China is always major treat for India and other democracies like United States, Japan. China can not be a friend of India. China is helping Pakistan against us. Same way we have to help Taiwan against them. Chinese are occupied Tibet. Now, we have to take U turn in our foreign policy. We need shake hand with US and its NATO allies. We also need to support Tibet for their freedom straggle nevertheless we have to take step for merger of Tibet in our democratic republic.
RE:Money sent to you by your friend
by lax on Oct 28, 2007 07:47 PM Permalink
Depends on the 'nature' of money: 1.) If its your INCOME, then its taxable irrespective of whether its remitted or not, 2.) If its repayment of loan/debt, then its not taxable. Only interest-part is taxable,
RE:RE:Money sent to you by your friend
by on Oct 28, 2007 10:48 PM Permalink
What if someone is sending money to his parents account? As a gift i guess. Also if a person was a tax payee (working in India earlier) and since he has not been out of India for 6 months of India's financial year, he is still not an NRI, so if he decides to remit money to his own account, is it taxable?
RE:RE:RE:Money sent to you by your friend
by lax on Oct 29, 2007 07:35 AM Permalink
Gift tax is abolished. So remitting money to parents is no problem. Remitting money from abroad to India in own account is not taxable.
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RE:Does any one know ........
by Milind on Oct 29, 2007 01:27 AM Permalink
Hello Ventak,
I am in the same situation as you. I didnt know what to do. I spoke to my friend Manasi Paradkar in India who is a branch manager of Standard Chartered Bank. Write to her at Manasi.Paradkar@in.standardchartered.com She advised me to invest in Mutual funds since that is the safest route compared to directly investing in stocks in India which requires a lot of study. You can also do it using HDFC bank or ICICI bank. Essentially they become our investment agents. They do not charge the fees from us which means they must be charging their fees to the institutions where your money is invested. Depending on the risk you are willing to take and the industry segment that you wish to invest, the investment banker will suggest some mutual funds. Download the forms which they send, study them briefly and then invest. The decision as to where to invest will be yours. They can only suggest. You will also need a bank account in India (NRE or NRO) for transfer of funds or deposit of returns.
I got more than 20% on top of the Rupee appreciation which was 10% making it a 30% return. However remember that you need a PAN card (kind of similar to SSN in India) or atleast a receipt for application for a PAN card. The application is pretty easy.
RE:Does any one know ........
by lax on Oct 28, 2007 07:51 PM Permalink
Investing in stocks at these levels is not prudent. Sooner or later, they WILL fall. Invest in Real Estate. Better still, take advantage of rising rupee & convert your dollars to Rupees (repratiable), then re-convert to dollars later, when the rupee has risen further. This way you get more dollars when u reconvert. Also during the interval, your rupees earn interest. PS: Iam a Finance Professional, working in USA.
RE:Does any one know ........
by on Oct 24, 2007 08:01 AM Permalink
Mutual Funds and Stocks are performing excellent in Indian Market. Please contact us for investment purposes.
RE:RE:Does any one know ........
by ravinandanprakash agrawal on Nov 08, 2007 12:59 AM Permalink
open an NRI account in ICICI. put your money in FD's for 9.5% and watch TV.
I use money2india all the time since they have no fees. Only problem is that the Exchange rates you get are always lower than what they quote you at the beginning of the transaction. It's still better than the $20 you get charged on $1000 transaction but for higher amounts like $2500 it may even out. I definitely don't like money2india service due to fluctuations in Exchange rate but it's still best among the lot.
RE:Best channels to remit money to India
by elsen david on Oct 24, 2007 02:46 AM Permalink
Yes, Money2India shows different exchange rate on their website and they use much lower than that and say that service is free. I do not consider this as best.
RE:Best channels to remit money to India
by sujoy chowdhury on Oct 28, 2007 06:34 PM Permalink
remit2india is the best one. Site is remit2india.com You can refer me too. My user ID unbeatensujoy. Try that u will get definitely more than money2india. U will get the comaprison between money2india and remit2india.com
RE:RE:Best channels to remit money to India
by sujoy chowdhury on Oct 28, 2007 06:37 PM Permalink
use NRE-ACH mode for transfer if u are transfering to any indian bank account.
RE:Best channels to remit money to India
by on Oct 28, 2007 10:53 PM Permalink
wire transfers work fine. but only for larger amounts say above 5k usd, they take some time but are secure and charges r ok.
RE:RE:Best channels to remit money to India
by Gan Van on Oct 24, 2007 04:22 AM Permalink
Dollar value is not same through out a business day and they seems to considers the lowest value on any given day, If you are lucky, you may get MAX of the displayed forex. M2I is better for small amounts, Wire is better for large amount.
The best way toQuick money transfer is Moneygram. They give good FX rates and the charge less than Western Union. I used to transfer money from Canada to India and They charge $20 for $1000 and where as Western Union charges $28 for the same. Its very nice with Moneygram. Come in to ICICI its is worst and they claim that it is FREE but they won't give the same FX which was on the their on that day when money was credited to our Indian account. Once I ask their Custmor service guy and he replied that they won't give the same as it was on net. The differnce in the FX values will be more than 30 dollars (for $1000) and which is money than Moneygram and Western Union. Not only that ICICI takes 7-10 day to transfer money. Only Advantage is ICICI will credit money directly to your INDIAN ICICI account.
Don't ever transfer thru Remit2India. This is one of the cheating website. They will show comparision of exchange rates with ICICI, but while depositing the funds you will get very less exchange rate and that too they are having service charge of Rs.49(over $1000)also.ICICI is the best service without any hidden fees and it is so transfarent.
