Money Transfer to India and how the money transferred to India is taxed.
Yes, the person who is sending the amount from USA to India have has to pay the tax. The fees vary bank to bank according to the policies of the banks.I think Western Union is a quick way to send and receive money all around the world. Thank you!
@ishu Indian rupee has been on a slippery slope in the past few months. The Indian currency crossed the 70 mark and just neared the 75 mark in the recent days.
Some of the major reasons in the rupee fall against USD are:
Spike in the Oil prices: Rising Global Crude oil prices is surely a point of concern. India has to spend more dollars to meet its fuel needs, almost 80% of which is met through imports. This financial stress is a crucial factor in the falling of INR. The rise in crude oil prices has actually pulled down the rupee and pushed up dollar demand.
Strengthening Dollar: The USD in itself is strong currency and further getting stronger. This makes rupee look even more weaker against USD.
Global trade factors also impact the performance of rupee against dollar.
The spurt in Dollar has weakened not only Indian currency, but various other Asian currencies as well.
@harleen These payment banks seem to be a good initiative only if they actually provide what they promise to give to the rural community. Banking has still not reached far flung areas and if such banks branches can actually make it possible and easy, it would be great. There are other popular payment banks also like Airtel Payments bank, Paytm Payments bank, Fino Payments bank. But, how does one differentiate as to which one to choose? I think all these are similar in functioning and benefits. Any idea on this.
This is a very informative post. The government should help the people who want to pay their taxes in time. The whole taxation process is full of voids. Those who don't pay the taxes pay a small amount as bribe to avoid the big amount. The government should put hefty penalty on such culprits.
Hi, Karvy has an updated registration process which is completely online and no hard copies of the documents are required.
They leverage Aadhaar Digital Signature to open an online account. They just need scanned copy of the bank cheque leaf to create the account.
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