Friday, December 30, 2011
Monday, December 26, 2011
Wednesday, November 23, 2011
Interest Rates on Non-Resident (External) Rupee (NRE) Deposits
In view of the prevailing market conditions, RBI has decided that until further notice and with effect from close of business in India as on November 23, 2011, the interest rates on Non- Resident (External) Rupee (NRE) Term Deposits will be as under:
Interest rates on fresh Non-Resident (External) Rupee (NRE) Term Deposits for one to three years maturity should not exceed the LIBOR/SWAP rates plus 275 basis points, as on the last working day of the previous month, for US dollar of corresponding maturities. The interest rates will also be applicable to deposits with the maturity period exceeding three years and to deposits renewed after their present maturity period.
The interest rate on NRE deposits was LIBOR/SWAP rates plus 175 basis points since November 15, 2008.
Interest Rates on FCNR(B) deposits
It has also been decided that until further notice and with effect from the close of business in India as on November 23, 2011, the interest rates on Foreign Currency Non-Resident (Banks) [FCNR(B)] Deposits will be as under:
Interest rate on FCNR(B) deposits of all maturities contracted effective from the close of business in India as on November 23, 2011, will be within the ceiling rate of LIBOR/SWAP rates plus 125 basis points for the respective currency/corresponding maturities. Interest rate on floating rate deposits will be within the ceiling of SWAP rates for the respective currency/maturity plus 125 basis points and the interest reset period will be six months. The interest rate on these deposits was LIBOR/SWAP rates plus 100 basis points since November 15, 2008.
This information received from The Associated Chambers of Commerce and Industry of India ASSOCHAM Corporate Office.
Interest rates on fresh Non-Resident (External) Rupee (NRE) Term Deposits for one to three years maturity should not exceed the LIBOR/SWAP rates plus 275 basis points, as on the last working day of the previous month, for US dollar of corresponding maturities. The interest rates will also be applicable to deposits with the maturity period exceeding three years and to deposits renewed after their present maturity period.
The interest rate on NRE deposits was LIBOR/SWAP rates plus 175 basis points since November 15, 2008.
Interest Rates on FCNR(B) deposits
It has also been decided that until further notice and with effect from the close of business in India as on November 23, 2011, the interest rates on Foreign Currency Non-Resident (Banks) [FCNR(B)] Deposits will be as under:
Interest rate on FCNR(B) deposits of all maturities contracted effective from the close of business in India as on November 23, 2011, will be within the ceiling rate of LIBOR/SWAP rates plus 125 basis points for the respective currency/corresponding maturities. Interest rate on floating rate deposits will be within the ceiling of SWAP rates for the respective currency/maturity plus 125 basis points and the interest reset period will be six months. The interest rate on these deposits was LIBOR/SWAP rates plus 100 basis points since November 15, 2008.
This information received from The Associated Chambers of Commerce and Industry of India ASSOCHAM Corporate Office.
Saturday, October 22, 2011
Wednesday, October 19, 2011
The Dual Citizenship (Overseas citizen of India, OCI) launched by Indian Governments.
The Indian government launched a program called "Overseas Citizens of India" or "OCI". This program often has been mischaracterized as "dual nationality" or "dual citizenship."
1. First of all, US citizens (NRI) would not get Indian citizenship or Indian Passport. Remains only citizen
of USA.
2. OCI is granted life time visitor visa for India. So he does not need to apply for visitor visa any more.
3. OCI is a special visa which grants the holder the right to indefinitely visits, stay or work in India and
also the right to own most types of Properties in India, excluding agriculture and plantation properties.
4. OCI card holder does not need to register with local DSP (Police or Immigration dept.) for the resident
permit for staying more than 6 months.
5. While non OCI has to get resident permit in India for staying more than 6 Months. If his visitor visa has
been expired, he has to apply for visitor visa at DSP office.
6. OCI is not getting political rights in India including the right to vote or eligibility for government
employment.
7. The OCI card is not similar to a Person of Indian Origin (PIO) Card. PIO cards are not granted for life time visitor visa, and PIO Card holders may be required to register with police/immigration authorities under certain circumstances.
8. An American citizen who wishes to obtain a PIO or OCI Card, may apply outside of India at the Indian
Embassy in Washington, DC, or at an Indian consulate in New York, Chicago, San Francisco or
Houston.
9. An American citizen who resides in India can apply at the Foreigner’s Regional Registration Office
(FRRO) in New Delhi (tel. 2671-1348).
10. The FRRO also maintains offices in Mumbai, Chennai (known as the Chennai Immigration Office),
Calcutta and Amritsar.
11. In Delhi, applications also may be made at the Foreigner's Division of the Ministry of Home Affairs,
located at Jaisalmer House, 26 Man Singh Road, New Delhi (tel. 2338-7436).
12. For more information on the OCI program, please see http://mha.nic.in/uniquepage.asp?Id_Pk=5
13. In short OCI card is granting life time visitor visa to stay in India and not required to do any kind of
governmental formalities while staying or leaving India.
CAUTION: Having OCI card and then US passport has been renewed :
when you visit India carry old US pass port to show the life time visitor visa. Because a new US pass port does not have sticker of life time visitor visa.
1. First of all, US citizens (NRI) would not get Indian citizenship or Indian Passport. Remains only citizen
of USA.
2. OCI is granted life time visitor visa for India. So he does not need to apply for visitor visa any more.
3. OCI is a special visa which grants the holder the right to indefinitely visits, stay or work in India and
also the right to own most types of Properties in India, excluding agriculture and plantation properties.
4. OCI card holder does not need to register with local DSP (Police or Immigration dept.) for the resident
permit for staying more than 6 months.
5. While non OCI has to get resident permit in India for staying more than 6 Months. If his visitor visa has
been expired, he has to apply for visitor visa at DSP office.
6. OCI is not getting political rights in India including the right to vote or eligibility for government
employment.
7. The OCI card is not similar to a Person of Indian Origin (PIO) Card. PIO cards are not granted for life time visitor visa, and PIO Card holders may be required to register with police/immigration authorities under certain circumstances.
8. An American citizen who wishes to obtain a PIO or OCI Card, may apply outside of India at the Indian
Embassy in Washington, DC, or at an Indian consulate in New York, Chicago, San Francisco or
Houston.
9. An American citizen who resides in India can apply at the Foreigner’s Regional Registration Office
(FRRO) in New Delhi (tel. 2671-1348).
10. The FRRO also maintains offices in Mumbai, Chennai (known as the Chennai Immigration Office),
Calcutta and Amritsar.
11. In Delhi, applications also may be made at the Foreigner's Division of the Ministry of Home Affairs,
located at Jaisalmer House, 26 Man Singh Road, New Delhi (tel. 2338-7436).
12. For more information on the OCI program, please see http://mha.nic.in/uniquepage.asp?Id_Pk=5
13. In short OCI card is granting life time visitor visa to stay in India and not required to do any kind of
governmental formalities while staying or leaving India.
CAUTION: Having OCI card and then US passport has been renewed :
when you visit India carry old US pass port to show the life time visitor visa. Because a new US pass port does not have sticker of life time visitor visa.
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