the amount will be refunded back to them.

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