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RBI bans LoUs and LoCs issuance by Banks

Post Punjab National Bank (PNB) Fraud the Reserve Bank of India (RBI) has banned the use of letters of undertaking (LoUs) and letters of comfort (LoCs). RBI has issued the fresh directives on issuance of  LoUs and LoCs for Banks in India. Banning of instruments may raise the cost of imports by up to half a percentage point. These two instruments are ...

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Why FATCA / CRS Declaration Form is Important ?

Learn Easy way to submit FATCA Form to Banks/Financial Institution – Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS) guidelines and detailed analysis.  Basically , This is an agreement between India and USA to compile with any unreported foreign transaction. The details of FATCA will be shared with US tax authority and IRS. This law was first ...

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