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How UPI works for NRIs | Now NRIs Can Set Up UPI | Mint Primer | Mint

On 10 January, India’s retail payments umbrella body The National Payments Corp. of India (NPCI) issued a circular that paved the way for wider adoption of homegrown payments platform UPI. So far, only Indian phone numbers were allowed on UPI, leaving out non-resident bank accounts linked to their phone numbers abroad. In the first phase, phone numbers from 10 countries including Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the US, Saudi Arabia, United Arab Emirates, and the UK have been allowed to be used on UPI.

16 Feb 2023
Money

NRIs can remit up to $1 million from their NRO accounts in a financial year

An NRI is required to file ITR if the gross taxable income exceeds the maximum amount not chargeable to taxThe taxable value of a residential house situated in India may be considered as ‘nil’ in case of a self-occupied property

2 min read15 Jun 2020
Money

Interest earned on NRO savings bank account will be fully taxable in India

Firstly, you need to establish your residential status as per the Income-tax ActNRO account is treated similar to interest income from a savings bank account; so the taxpayer can claim deduction under Section 80TTA of up to ₹10,000 on it

2 min read27 Jan 2020
Money

Up to $1 million per financial year can be remitted from an NRO account

You need an expert to first ascertain the taxability of the amount and also prepare the necessary documentationOnce the documents are submitted to your bank, the remittance will take place

2 min read25 Nov 2019
Money

NRIs can use ITR-2 form to report rental income earned from Indian property

You are required to inform your bank about change in your residential status and request for your holdings to be moved to an NRO demat accountTDS compliance is required when an auctioned property is being purchased. Even though the bank is auctioning the property, TDS must be deducted on the PAN of the original owner

2 min read30 Sep 2019
Money

What can NRIs do with their NRE and NRO accounts?

In an NRE account, NRIs can keep remittances from outside India, income from investments made in India and current incomeFunds in this are freely repatriable

1 min read24 Sep 2019
Money

All payments within India allowed from NRO account

There are also no tax implications on transfer of funds from a son’s NRO account to a person’s resident accountIn any case, there will be no Indian tax implication in the hands of your niece if receipt of gifts (either cash or gold) is on the occasion of marriage

1 min read9 Apr 2019
Money

NRIs are not allowed to make fresh deposits in PPF account

NRO account balances can be used to make cheque payments in IndiaRBI rules require that NRIs must convert all their resident savings and deposit accounts to non-resident accounts upon their departure from India

1 min read18 Mar 2019
Money

Society members entitled to free redeveloped flat

When a society goes for redevelopment, existing members are entitled for new premises in lieu of their respective old premises, free of costIt is to be noted that the funds credited to the NRO account shall be subject to payment of applicable income tax in India

2 min read27 Feb 2019
Money

NRE account funds freely repatriable outside India

Remittances from NRO accounts are allowed based on limits prescribed by the Reserve Bank of India

2 min read15 Jan 2019
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