WHAT IS REMITTANCE

The Enforcement Directorate (ED) in India is investigating wealthy individuals who have been investing in offshore funds that primarily invest in Indian equities. This practice, while potentially motivated by profit or currency advantages, is consid...

Egypt's middle class is facing an unprecedented economic crisis, with many struggling to afford basic necessities. IMF-backed reforms, including fuel price hikes and subsidy cuts, have eroded purchasing power, forcing families to make difficult choi...

Trump returns to White House: Donald Trump is set to become the 47th President of the United States. With Trump coming back to power, analysts predict that the US dollar would strengthen and sectors such banks, technology, defense and fossil fuels m...

Wealthy Indians are uncertain about investments abroad after a directive from the International Financial Services Centres Authority. It restricts fixed deposit terms in GIFT City to under 180 days, conflicting with Reserve Bank of India guidelines....

At ET World Leaders Forum, Kelly Mahon Tullier, Visa’s Vice Chair and Chief People Officer, talked about Visa's role in accelerating digital payments and financial inclusion, especially in India. She highlighted Visa’s innovation efforts, partnershi...

Income tax notice: You may get a income tax notice by December 31, 2024 if the tax department found you have income which escaped assessment. This is because tax officials are analysing Form 15CC data to find out who has sent more than Rs 6 lakh abr...

Byju's founder Byju Raveendran is dealing with several legal disputes, including a Rs 158 crore payment issue with the Indian cricket board and a $1.2 billion term loan conflict with US lenders. Adding to their woes, India's Enforcement Directorate ...

That approval for expanding the scope of services potentially multiplies the business opportunity for banks in the GIFT city more than five times. ET explains what LRS is and the different permissible and non-permissible transactions under this prog...

India's thriving investment appeal is evident with high foreign remittances and FII inflows, while regulatory reforms and sector openings attract global interest. Elon Musk's potential investments in the space and EV sectors signal promising develop...

It means that as per the RBI rules, one can transfer of money up to USD 250,000 per calendar year for defined purposes. However, fees per transaction differ depending on the bank. Here is a comparison of the latest top banks’ charges for sending mon...

India has been on top of the charts of remittances from its diaspora. In 2022-23 it crossed the $100billion mark to $112 billion and a record $29 billion in the December quarter alone. But will the uptrend continue? An explainer on what drives inwar...

The State Bank of India (SBI) and Flywire, a global payments enablement and software firm, have announced a partnership that would enable Indian students and SBI customers to pay tuition fees in local currency to overseas universities and colleges.

Under the Liberalised Remittance Scheme (LRS), resident individuals are permitted to transfer up to $250,000 a year abroad to invest in properties and securities, maintenance of relatives, among other specified purposes. Some of the tax professional...

what happens when you enter wrong beneficiary details for imps remittance

Paytm's revenue from operations for the December quarter increased 38% to Rs 2,850.5 crore. Paytm said the increase in revenue was on the back of accelerated growth in gross merchandise value, payments device additions and an expansion in the financ...

Vijay Shekhar Sharma, CEO of Paytm, discusses the opportunities offered by GIFT City and the IFSCA. GIFT City is a place where global market access and domestic technology combine, allowing for the development of innovative solutions. Sharma mention...

Two British banks, a Swiss lender, and an Emirates institution severed ties with over two dozen Indians in the last two months. These individuals had initially opened accounts under the RBI's Liberalised Remittance Scheme (LRS), allowing up to $250,...

Starting October 1, 2023, new tax collection at source (TCS) rates will affect various financial transactions, such as international travel, investments in foreign assets, and educational expenses abroad. Under the Liberalised Remittance Scheme (LRS...

Here is the rate you will be charged for foreign remittances under LRS below and above Rs.7 lakh.