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alishajoy059 · 2 months ago

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Comprehensive FEMA Advisory and Consulting Services

Navigating the complexities of Foreign Exchange Management Act (FEMA) regulations can be challenging for businesses operating in or dealing with India. Comprehensive FEMA advisory and consulting services are essential for ensuring compliance and optimizing your foreign exchange transactions. This article explores the key aspects of FEMA advisory and consulting services, their importance, and how they can benefit your business.

What is FEMA?

The Foreign Exchange Management Act (FEMA), 1999, governs foreign exchange transactions in India. It aims to facilitate external trade and payments, promote the orderly development and maintenance of the foreign exchange market, and manage foreign exchange reserves. Compliance with FEMA regulations is crucial for businesses involved in international trade, investment, and foreign exchange dealings.

Importance of FEMA Advisory and Consulting Services

Navigating Complex Regulations: FEMA regulations can be intricate, with frequent amendments and updates. Expert advisory services help businesses stay informed about the latest changes and ensure they comply with all relevant rules.

Risk Mitigation: Non-compliance with FEMA regulations can lead to severe penalties, legal issues, and reputational damage. Comprehensive advisory services assist in identifying potential risks and implementing strategies to mitigate them.

Transaction Optimization: Advisors can provide insights into optimizing foreign exchange transactions, including currency management, hedging strategies, and cross-border investments. This can lead to cost savings and improved financial outcomes.

Regulatory Reporting: Accurate and timely reporting to regulatory authorities is a key component of FEMA compliance. Advisory services ensure that all necessary filings and reports are submitted correctly and on time.

Strategic Planning: For businesses planning to enter the Indian market or expand their operations, FEMA advisors offer strategic guidance on structuring investments, joint ventures, and other cross-border transactions in a compliant manner.

Key Services Offered by FEMA Advisors

Regulatory Compliance: Ensuring adherence to FEMA regulations, including FDI (Foreign Direct Investment), ODI (Overseas Direct Investment), and ECB (External Commercial Borrowing) norms.

Documentation and Filings: Assisting with the preparation and submission of necessary documents, such as FIRC (Foreign Inward Remittance Certificate), FC-GPR (Foreign Currency-Gross Provisional Return), and more.

Advisory on Foreign Exchange Transactions: Providing guidance on managing foreign exchange risks, optimizing currency exchange rates, and implementing effective hedging strategies.

Due Diligence: Conducting due diligence for cross-border transactions, mergers, acquisitions, and other foreign investment activities to ensure compliance and mitigate risks.

Dispute Resolution: Offering support in resolving disputes related to foreign exchange transactions or regulatory issues, including representation before authorities.

Training and Workshops: Conducting training sessions and workshops to educate internal teams about FEMA regulations, compliance procedures, and best practices.

Choosing the Right FEMA Advisory Service

When selecting a FEMA advisory and consulting service, consider the following factors:

Expertise and Experience: Look for firms with a proven track record in FEMA compliance and advisory services.

Reputation: Choose advisors with a strong reputation for reliability, integrity, and client satisfaction.

Tailored Solutions: Ensure the service provider offers customized solutions that align with your business needs and objectives.

Cost-Effectiveness: Evaluate the cost of services relative to the value and benefits provided.

Conclusion

Comprehensive FEMA advisory and consulting services are vital for businesses engaging in foreign exchange transactions or cross-border activities in India. By leveraging expert guidance, companies can navigate complex regulations, optimize transactions, and ensure compliance, ultimately supporting their growth and success in the global market. Investing in professional FEMA advisory services can help mitigate risks, streamline operations, and achieve strategic objectives with confidence.

#FEMAConsultant #ForeignExchangeLaws #ComplianceAdvisor #CrossBorderTransactions #FEMACompliance #InternationalBusiness #ForeignInvestments #BusinessConsulting #RegulatoryCompliance #RBI #transferpricing

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economics-around-you · 2 months ago

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ICSI Best 5 CS Books:

Why the Right CS Books Matter

Choosing the right books is crucial for thorough preparation. The books recommended here are aligned with the ICSI syllabus and provide in-depth knowledge, practice questions, and case studies vital for understanding and application.

Overview of the CS Course Structure

The CS course is divided into three levels:

CS Foundation – Entry-level exam for those who have completed their 12th grade.

CS Executive – Intermediate level for graduates or those who have passed the CS Foundation exam.

CS Professional – Final level that prepares you for high-level management and secretarial roles.

ICSI Best 5 CS Books: A Comprehensive List

Below is a list of the top ICSI 5 books, covering the CS Foundation, Executive, and Professional levels, tailored to meet the demands of each stage:

Company Law by Dr. G. K. Kapoor & Dr. Sanjay Dhamija:-

This book provides in-depth coverage of Company Law, including recent amendments, case studies, and practical applications.

It is essential for both the CS Executive and Professional levels, offering detailed insights into company formation, management, and legal compliance.

Details: This book is a cornerstone for understanding the legal framework governing companies in India. Key chapters such as Incorporation of Companies, Management and Administration, and Winding Up are crucial for both the CS Executive and Professional levels. For instance, the chapter on Company Meetings is often heavily tested, requiring students to grasp the nuances of different types of meetings, notice requirements, and resolutions.

Tax Laws and Practice by Dr. Vinod K. Singhania & Dr. Monica Singhania:

A comprehensive guide to direct and indirect taxes, this book is particularly relevant for the CS Executive level.

It includes the latest updates on income tax, GST, and other relevant taxes, with practical examples that are crucial for understanding complex tax regulations.

Details: This book offers an exhaustive guide to both direct and indirect taxes, crucial for the CS Executive level. The chapters on Income Tax Computation and Goods and Services Tax (GST) are particularly important, as they lay the foundation for understanding the Indian taxation system. The book’s practical problems and case studies on Tax Planning and Management are excellent for honing problem-solving skills.

Economic, Business, and Commercial Laws by CS Anoop Jain:

This book provides a detailed explanation of economic, business, and commercial laws, focusing on their application in the corporate world.

It is an important resource for the CS Executive level, helping students grasp the intricacies of laws governing business, commerce, and economic activities.

Details: This book delves deep into the laws that regulate business, commerce, and economic activities in India, making it essential for the CS Executive level. Key chapters such as Competition Act, Consumer Protection Act, and Foreign Exchange Management Act (FEMA) are critical for understanding the legal environment of business operations. The book’s detailed explanations of these laws, accompanied by case studies, help students apply theoretical knowledge to practical situations.

Secretarial Audit, Compliance Management, and Due Diligence by CS Pavan Kumar Vijay:

This book offers extensive coverage of secretarial audit, compliance management, and due diligence processes, including case studies.

It is essential for the CS Professional level, equipping students with the knowledge required for managing compliance and conducting thorough audits.

Details: This book is indispensable for the CS Professional level, offering comprehensive coverage of secretarial audits, compliance checks, and due diligence processes. Chapters like Internal Audit and Compliance Management are particularly significant, as they provide the framework for ensuring that a company adheres to legal and regulatory requirements. The book’s case studies are excellent for understanding the practical application of these concepts in real-world scenarios.

Corporate Governance, Ethics and Social Responsibility of Business by CS Anil Kumar:

This book provides a thorough examination of corporate governance, ethics, and social responsibility in business contexts.

It is critical for the CS Professional level, helping students understand the ethical and social dimensions of corporate governance.

Details: This book provides a deep dive into the principles of corporate governance, ethics, and social responsibility, critical for the CS Professional level. Important chapters such as Corporate Governance Framework, Ethical Theories and Approaches, and Corporate Social Responsibility (CSR) should be studied in detail. The book’s focus on case studies and real-world applications helps students understand how ethical principles and governance structures are applied in business settings.

Detailed Coverage of Modules and Papers

CS Executive Level

The CS Executive level is divided into two modules, each containing specific papers:

Module 1:

Jurisprudence, Interpretation, and General Laws (JIGL)

Company Law – Recommended Book: Company Law by Dr. G. K. Kapoor & Dr. Sanjay Dhamija

Setting up of Business Entities and Closure

Tax Laws – Recommended Book: Tax Laws and Practice by Dr. Vinod K. Singhania & Dr. Monica Singhania

Module 2:

Corporate and Management Accounting

Securities Laws and Capital Markets

Economic, Business, and Commercial Laws – Recommended Book: Economic, Business, and Commercial Laws by CS Anoop Jain

Financial and Strategic Management

CS Professional Level

The CS Professional level includes three modules:

Module 1:

Governance, Risk Management, Compliances and Ethics

Advanced Tax Laws

Drafting, Pleadings, and Appearances

Module 2:

Secretarial Audit, Compliance Management, and Due Diligence – Recommended Book: Secretarial Audit, Compliance Management and Due Diligence by CS Pavan Kumar Vijay

Corporate Restructuring, Insolvency, Liquidation, and Winding-up

Resolution of Corporate Disputes, Non-Compliances, and Remedies

Module 3:

Corporate Funding & Listings in Stock Exchanges

Multidisciplinary Case Studies

Corporate Governance, Ethics, and Social Responsibility – Recommended Book: Corporate Governance, Ethics and Social Responsibility of Business by CS Anil Kumar

How to Effectively Use These Books ?

To maximize your study time, follow these steps:

Understand the Syllabus: Start by getting familiar with the syllabus for your module. This helps in identifying the key areas you need to focus on.

Create a Study Plan: Allocate specific times for each subject. Consistency is the key to covering the vast syllabus efficiently.

Practice Past Papers: ICSI books often include past exam questions. Practice these diligently to understand the exam pattern and time management.

Revise Regularly: Regular revision helps in retaining the vast amount of information needed for the exams.

Why Choose Success Edge Academy?

At Success Edge Academy, we provide top-notch coaching for CS aspirants. Our faculty comprises experienced professionals who guide students through each module with personalized attention. With our comprehensive study material and proven teaching methods, we ensure that our students excel in their CS exams.

FAQs on ICSI Best 5 CS Books

Q1: Are these books sufficient for both CS Executive and Professional levels?

A: Yes, these books cover essential topics for both levels, providing in-depth knowledge and practical insights.

Q2: Can I find these books online?

A: Yes, these books are available on major online platforms like Amazon and Flipkart, as well as at leading bookstores.

Q3: Should I use any additional study materials?

A: Along with these books, it’s advisable to refer to ICSI’s official study material and past question papers for comprehensive preparation.

#cs classes #cs coaching classes #ca classes

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hedgesquare · 6 months ago

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The Ultimate Guide to Outsourcing Consultancy Services: Maximizing Efficiency and Cost Savings

Understanding Outsourcing Consultancy Services

Outsourcing consultancy services encompass a wide range of expertise, from legal and regulatory compliance to strategic planning and operational optimization. For Hedge Square, outsourcing consultancy services provide access to specialized knowledge and resources, allowing them to focus on core business activities while delegating non-core functions to expert consultants.

Achieving FEMA Compliance

Foreign Exchange Management Act (FEMA) compliance is crucial for companies operating in the global marketplace. Outsourcing consultancy services can assist Hedge Square in navigating FEMA regulations, ensuring adherence to foreign exchange controls, and facilitating seamless cross-border transactions. Consultants with expertise in FEMA compliance can provide guidance on documentation, reporting requirements, and regulatory updates, helping Hedge Square mitigate risks and avoid penalties.

Intellectual Property Registration

Protecting intellectual property (IP) is essential for companies like Hedge Square, which rely on proprietary technologies, processes, and branding strategies. Outsourcing consultancy services specializing in IP registration can assist Hedge Square in safeguarding their valuable assets. Consultants can facilitate the registration of trademarks, patents, and copyrights, as well as provide strategic advice on IP portfolio management and enforcement strategies.

Best Consultancy Solutions for Operational Efficiency

Operational efficiency is a key determinant of success in today’s competitive business environment. Outsourcing consultancy services offer Hedge Square access to best practices, innovative strategies, and industry benchmarks for enhancing operational efficiency. Consultants can conduct comprehensive assessments, identify areas for improvement, and implement tailored solutions to streamline processes, reduce costs, and enhance productivity.

Legal Drafting Services

Effective legal drafting is essential for ensuring clarity, accuracy, and compliance in contracts, agreements, and regulatory documents. Outsourcing consultancy services specializing in legal drafting can support Hedge Square in crafting legally sound and enforceable documents. Consultants with expertise in contract law, regulatory compliance, and industry-specific regulations can provide drafting services tailored to Hedge Square’s unique needs, minimizing legal risks and optimizing outcomes.

Maximizing Efficiency and Cost Savings

By leveraging outsourcing consultancy services, Hedge Square can realize significant benefits in terms of efficiency and cost savings. By outsourcing non-core functions such as regulatory compliance, IP registration, and legal drafting, Hedge Square can reduce overhead costs associated with hiring and training internal staff. Moreover, outsourcing consultancy services enable Hedge Square to access specialized expertise and resources on an as-needed basis, avoiding the need for long-term commitments and unnecessary expenditures.

Conclusion

In conclusion, outsourcing consultancy services offer Hedge Square a strategic advantage in navigating complex regulatory environments, optimizing operations, and driving sustainable growth. By partnering with expert consultants specializing in FEMA compliance, intellectual property registration, legal drafting, and operational efficiency, Hedge Square can maximize efficiency and cost savings while ensuring compliance with regulatory requirements. As Hedge Square continues to evolve and expand its business operations, outsourcing consultancy services will remain essential allies in achieving strategic objectives and maintaining a competitive edge in the market.

#outsourcing consultancy #intellectual property #taxation services #finance and accounting #taxation

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sunalimerchant · 7 months ago

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Navigating Mumbai's Tax Landscape: How Tax Lawyers Can Help

Mumbai, the financial capital of India, is a bustling metropolis with a complex economic and regulatory environment. The city's dynamic nature, combined with India's intricate tax regulations, can make tax compliance a daunting task for both businesses and individuals. This is where tax lawyers in Mumbai step in, offering their expertise to navigate the convoluted tax landscape effectively.

Understanding the Need for Tax Lawyers in Mumbai Tax compliance in Mumbai involves adhering to multiple layers of taxation from local, state, and federal governments. For businesses, this includes taxes such as Goods and Services Tax (GST), corporate tax, and other transactional taxes. Individuals are not left out, as they must manage income tax, capital gains tax, and property tax, among others. The complexity increases with the constant updates and changes in tax laws, which can significantly impact compliance requirements and financial planning.

Role of Tax Lawyers in Mumbai Tax lawyers in Mumbai are not only experts in tax law but also adept at strategic tax planning and management. Their role is crucial in several key areas:

Tax Planning and Compliance Tax lawyers help businesses and individuals plan their finances in a way that minimizes tax liability while ensuring full compliance with the law. They provide guidance on the most tax-efficient ways to structure transactions, investments, and business operations. For individuals, tax lawyers offer valuable advice on managing investments and other income sources to reduce tax burdens legally.

Handling Tax Disputes Disputes with tax authorities are not uncommon, given the complexities of tax laws. Tax lawyers in Mumbai represent clients during assessments and litigations, ensuring their rights are protected. They negotiate with tax authorities to settle disputes and manage appeals in higher courts, including tribunals and the High Court.

Advisory on International Taxation For businesses engaged in international trade or services, understanding the implications of international tax laws is crucial. Tax lawyers provide advisory services on issues like double taxation avoidance agreements (DTAAs), transfer pricing, and cross-border transactions, ensuring that companies maximize their global tax efficiency.

GST and Indirect Tax Services Since the implementation of GST, managing indirect taxes has become a significant challenge for many businesses. Tax lawyers assist with GST registration, filings, and compliance. They also advise on optimizing tax credits and navigating the multi-layered rates and structures under the GST regime.

Regulatory Compliance In addition to tax-specific issues, tax lawyers in Mumbai also help clients comply with other financial regulations that may impact tax liabilities. This includes advisories on the Foreign Exchange Management Act (FEMA), company laws, and other statutory requirements.

Choosing the Right Tax Lawyer Selecting the right tax lawyer in Mumbai requires careful consideration of several factors:

Expertise and Experience: Ensure the lawyer or law firm specializes in tax law with substantial experience handling cases similar to yours. Reputation and Reliability: Check reviews and seek referrals to gauge the reliability and standing of the lawyer in the legal community. Approach and Accessibility: Choose a lawyer who is proactive, accessible, and willing to explain complex tax issues in understandable terms. Cost-Effectiveness: While it's important to not compromise on quality, look for tax lawyers who offer transparent and reasonable pricing.

Conclusion In Mumbai's fast-paced economic environment, managing tax liabilities and compliance effectively is crucial for financial success and peace of mind. Tax lawyers in Mumbai are indispensable advisors in this regard, offering expert guidance through the maze of tax regulations. Whether it’s for strategic tax planning, dispute resolution, or regulatory compliance, a skilled tax lawyer can ensure that you or your business not only meets all legal obligations but also optimizes financial outcomes in the complex world of taxation.

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pioneeroneconsulting · 1 year ago

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Staying compliant with RBI and FEMA regulations is vital for your business's success. We're excited to introduce our expert RBI and FEMA Compliance Service. Discover how we can simplify compliance for you: https://pioneerone.in/rbi-and-fema-compliance-service/

✔ Expert Guidance: Our seasoned professionals have in-depth knowledge of RBI and FEMA regulations. They'll provide expert guidance to ensure your compliance journey is smooth and hassle-free.

✔ Timely Updates: Don't worry about keeping up with the ever-changing regulatory landscape. We'll keep you informed about the latest updates and requirements, so you can focus on running your business.

✔ Customized Solutions: Every business has unique compliance needs. Our service is tailored to your specific requirements, providing personalized solutions that align with your industry and business goals.

✔ Avoid Penalties: Non-compliance can lead to hefty penalties. With our assistance, you'll have peace of mind knowing that you're adhering to RBI and FEMA guidelines, reducing the risk of penalties.

✔ Focus on Growth: Let us handle the intricacies of compliance while you concentrate on growing your business. Our service ensures that compliance doesn't become a distraction for your core operations.

Ensure regulatory compliance with confidence! Visit our website now to explore our RBI and FEMA Compliance Service and let us handle the complexities while you focus on your business. https://pioneerone.in/rbi-and-fema-compliance-service/

If you have any questions or need further information, our dedicated team is ready to assist you. Let's navigate the compliance landscape together!

#RBIandFEMACompliance #ExpertGuidance #BusinessSuccess #SimplifyCompliance #FocusOnGrowth #StayCompliant #BusinessGrowth #ProfessionalServices #accountingfirm #accountingservices #auditingfirm #pioneerone #taxconsultant #bookkeeping #compliance #taxation #auditservices #businesssupport

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ashishaggarwalacubeventures · 1 year ago

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NRI Real Estate Investments in India: Opportunities, Challenges, and Regulations

Opportunities for NRI Real Estate Investments in India

An increase in demand can be seen for both residential and commercial properties due to the strong presence of a robust commercial sector along with an expanding IT industry coupled with a rising middle-class population in these cities thanks to their rapid urbanization and infrastructure growth, says Ashish Aggarwal SpaceMantra. Additionally, emerging cities such as Pune, Chennai, and Ahmedabad are also experiencing significant real estate growth, presenting NRI investors with diverse investment options. To make choices that promise returns and to take advantage of these incredible opportunities, it is crucial that you understand the specifics of these high-growth sectors.

Understanding Legal and Regulatory Considerations

While NRI real estate investments in India offer promising opportunities, there are several challenges to navigate, particularly in terms of legal and regulatory considerations. NRIs must be aware of the laws governing property ownership, repatriation of funds, taxation, and the role of regulatory authorities. The Foreign Exchange Management Act (FEMA) regulates the acquisition and transfer of immovable property by NRIs, and adherence to its provisions is crucial. Additionally, NRIs must understand the rules regarding the power of attorney, inheritance, and the rights and obligations of property owners. Engaging legal experts and consulting with reputed real estate agents can help navigate these complexities and ensure compliance with the legal framework.

Navigating Tax Laws and Benefits

Taxation statutes play a significant role in NRI real estate investments in India. NRIs need to understand the tax laws and benefits associated with property ownership and rental income. So the taxation rules that apply to you may be very different from your neighbour depending on the type of property you own is commercial or residential. So while investing in the Indian property market NRIs can expect to come across income and property taxes and a few other minor stipulations. The government provides various tax benefits for NRIs including deductions on home loans and long-term capital gains exemptions. Seeking advice from tax professionals and staying updated on tax regulations is crucial for optimizing tax efficiency and complying with legal requirements.

Financing Options for NRI Real Estate Investments in India

Financing is a crucial aspect of NRI real estate investments in India. NRIs have access to various financing options, including home loans and mortgages. Several Indian banks and financial institutions offer specific loan products designed for NRIs, catering to their unique requirements and eligibility criteria. NRIs can apply for home loans to fund property purchases, construction, or renovation. These loans typically have different interest rates, repayment tenures, and loan-to-value ratios compared to loans for resident Indians. It is essential for NRIs to research and compare loan options, consider factors such as interest rates, processing fees, and prepayment penalties, and engage with reputed lenders who specialize in NRI financing.

Tips for Successful NRI Real Estate Investments in India

Successful NRI real estate investments in India require careful planning and strategic decision-making, says Ashish Aggarwal SpaceMantra while giving the following suggestions:

Thorough Research: Conduct extensive research on the real estate market, local regulations, and investment opportunities before making any investment decisions. Engage Reputed Professionals: Seek guidance from reputed real estate agents, lawyers, and tax advisors who specialize in NRI investments to ensure compliance and mitigate risks.

Visit the Property: Whenever possible, visit the property in person to assess its condition, location, and surrounding infrastructure.

Due Diligence: Conduct thorough due diligence on the property, including title verification, documentation review, and assessment of market value.

Diversify Investments: Consider diversifying your investments across different cities, property types, and price ranges to spread risk and maximize returns.

Rental Potential: Evaluate the rental potential of the property, considering factors such as location, amenities, and market demand, to generate steady income.

Long-Term Investment Horizon: NRI real estate investments in India often yield better returns over the long term. Have a realistic investment horizon and financial plan in place.

Regular Monitoring: Regularly monitor your investments, stay informed about market trends, and adapt your strategies accordingly.

By following these tips and adopting best practices, NRIs can enhance the success and profitability of their real estate investments in India.

Real Estate Investment Trends among NRIs in India

Real estate investment trends among NRIs in India provide valuable insights into their preferences and investment patterns. NRIs often prioritize residential properties for both investment and self-use purposes. They tend to prefer properties in established or emerging cities with good infrastructure, employment opportunities, and potential for capital appreciation. Further, According to Ashish Aggarwal, commercial properties such as office spaces and retail outlets are gaining popularity among NRIs seeking rental income and long-term growth potential. Analyzing these investment trends can help NRIs make informed decisions and align their investment strategies with the prevailing market dynamics.

Maximizing Returns and Managing Rental Properties

Rental income from NRI-owned properties in India is an attractive source of revenue. NRIs can benefit from the growing demand for rental properties due to factors such as urbanization, migration, and the increasing need for quality housing. Maximizing returns requires effective property management, including marketing the property, setting competitive rental rates, screening tenants, and ensuring timely rent collection. Engaging professional property management services or appointing a trusted representative in India can help streamline these processes and ensure efficient management of rental properties, even from abroad.

Selling, Transferring, or Reinvesting in Indian Real Estate

Exiting NRI real estate investments in India may involve selling the property, transferring ownership, or reinvesting the proceeds. NRIs need to understand the process and legal requirements associated with these transactions. Selling a property requires proper documentation, including obtaining the necessary clearances and tax compliance. Transferring ownership, such as gifting or bequeathing the property, may involve legal procedures and adherence to inheritance laws. NRIs should also explore reinvestment options, such as purchasing another property or investing in other financial instruments in India. Careful planning, consultation with legal and financial advisors, and compliance with legal requirements are essential for a smooth exit from NRI real estate investments in India.

#Ashish #Ashish Aggarwal #Ashish Aggarwal SpaceMantra

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thelistingteammiami · 2 years ago

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What You Should Know If You're Buying A Home in A Flood-Prone Area

You have been in the market for a while now searching for your forever home. You thought that none of the homes suit you right now. Until you see this listing: a charming four-bedroom abode with a huge backyard ideal for your family, near a bustling neighborhood, and well within your price range. It is your idea of perfection, so you want to view it as soon as you can, texting your real estate agent to schedule a showing. You checked for further details about the property and saw someone mentioned flooding in the area. Could your dream home be at risk of flood damage?

According to the Federal Emergency Management Agency (FEMA), anywhere it can rain, it can flood. Their historical data says 99 percent of U.S. counties were impacted by a flooding event (1996-2019). And since the risk of flooding is only increasing with climate change, it is critical to have a good understanding of your prospective property and its flood risk. Here is what you need to know before buying a house in a flood-prone area.

The best way to determine a prospective home's flood risk is to check out official flood maps. You can visit FEMA's Flood Map Service Center, type in the address, and the map will show you where the flood zones are located in the area. The maps offer a risk calculation based on past events and flood patterns and are continually updated.

While there is no such thing as a no-risk zone, buyers can see how prone their property is to flooding using flood maps. They have designated two main types of flood areas: Special Flood Hazard Areas (SFHAs) and Non-Special Flood Hazard Areas (NSFHA). Homes in the SFHAs have a 1% or higher chance of experiencing flooding each year. During the span of a 30-year mortgage, these areas have at least a one-in-four chance of flooding. Meanwhile, NSFHAs are considered low- to moderate-risk flood zones that are not in immediate danger from flooding caused by overflowing bodies of water or hard rains.

It is best to research this information early in the homebuying process, even before you tour or visit the home. Flood risk can significantly affect the property price, and you may need to purchase flood insurance (more on this later).

Once you have identified the floodplain, take your research further to learn more about the home's flood history. You may take a close look at the seller’s property disclosure statement, which is a legal form designed to share all facts related to the physical condition of a property that may not be obvious.

Currently, no federal statutes require sellers to disclose information about flood risk or prior flood damage. However, according to the Flood Risk Disclosure report from FEMA, as of July 2022, 35 states have enacted some form of a legal or regulatory mechanism requiring property sellers to disclose factors related to flood risk about their property.

But it is important to note that only current owners are obligated to disclose their first-hand knowledge. This means if the flooding happened before they took over the home, they may not know or may not disclose that information.

You can ask the sellers if and when a flood event has led to an insurance claim. Or you may check the flood history through the insurance carrier. If records indicate a previous flood, verify the reason and the resulting impact on the property.

Since you are buying more than just the house but also the neighborhood, try to look back at flood history in the area, especially if near a body of water. Ask your neighbors or search online archives from local news outlets. It is critical that you know what you are getting into before making an offer.

If your desired home is in a flood zone, you may be required to get flood insurance aside from a general insurance policy, especially if you need a mortgage to purchase it. Why? Because homeowners insurance does not cover damage due to flooding. Flood insurance is a separate policy that can cover buildings, the contents of a building, or both. After all, a single inch of floodwater can cause up to $25,000 in damage.

There are two basic types of flood insurance available: the National Flood Insurance Program (NFIP), which is a government-backed option, and private flood insurance. Note that NFIP is only available in 23,000 communities. For borrowers in communities without NFIP coverage, the best option is a private insurer.

According to Forbes Advisor, the average cost of flood insurance from NFIP is $995 a year. Remember that you will pay for this on top of your other mortgage costs, so think long and hard about the numbers and remember to factor these premiums into your monthly budget before purchasing.

Your agent is your knowledgeable partner

Yes, your real estate agent isn't a flood map expert. But they can help you make a well-informed decision before buying your biggest investment. If you are starting your home search, you can ask your agent if the prospective home is within a designated flood zone. They can also tell you what the designation means, and the risk associated with it. If it is in a flood-prone area, be upfront about how much flood risk you are comfortable with.

They are also the best resource when it comes to seller disclosure forms, which can be very complicated, especially for first-time home buyers. Your real estate agent can also help you discover what steps the local government has taken in terms of its floodplain management to protect the community from the area’s flood risks. They can help you decide if best to consult a local floodplain manager. A floodplain manager will further explain FEMA maps, answer flood risk-related questions, and advise you to talk to a reputable insurance agent if you are set on buying a home and living in a flood zone.

Weigh the pros and cons carefully before buying a property in a flood-prone area

Deciding where to buy a home is an entirely personal decision based on many factors. People are considering purchasing a property in a flood zone because this usually means they are just a short walk away from beautiful bodies of water, such as a lake, river, or ocean. A charming house close to nature, how alluring is that?

Moreover, even if it is risky to own and expensive to insure, you might be able to get one for a good price. So aside from learning as much about the property as possible, think about your level of comfort with risk, your financial ability, and whether you are prepared to take action to mitigate flood damage, before making a decision.

#fade-blog-header-image

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naturecoaster · 2 years ago

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Public Invited to Help Identify Flood Prone Areas in the Chassahowitzka RiverWatershed

The Southwest Florida Water Management District (District) is gathering information to improve identification of flood prone areas in Citrus County. Public Invited to Help Identify Flood Prone Areas in the Chassahowitzka River Watershed Residents living in the Chassahowitzka River watershed are invited to attend an open house Tuesday, Dec. 6, at 4 p.m. The meeting will take place at the Citrus County Government Building, located at 3600 W. Sovereign Path in Lecanto. District representatives will present preliminary data for flood prone areas, explain the basis behind the findings, and gather additional information that may be used to identify areas which may be prone to flooding. After addressing public comments, information will be finalized and presented to the District’s Governing Board for approval to use the data for regulatory purposes. This information is not currently being incorporated into the Federal Emergency Management Agency (FEMA) Digital Flood Insurance Rate Maps (DFIRMs); however, it may be used in future DFIRM updates. Residents unable to attend the open house may provide virtual public comment now through Dec. 30 at WaterMatters.org/Floodplain. The website will present preliminary data for flood prone areas and the public will have the opportunity to submit comments. The information, which identifies areas prone to flooding, can be used by local governments for land use and zoning decisions, to help manage development in and around floodplains and wetlands, to reduce flood risks, to preserve land and water resources, and for emergency planning. It will also provide valuable information to the public for decisions about purchasing and protecting property. For more information or to find out which watershed you live in, please visit WaterMatters.org/Floodplain or call the District at (352) 415-0974. Read the full article

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complianceinbox · 2 years ago

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Benefits of using a compliance management tool

It is crucial for the survival of any organization in a legally governed system, to be compliant with laws and regulations. The set of defined laws, rules, and parameters as set by Governments and regulatory bodies is what compliance generally implies. The Indian legislation of enactments, regulations, rules, policies, circulars, orders, etc. requires compliance by corporate entities where the Indian context is no different, the Central and State governments (and to a limited extent the various municipalities). The District Magistrates, Municipal Councils, and Nagar Panchayats i.e. the local regulatory authorities even issue directions for compliance often. The compliance management in India has become particularly cumbersome because of the system which makes the legislative framework so vast. For example, To operate a business typically requires around 6 to 10 basic licenses. Additionally, depending on operations that get triggered in any industry there are on an average over 50 generic laws that apply to industry-specific laws.

Regulatory bodies are compelled to modify the existing laws and regulations frequently and in-depth. For example, the last quarter saw around 600 legal updates/amendments being issued across the country by the various regulators.

Thus, with an increasingly fast-evolving economic and technological environment, making it even more important for organizations to keep pace with such changes.

In most cases, Organizations do not have the resources required to manage the large volume of applicable compliances. Needless to mention, it is difficult to expect organizations to be able to collate and compile such complex aspects of legal compliance.

Compliance management in India through software-driven solutions has evolved into a niche legal services delivery model in itself. To manage their compliance risk the fledgling legal tech sector promises to deliver software-driven solutions for helping organizations better. These aid organizations in a massive way to manage their compliance portfolio.

Let's learn how an organization can be benefited simply by implementing a compliance management software/tool.

Mitigation and Risk management :

One of the prime benefits of a compliance management tool is that it helps mitigate the organization's compliance risk. Non-compliance may attract severe risk which can be financially taxing for the business and reputationally damaging. For example, penalties can run into lakhs and crores under the FEMA Regulations and the SEBI Act. For certain non-compliances, the directors and officers of the company may also be subject to imprisonment under the Companies Act, 2013. Organizations can mitigate such risks to their business with committed compliance management software. Such tools provide the risk rating of individual compliances, an efficient workflow comprised of notifications and alerts indicating the non-compliances, real-time status, and reminders for completing compliances. Thus reducing the risk and helping better manage the compliance requirements. In India, most compliance management software provides quick charts and reports of the compliance status of the organization giving an overview of where the organization stands in terms of the compliance benchmark. These reports help plan out the steps to be taken to avoid any future risk while highlighting the pain points and areas in need of attention and assisting organizations.

Automation:

With Compliance management software providing an automated workflow for managing the compliance reporting process you can now do away with the manual or non-automated process of compliance management, that organizations typically adopt. Ensuring alerts for compliance tasks decreases the effort put into managing compliances and eases the procedure to a great extent as the tasks can be directly sent from the tool to the concerned persons and non-compliances reports are easily generated to have an overview of the status and are escalated. When proof documents are uploaded the compliance management tool also ensures that these proofs are documented while completing compliance tasks. In India, some compliance management software is even customizable allowing organizations to alter the workflows to better suit their needs. The automated process is beneficial in many ways as it removes opportunities for errors, and saves time and money consequently eliminating the requirement of repetitive processes of collecting and communicating data.

Increased efficiency:

Due to increased operational efficiency, the time, money, and resources dedicated by an organization for compliance management decreases which is a direct fallout of automation as the manual systems of checks are no longer needed as the alerts and escalations for non-compliance are automatically generated from the compliance management tool once an automated compliance management tool is implemented. Hours spent on creating and customizing reports are also saved since such reports can be generated with the click of a button. Organizations end up saving 25 to 40 hours of work per month on average. Thus, money, time, and the skilled resources of the organization can be put to better use for business growth.

Compliance on time :

The defined timelines make sure that the organizations are always aware of the compliances that are upcoming shortly without having to keep a tab on their calendar and never miss a deadline. An automated compliance management tool ensures that the organizations receive the prompt reminder for compliance at the correct time. All statutory requirements, as well as regular business processes, get completed on a timely basis.

Cost reduction:

The above-mentioned benefits help reduce costs for the organization resulting from the implementation of compliance management software. Further, organizations can cut down on paperwork and resources required for maintaining the same as the documents are saved online on the compliance management software itself.

Enhanced reputation:

A large number of customers are attracted to companies following the laws of the land effectively as they are considered easier to trust. Complete and efficient compliance boosts the reputation of an organization. Legal audits are made easier with compliance management software and generate true reports.

Though the benefits of having compliance management software in a complex legal environment as India are high, there is no one-size-fits-all model. Therefore, assessing their available resources, exact requirements, and budget is equally important for organizations and only thereafter deciding to choose a compliance management tool will be beneficial for the organization.

COMPLIANCE iNBOX (CiB) helps businesses take care of their GRC (Governance, Risk, and Compliance) needs. The product is 100% SAAS (software as a service) based and is easy to use without the requirement of assistance from an in-house IT professional.

The most important feature of the product as far as Risk and Compliance Management is concerned is that it is agile and adaptive. Given the continual changes in the business and regulatory environment, it can become quite challenging to keep up with the multitude of changes taking place. It can be a great distraction from the core business of a company as well.

CiB helps businesses in this aspect by keeping its components up to date regarding the changes in the regulatory environment that they are operating in. With secure data and savings on cost and time, stakeholders can ensure peace of mind for themselves and their shareholders.

#compliance management tool #Compliance management software

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entrackrme · 3 years ago

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Is WazirX exchange legit?

A show cause notice has been served to Nischal Shetty and Sameer Hanuman Mhatre the directors of WazirX, under the Foreign Management Act, 1999 (FEMA) concerning cryptocurrency exchange and transactions totalling Rs 2,790.74 crore. The investigation, ED declared, was part of an ongoing probe into alleged money laundering activities being carried out on Indian soil. EdD also suspects that Chinese-owned illegal online betting applications are playing a crucial role in this criminal activity.

In this case, the Indian startup WazirX got a show cause notice because the regulatory agency Enforcement Directorate alleged that WazirX allowed the exchange of crypto currencies kept in pool account wallets to be available for other exchanges, which probably could be held by people in foreign places that can’t be traced to pinpoint the destination of such exchanges.

For more updates follow us.

#Wazirx #bitcoin #indian startups

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alishajoy059 · 4 months ago

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All About the Return of Foreign Liability and Asset (FLA) to the Reserve Bank of India (RBI)

Foreign Liabilities and Assets (FLA) reporting is a critical regulatory requirement mandated by the Reserve Bank of India (RBI). This annual return captures detailed information on foreign direct investments (FDI), overseas direct investments (ODI), and other investments held by Indian companies. The FLA return provides valuable data for the country's balance of payments and helps in the formulation of effective economic policies.

Importance of FLA Reporting

Economic Analysis: FLA data aids in analyzing India's external sector and understanding the composition and changes in foreign investments.

Policy Formulation: Accurate data on foreign investments is crucial for creating policies that foster a favorable investment climate.

Regulatory Compliance: Ensuring compliance with FLA reporting helps avoid penalties and maintains the integrity of financial disclosures.

Who Needs to File FLA Return?

Indian entities that have received FDI or made ODI in any previous year(s), including the current year, must file the FLA return. This includes:

Companies

Limited Liability Partnerships (LLPs)

SEBI-registered Alternative Investment Funds (AIFs)

Public and Private Sector Companies

NGOs and Trusts

Filing Requirements and Deadlines

Annual Submission: The FLA return must be submitted annually by July 15 of each year.

Information Required: The return should include details on foreign liabilities (such as equity capital, reinvested earnings, and other capital) and foreign assets (like equity, loans, trade credit, etc.).

Online Filing: The RBI provides an online portal for submitting the FLA return. Entities must register on the portal and obtain a user ID and password to file the return.

Steps for Filing FLA Return

Registration: Entities must register on the FLAIR (Foreign Liabilities and Assets Information Reporting) system by providing their basic information and obtaining login credentials.

Gathering Information: Collect all necessary data on FDI, ODI, and other foreign investments. This includes equity shares, loans, trade credits, and any other forms of investments.

Filling the Form: Log in to the FLAIR system, fill out the FLA form with the collected data, and submit it by the deadline.

Verification and Confirmation: After submission, the data is verified, and entities receive an acknowledgment from the RBI.

Penalties for Non-Compliance

Non-compliance with FLA reporting requirements can attract penalties under the Foreign Exchange Management Act (FEMA), 1999. It is essential for entities to adhere to the guidelines and submit accurate data on time to avoid any legal repercussions.

Recent Updates and Changes

The RBI periodically updates the guidelines and formats for FLA reporting. Entities must stay informed about any changes to ensure compliance. Recent updates include:

Enhanced data requirements for more detailed reporting.

Streamlined online filing process to reduce the burden on entities.

Increased scrutiny on the accuracy of the data provided.

Conclusion

The FLA return is a crucial regulatory requirement that helps the RBI and the government of India in monitoring foreign investments and making informed economic decisions. Timely and accurate filing of the FLA return is essential for regulatory compliance and contributes to the broader economic stability of the country. Indian entities engaged in international investments must prioritize the FLA reporting process to fulfill their obligations and support the nation's financial health.

Also read

Foreign Direct Investment (FDI) in India

Documents Required for Private Limited Company Registration in India

All about FC-GPR Filing and Compliance

All About FC-TRS Reporting Requirement

#RBI #FLAReturn #ForeignLiabilities #ForeignAssets #FDI #ODI #EconomicPolicy #RegulatoryCompliance #IndianEconomy #InvestmentReporting #FinancialRegulations #FLAIRSystem #FEMA #AnnualReporting #IndianCompanies #InvestmentData

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catherinedmccracken · 4 years ago

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April 2021 Learning Network Resources

Trust in Healthcare

Quinn SC, et alt. Addressing Vaccine Hesitancy in BIPOC Communities — Toward Trustworthiness, Partnership, and Reciprocity. NEJM. March 2021 “A primary path toward trust and confidence is relationship building. In too many situations and circumstances, BIPOC communities are asked to ‘help us solve the problems in your community.’ Long-standing and reciprocal relationships between medical and research institutions and BIPOC communities are largely nonexistent. The relationships that do exist are generally short-lived, often enduring only as long as grant funding lasts. For health care and public health institutions to build a reputation of trustworthiness, partnerships rooted in bidirectional communication, capacity building, and reciprocity are required.”

Beach MC, et alt. Testimonial Injustice: Linguistic Bias in the Medical Records of Black Patients and Women. Journal of General Internal Medicine. March 2021 “Black patients may be subject to systematic bias in physicians’ perceptions of their credibility, a form of testimonial injustice. This is another potential mechanism for racial disparities in healthcare quality that should be further investigated and addressed.”

Pollard MS, et alt. Decline in Trust in the Centers for Disease Control and Prevention During the COVID-19 Pandemic. RAND Corporation. March 2021 “As part of a nationally representative RAND American Life Panel (ALP) survey fielded in early May 2020 that assessed how Americans are coping with COVID-19, we asked more than 2,000 individuals to report their levels of trust in a variety of federal institutions, including the CDC, the United States Postal Service (USPS), and the Federal Emergency Management Agency (FEMA). In October 2020, we resurveyed a random sample of 1,892 of the original respondents and asked them to report their levels of trust again. In this report, we compare individual-level changes in trust in the CDC, USPS, and FEMA between May and October 2020. Responses are weighted to match a range of population distributions in the Current Population Survey and voting behavior.”

Carolla B, et alt. Are Health Centers Facilitating Equitable Access to COVID-19 Vaccinations? Kaiser Family Foundation. March 2021 “These early data show that health centers appear to be reaching people of color at a higher rate than overall vaccination efforts. While vaccinations at health centers represent a relatively small share of total vaccinations administered nationally to date, further ramping up health centers’ involvement in vaccination efforts at the federal, state, and local levels will likely be a meaningful step in reaching people of color and advancing equity on a larger scale.”

Tharakan S, et alt. The impact of the globalization of cancer clinical trials on the enrollment of Black patients. American Cancer Society. March 2021 “The globalization of cancer clinical trials is associated with a widening racial enrollment disparity gap in the United States. The impact of global trials on domestic clinical trial generalizability warrants further consideration from a regulatory and policy standpoint.”

Bleich SN, et alt. Addressing Racial Discrimination in US Health Care Today. JAMA Health Forum. March 2021 “From the public statements and initial actions of the Biden administration, it is clear that addressing racial discrimination will be a high policy priority. This comes alongside a growing national awareness of the seriousness of this problem by leadership groups in health care and medicine. This article addresses 2 central issues related to racial discrimination in health care: the extent of reported discrimination in various health care settings among Black and Latinx households and recommended policies to hold health care institutions accountable for addressing racial discrimination.”

Bogart LM, et alt. What Contributes to COVID-19 Vaccine Hesitancy in Black Communities, and How Can It Be Addressed? RAND Corporation. March 2021 “Recent polls show that Black Americans are less willing than Americans of other races or ethnicities to be vaccinated for COVID-19. These lower vaccination rates among Black Americans would further widen COVID-19 inequities in diagnosis, hospitalization, and mortality. A main driver of hesitancy among Black Americans is thought to be general mistrust of health care systems and providers. Such mistrust has arisen in Black communities as an understandable, rational, and self-protective reaction to history, knowledge, and continuous and repeated discrimination, racism, and harmful experiences toward Black Americans by the health care system, health care providers, and the U.S. government.”

Blogs, Issue Briefs, Opinion Pieces and More…

Hyun D, et alt. Many hospitalized Covid-19 patients are given antibiotics. That’s a problem. STAT. March 2021. “As the Covid-19 pandemic continues into its second year, public health experts are increasingly concerned that the response to this global crisis may be accelerating another one: the development and persistence of the antibiotic-resistant bacteria known as superbugs. Why? All antibiotic use hastens the emergence of resistance. And although antibiotics aren’t used to treat Covid-19, which is a viral illness, they’re often prescribed to Covid-19 patients who are at risk for bacterial infection.”

Khullar D, et alt. Imagining a World Without Low-Value Services: Progress, Barriers, and the Path Forward. AJMC. March 2021 “Low-value services are a major problem in the US health care system. We believe that the coronavirus disease 2019 pandemic’s unprecedented impact on the health system, and society writ large, offers an opportunity to reshape the conversation and incentives around low-value services. This article explores current barriers to and opportunities for accelerating progress toward high-value care delivery.”

Brownlee SM, et alt. Better understanding the downsides of low value healthcare could reduce harm. BMJ. March 2021 “Today, efforts to quantify and tackle gaps in patient safety have expanded far beyond anaesthesia. A distinct discipline with its own emerging scientific framework, patient safety has been declared ‘one of the most important components of healthcare delivery’ by the World Health Organization. Yet there is one area of healthcare that remains sorely in need of similar data on harm and an equally sustained worldwide effort to reduce it. That area is overuse of low value healthcare services.”

For Cancer Screening, COVID-19 Pandemic Creates Obstacles, Opportunities. National Cancer Institute. March 2021 “The pandemic may lead to other potential innovations in cancer screening. Some physicians are already using video conferencing tools to educate people about screening tests, while others are discussing ways to focus screening resources on those most at risk of developing cancer.”

Journals

Maust DT, et alt. Prevalence of Central Nervous System-Active Polypharmacy Among Older Adults With Dementia in the US. JAMA. March 2021 “In this cross-sectional analysis of Medicare claims data, 13.9% of older adults with dementia in 2018 filled prescriptions consistent with CNS-active polypharmacy. The lack of information on prescribing indications limits judgments about clinical appropriateness of medication combinations for individual patients.”

Park S, et alt. Trends in Use of Low-Value Care in Traditional Fee-for-Service Medicare and Medicare Advantage. JAMA. March 2021 “This cross-sectional study found that use of low-value care was similarly prevalent in MA and TM, suggesting that MA enrollment was not associated with decreased provision of low-value care compared with TM.”

Soong C, et alt. Advise non-pharmacological therapy as first line treatment for chronic insomnia. BMJ. March 2021 “Guidelines recommend non-pharmacological approaches, including cognitive behavioural therapy, as first line treatment for chronic insomnia in adults (box 1).12345 Yet, sedatives are commonly prescribed to treat insomnia.”

Habib AR, et alt. Recommendations From Breast Cancer Centers for Frequent Screening Mammography in Younger Women May Do More Harm Than Good. JAMA Internal Medicine. March 2021 “The most recent (2016) US Preventive Services Task Force (USPSTF) breast cancer screening recommendations for women with average risk advise biennial screening in women aged 50 to 74 years. Among younger women (aged 40-49 years), the estimates of reduced breast cancer mortality are smaller and have more uncertainty, and the rates of potential harm are higher. Thus, the USPSTF does not recommend routine screening but suggests individualization based on shared decision-making.”

Jonas DE, et alt. Screening for Lung Cancer With Low-Dose Computed Tomography Updated Evidence Report and Systematic Review for the US Preventive Services Task Force. JAMA. March 2021 “Screening high-risk persons with LDCT can reduce lung cancer mortality but also causes false-positive results leading to unnecessary tests and invasive procedures, overdiagnosis, incidental findings, increases in distress, and, rarely, radiation-induced cancers. Most studies reviewed did not use current nodule evaluation protocols, which might reduce false-positive results and invasive procedures for false-positive results.”

Maust DT, et alt. Prevalence of Central Nervous System–Active Polypharmacy Among Older Adults With Dementia in the US. JAMA. March 2021 “In this cross-sectional analysis of Medicare claims data, 13.9% of older adults with dementia in 2018 filled prescriptions consistent with CNS-active polypharmacy. The lack of information on prescribing indications limits judgments about clinical appropriateness of medication combinations for individual patients.”

Krist AH. Screening for Lung Cancer US Preventive Services Task Force Recommendation Statement. JAMA. March 2021 “To update its 2013 recommendation, the US Preventive Services Task Force (USPSTF) commissioned a systematic review on the accuracy of screening for lung cancer with low-dose computed tomography (LDCT) and on the benefits and harms of screening for lung cancer and commissioned a collaborative modeling study to provide information about the optimum age at which to begin and end screening, the optimal screening interval, and the relative benefits and harms of different screening strategies compared with modified versions of multivariate risk prediction models.”

Bai F, et alt. Stroke Risk Factor Status and Use of Stroke Prevention Medications Among Hispanic/Latino Adults in HCHS/SOL. Stroke. March 2021 “Hispanic/Latino adults in the United States have high prevalence and awareness of VRFs but low adherence to secondary stroke prevention strategies. Older adults, women, and uninsured people are vulnerable groups that may benefit from targeted interventions.”

Media

Moloney S. NYC Health + Hospitals Adopt COVID-19 Care Recommendations of Board of Internal Medicine. Norwood News. March 2021 “NYC Health + Hospitals announced on March 16, that it has adopted the American Board of Internal Medicine (ABIM) Foundation guidelines, system-wide, to further reduce the potential spread of COVID-19, and keep staff and patients safe during the pandemic. The COVID-19 ‘Choosing Wisely’ guidelines advise healthcare providers on eliminating unnecessary testing and treatment in an effort to reduce exposure to COVID-19. The guidelines also incorporate specific, evidence-based recommendations clinicians should consider to utilize limited resources wisely, such as blood transfusions.”

Harris R. Antibiotic Use Ran High In Early Days Of COVID-19, Despite Viral Cause. NPR. March 2021 “Doctors treating COVID-19 patients early in the pandemic often reached for antibiotics. But those drugs were not helpful in most cases, and overuse of antibiotics is a serious concern.”

Davenport L. Swallowable Capsule-Camera Instead of Endoscopy for Use at Home. Medscape. March 2021 “A miniature camera the size of a capsule that is swallowed and that then transmits images of the inside of the gut can reveal cancer and gastrointestinal diseases. The device, which will be studied in a trial conducted by the National Health Service (NHS) in England, is used by patients at home instead of having to visit a clinic for an endoscopy.”

Marchione M, et alt. Researchers study impact of pandemic cancer screening pause. Associated Press. March 2021 “Millions of colonoscopies, mammograms, lung scans, Pap tests and other cancer screenings were suspended for several months last spring in the United States and elsewhere as COVID-19 swamped medical care. Now researchers are studying the impact, looking to see how many cancers were missed and whether tumors found since then are more advanced.”

The post April 2021 Learning Network Resources first appeared on Choosing Wisely.

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vishalsbpseo · 4 years ago

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7 Things NRIs Should Keep in Mind While Taking A Home Loan in India

The Indian Real estate sector is booming due to the rise in demand for housing property as well as due to PM “Housing for All” mission. Due to the global pandemic of Covid-19, many people are now looking for good & safe residential projects to invest in. NRIs (Non-Resident Indians) are also interested in owning a property in their home country.

The Indian realty sector gives the non-resident Indians (NRIs) a valuable investment opportunity. NRIs are also permitted, like resident Indians, to buy real estate in India by means of home loans. Many NRIs are interested in taking a loan because most of these people want to hold more money for retirement and for other purposes.

But for NRIs and resident Indians, the laws on home loans are not quite the same. Therefore, key distinctions are important to recognize.

Firstly, we need to know who an NRI is in the eyes of our law:

According to our Income Tax Act, An Indian, who hasn’t lived in the country for more than 183 days and who lives in a foreign country, is defined as an NRI. This time was proposed to be extended to 245 days in the budget for 2020-21.

The Foreign Exchange Management Act (FEMA) of our country decides whether you are entitled to make an investment as an ordinary citizen or as an NRI, whereas the Income Tax Act lays out a tax provision relating to that investment.

NRI home loan applicants’ qualification requirements:

Every NRI Home loan seeker must fulfill following requirements as laid down by banks and other financial institutions. Though these can vary, here are some of the basics that are usually applicable:

Applicant’s age-The minimum age of the applicant for the home loan should be 18 years and the maximum age should be 60 years.

Employment Tenor-The applicant for a home loan should preferably have been working overseas for a minimum of 2 years, or should have a contract of employment effective for a minimum of 2 years.

Maximum Loan Tenure- An NRI home loan’s tenure is shorter than a normal home loan taken by an Indian. The rationale is that the repayment ability of NRIs is assumed to be greater than that of a citizen of India. The maximum permitted borrowing period is between 20 to 30 years.

Loan-to-value ratio- LTV is the mortgage amount to the appraised value of the property that will depend on the age and income of the applicant.

Account Type- For redemption of the home loan, the borrower would have to open an NRO / NRE account.

Loan Reimbursement Norms for NRI:

Repayment is a process that NRI home loan clients may perform in many forms. The home loan EMIs must be charged via the NRO / NRE bank account in Indian rupees.

NRIs may suggest transferring money from international bank accounts by usual banking procedures or may issue post-dated cheques or ECS (Electronic Clearance Service) mandates from NRO, NRE or FCNR (Foreign Currency Non-Repatriate) accounts. They can also pay out of the rental income generated in India from the house. If it is more convenient, EMI cheques can even be issued from a nearby relative’s bank account.

Requirement of Power of Attorney:

While providing home loans to NRIs, most banks would like a power of attorney (PoA). It would be a declaration claiming that another person has the NRI’s authority to take decisions on behalf of the NRI in him / her. The reasoning for needing a power of attorney is that the NRI stays overseas, and the lender would have someone to deal with in India.

The PoA helps an individual to access the bank in India for something relating to the loan or the property in question. Most banks emphasise NRI home loan applicants in India giving their children, friends or parents the power of attorney.

Ownership cost for NRIs:

The ownership cost is the price to be payable in Indian rupees to the seller/ builder, plus forex losses or profits during the acquisition of the property, plus regulatory dues to be charged in India and abroad, plus the capital cost (bank loan interest).

Taxation Laws for NRIs:

NRIs have to be aware of foreign currency fluctuations, as their house investment will be in Indian rupees and their income will be in a foreign currency.

Tax, finance and foreign investment (FEMA) regulations related to the acquisition of property need to be updated by NRIs.

For NRI consumers seeking home loans, there are no tax benefits until they file returns and become entitled to benefit from tax rebates available for such loans.

Loan from resident country of NRI:

An NRI will also be able to receive a home loan from a bank based in its country of residence, which also has an Indian branch. This option should be widely explored. Provided that debt costs are typically cheaper in most countries outside India, international banks are able to offer loans at competitive rates through corresponding partnerships and branches in India, without stressing about forex. NRIs who purchase a home with a loan in India would be subjected to risk of currency fluctuation. Therefore, they could examine ways to hedge the possibility of currency fluctuation, in order to prevent inflation of the loan amount.

Besides all these essential documents required for taking a loan are as follows:

A valid passport

Visa documents