remittance

Personal use of family office money may be discouraged

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Personal use of family office money may be discouraged

Amid an unstated concern over the flight of capital and migration of the rich, Indian regulatory authorities are taking a stance that family offices floated by local business families in offshore jurisdictions or in financial centres like GIFT City should not be used to acquire overseas properties for ‘personal use’, or with the intention to … Read more

Local banks, DBS talk funds to Singapore on a tap

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Local banks, DBS talk funds to Singapore on a tap

At least five local banks including and are in talks with Singapore’s DBS Bank to begin a real-time remittance system with the city-state using the ubiquitous Unified Payments Interface (UPI) as the backbone, said people familiar with the matter. This will become a common remittance platform in collaboration with Singapore’s PayNow funds transfer service and … Read more

Taxpayers from France, Swiss companies cannot claim low tax benefit by citing tax treaties with other OECD members

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Taxpayers from France, Swiss companies cannot claim low tax benefit by citing tax treaties with other OECD members

Indian arms of companies from France, Netherlands would now not be eligible for low tax rate of 5% while remitting dividends to their overseas parents. India’s apex direct taxes body Thursday said taxpayers from these countries cannot apply the benefits available under tax treaties with entered into by India with Columbia, Slovenia making use of … Read more