Finance

RBI data: NRI deposits surge by 70.35%, reaching $10.1B. FCNR accounts also rise. Overall positive trend in NRI deposits observed.
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Abu Dhabi enhances incentives to attract global financiers, aiming to rival top financial centres while offering lifestyle perks.
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Handful Districts: Five Gujarat districts, including Ahmedabad and Vadodara, hold 70% of NRI deposits; slight dip in December 2023 attributed to routine transactions.
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Non-Resident Overseas: ITAT ruled non-residents' overseas earnings aren't taxable in India, emphasizing residency status and jurisdictional understanding for individuals working…
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New Budget: Interim Budget 2024 solidifies increased TCS rates on foreign remittances, awaiting parliamentary approval. Shift from 5% to 20% for Rs 7 lakh+ expenditures.
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Indian Visitors: Eiffel Tower adopts UPI for Indian tourists, pioneering seamless payments. NPCI collaboration extends plans for UPI usage across France and Europe.
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Indians can now receive real-time remittances from Singapore through UPI-PayNow linkage, boosting financial inclusion and convenience.
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NRIs Face: Tax department alerts NRIs on high-value transactions. NRIs with deposits face scrutiny. Responses needed via revised returns or online portal.
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NRI Investments: India's economy surges, with record foreign remittances of 112B USD in FY23. NRIs explore diverse investments, anticipating growth in 2024.
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Stable rupee and higher interest rates drive NRI deposits to $6.1 billion in April-October 2023, doubling from the previous year.
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