#Remittance Scheme

[theleadersglobe]

RBI Expands Liberalised Remittance Scheme to Enhance Financial Flexibility

In a strategic move to increase financial flexibility within Gujarat International Finance Tec-City (GIFT City), the Reserve Bank of India (RBI) has widened the scope of remittances under the Liberalised Remittance Scheme (LRS). This significant development now allows Indian residents to open foreign currency accounts (FCAs) within GIFT City’s International Financial Services Centres (IFSCs). This initiative, announced by the RBI on Wednesday, is set to streamline international financial transactions for Indian residents, offering them new avenues for managing their foreign currency holdings and investments.

Previously, remittances under the LRS were restricted primarily to paying educational fees at foreign universities and investments in IFSCs. The recent decision by the RBI broadens this scope significantly, enabling Indian residents to remit funds for a wider range of purposes. This includes accessing financial services or products internationally, in accordance with the IFSC Authority Act, 2019. The IFSC within GIFT City is a specialised zone where international financial transactions are conducted, serving both Indian and foreign entities under a robust regulatory framework.

Read More:(https://theleadersglobe.com/money/rbi-expands-liberalised-remittance-scheme-to-enhance-financial-flexibility/)

[mariacallous]

MADISON, Wis. — A bombshell report this morning from Dan Bice of the Milwaukee Journal Sentinel revealed that Banco Azteca, a bank reportedly tied to the Mexican cartel flew $26 million of cash across the U.S.-Mexico Border to Eric Hovde’s bank in California.

As the Milwaukee Journal Sentinel detailed, Banco Azteca was cut off by several other U.S. banks over “risk and compliance concerns” after reporting linked it to cartel activity. An executive of the bank was recently implicated in a federal indictment detailing his attempts to bribe a member of the U.S. Congress to get U.S. banks to once again do business with the bank. Despite this, Eric Hovde’s bank flew $26 million of cash from Mexico City to Irvine, California as part of a deal with Banco Azteca last December.

This shocking revelation comes as Hovde has refused to disclose which foreign banks and governments his bank has done millions of dollars of business with. What else is Hovde hiding?

Read more below:

Milwaukee Journal Sentinel: Bice: Democrats question Eric Hovde over his bank’s $26M deal with a troubled Mexican bank

By: Dan Bice

Banco Azteca, the 10th largest financial institution in Mexico, has had its share of problems in recent years.

Accused in past news stories of having links to the Mexican drug cartel.

Dropped as a financial partner by some U.S. banks because of “risk and compliance concerns.” 

And now caught up in a Texas bribery scheme with an American congressman.

But Sunwest Bank, the Utah-based financial institution run by Republican U.S. Senate candidate Eric Hovde, doesn’t mind doing business with it.

In December, Banco Azteca sent $26.2 million in cash to Sunwest on four airplane flights as part of a massive currency conversion called “repatriation,” records show. Hovde, who is running against Democratic U.S. Sen. Tammy Baldwin, is chairman and CEO of Sunwest.

Now Democrats are questioning the deal, saying it gives voters a window into how Hovde runs his businesses by putting personal financial stakes above other issues.

Arik Wolk, spokesman of the Democratic Party, said Sunwest’s transactions with Banco Azteca are “extraordinarily concerning,” especially given the alleged past ties between Azteca and the drug cartel. He added, however, that Democrats were not suggesting Hovde or Sunwest had done anything illegal.

“Hovde is willing to do anything to enrich himself, even flying cash across the border for a bank suspected of working for criminal groups that are pouring deadly fentanyl into our state,” Wolk claimed.

As recently as 2021, Banco Azteca had no correspondent banks in the U.S. with which it could transfer U.S. currency.

Over the past decade, several news accounts, including two by Reuters, have drawn links between Banco Azteca and Mexican gangs, which are the leading suppliers of cocaine, heroin, fentanyl and other illicit narcotics to the U.S.

In 2023, a Reuters reporter wrote that drug cartels are using remittances – money transfers favored by migrant workers – to send illicit earnings back to Mexico. 

The Reuters reporter said he witnessed five individuals on motorcycles collecting cash from people leaving branch offices of three banks, including Banco Azteca. Locals said these were couriers for the Sinaloa Cartel picking up drug money sent as remittances.

In a 2014 story, Reuters quoted a prominent anti-kidnapping activist saying Mexican gangs involved in kidnapping migrants ask for the money to be sent to Banco Azteca. Also, the Yale Journal of International Affairs reported that Banco Azteca was one of four banks that the Mexican cartel was using to process extortion payments.

A little more than a decade ago, the U.S. Office of the Comptroller of the Currency investigated Banco Azteca’s ties with its then-correspondent bank in the U.S., Lone Star National Bank of Pharr, and turned up money-laundering concerns. Repeatedly cited and fined, Lone Star soon ended its relationship with Banco Azteca.

Other financial institutions, including Fifth Third Cincinnati and CBW Bank, soon followed.

According to a May story in the Wall Street Journal, Banco Azteca has struggled doing business with U.S. banks since regulators began enforcing rules cracking down on money laundering from drug trafficking, kidnapping and extortion. Many U.S. banks have cut ties with Banco Azteca because of “risk and compliance concerns.”

For years, that left Banco Azteca holding onto large sums of U.S. currency with no place to offload it.

[readingsquotes]

"In May 2023, India and Israel signed a new bilateral agreement to bring forty-two thousand additional Indian laborers to Israel. Modi’s most recent agreement with Netanyahu aims to fast-track current plans even more, lifting restrictions to hasten migrant workers’ entry into Israel. The temporary, low-wage migrants from rural and small-town North India, some of the poorest regions in the country, are desperate for decent employment—so desperate that they’re willing to work for a regime that is actively engaged in what the International Court of Justice has called a “plausible genocide.” They’re seeking paid work they’ve failed to find within India’s growing but deeply unequal and caste-bound economy. Bilateral deals like the one between India and Israel give off the sheen of newness, appearing to be the products of a twenty-first century age of hypermobile capital. But in fact, the two countries are dusting off a time-worn strategy from the colonial archive: importing and exporting racially marked temporary labor to manage political and economic problems in one fell swoop."

....

Bilateral mobility agreements like the India-Israel deal are nothing new. Across the world, more and more states—Singapore, Bahrain, Canada, and the United States among many others—have begun to employ temporary, closed-term migrant labor programs. In the Middle East, autocratic Gulf states have long relied on such schemes. And in addition to contracting Palestinian labor, Israel has long relied on Thai, Filipino, Nepali, and Indian workers, too. Typically, these states have two goals. On the one hand, they want to preserve the ethnic composition of a privileged national citizenry. On the other, they need large amounts of cheapened laborers, especially in the domestic, construction and retail sectors, to grow. Contract labor schemes have allowed them to do both: with them, states can access a mass supply of workers without having to grant any of them citizenship. Israel, for example, offers five-year, temporary immigration channels for migrant workers, but gives them no option for family reunification or naturalization.

...

The Modi-Netanyahu labor deal has an even older historical predecessor: British indenture. In the nineteenth century, as chattel slavery came to an end in Britain, indentured labor from countries such as India and China was introduced as a more “humane” alternative. The practice was abolished in 1920, but a century later, traces of its institutional legacy live on in migrant labor programs. Indian and other Asian workers were desirable across the Gulf region because they were seen as politically “docile,” a powerful racial trope with particular roots in nineteenth-century indenture practices. They were also desirable because, as sociologist Andrzej Kapiszewski notes, “Asian governments became often involved in the recruitment and placement of their workers, facilitating their smooth flow to the Gulf countries.” The governments of India, Pakistan, and the Philippines, lured by the healthy remittances promised to them, were all too eager to help in the importation of their workers.

...

If modern states have ensured the brutal subjugation of both populations living, and workers laboring, in their borders through colonial means, then the resistance to those tactics must be anticolonial in response.

[transgenderer]

Tonga's current king, Tupou VI, traces his line directly back through six generations of monarchs. The previous king, George Tupou V, born in 1946, continued to have ultimate control of the government until July 2008

Tonga's economy is characterised by a large nonmonetary sector and a heavy dependence on remittances from the half of the country's population who live abroad (chiefly in Australia, New Zealand, and the United States). The royal family and the nobles dominate and largely own the monetary sector of the economy – particularly the telecommunications and satellite services. Tonga was named the sixth-most corrupt country in the world by Forbes magazine in 2008.[60]

King Tāufaʻāhau Tupou IV and his government made some problematic economic decisions and were accused by democracy activists, including former prime minister ʻAkilisi Pōhiva, of wasting millions of dollars on unwise investments. The problems have mostly been driven by attempts to increase national revenue through a variety of schemes – considering making Tonga a nuclear waste disposal site (an idea floated in the mid 1990s by the current crown prince),[35] and selling Tongan Protected Persons Passports (which eventually forced Tonga to naturalise the purchasers, sparking ethnicity-based concerns within Tonga).[36]

Schemes also included the registering of foreign ships (which proved to be engaged in illegal activities, including shipments for al-Qaeda);[37] claiming geo-orbital satellite slots (the revenue from which seems to belong to the Princess Royal, not the state);[38] holding a long-term charter on an unusable Boeing 757 that was sidelined in Auckland Airport, leading to the collapse of Royal Tongan Airlines;[39] and approving a factory for exporting cigarettes to China (against the advice of Tongan medical officials and decades of health-promotion messaging).[40]

In mid-2003, the government passed a radical constitutional amendment to "Tonganize" the press, by licensing and limiting freedom of the press, so as to protect the image of the monarchy. The amendment was defended by the government and by royalists on the basis of traditional cultural values. Licensure criteria include 80% ownership by Tongans living in the country. As of February 2004, those papers denied licenses under the new act included the Taimi ʻo Tonga (Tongan Times), the Keleʻa, and the Matangi Tonga – while those permitted licenses were uniformly church-based or progovernment.

The bill was opposed in the form of a several-thousand-strong protest march in the capital, a call by the Tuʻi Pelehake (a prince, nephew of the king and elected member of parliament) for Australia and other nations to pressure the Tongan government to democratise the electoral system, and a legal writ calling for a judicial investigation of the bill. The latter was supported by some 160 signatures, including seven of the nine elected, "People's Representatives"

tonga is a small island nation of about 100k people, 70% of which live on the largest island of tongatapu. its politics are kind of crazy

[24blognewspress]

The Fintech Owner Accused of Laundering Drug Money in Huge Bitcoin Scheme

Caio Marchesani is alleged to have managed crypto accounts for a criminal gang

A fintech owner in London is facing allegations that he helped notorious drug traffickers attempt to launder hundreds of millions of euros through a crypto exchange platform on a scale rarely seen by European prosecutors.

Authorities in Belgium are seeking the extradition of Caio Marchesani from the UK as part of their effort to dismantle a transnational gang.

hoarding piles of cash for Sergio Roberto De Carvalho, a Brazilian described by Interpol as one of the world’s most wanted kingpins before his arrest in 2022, and managing crypto accounts on behalf of Flor Bressers, a Belgian national known as the “finger cutter,” who was also nabbed last year.

Marchesani owns Trans-Fast Remittance, a payments business regulated by the Financial Conduct Authority. He was arrested in May at Heathrow Airport.

The case puts the British financial-technology scene under fresh scrutiny amid fears that its weak controls are enabling the movement of illicit funds around the world. Transparency International UK has called for tougher supervision after finding that more than one-third of UK-licensed electronic-money institutions show red flags. In response to 24blognewspress queries, the FCA said it is “engaging” with Trans-Fast “as part of our ongoing supervisory work, including in relation to these matters.”

The Belgian investigation kicked off three years ago after Dutch customs officials seized more than 12 tonnes of cocaine, worth more than €260 million ($283 million), from containers at Europe’s busiest port, Rotterdam. Authorities traced the haul to Bressers and De Carvalho, later zeroing in on Marchesani after a breakthrough in decoding encrypted communications. 

In all, 33 suspects have been identified, linked to countries including Brazil, Hungary, the Czech Republic, and France — five are in pretrial detention, with Bressers and De Carvalho in Belgium and Marchesani in the UK. 

The case against Marchesani came to light at a series of extradition hearings in London. A request for bail was turned down by the court after prosecutors described him as a flight risk. The judge intends to rule on the extradition later in September.

‘Large Cash Sums’

Marchesani managed 14 Binance accounts for Bressers, according to Belgian prosecutors. He also held cash for De Carvalho, charging suspiciously high rates of as much as 9% for transferring funds, the prosecutors said.

As many as 85% of Trans-Fast customers were Brazilian, filings from a separate employment case show. A recorded company telephone message says it is currently offline and unable to process orders.

The underground network is alleged to have essentially combined new technology with hawala, a centuries-old money transfer system practiced in regions including the Middle East, where international and local remittances are paid largely based on trust. Its use of crypto currencies increased after the Covid pandemic made cash deliveries much harder, according to Belgium prosecutors. Binance provided law enforcement with “practical operational assistance” in relation to the investigation, a spokesperson for the crypto-trading platform said. 

Amanda Bostock, a lawyer acting for Belgium authorities, described Marchesani as “a dark banker who receives money and moves it around at the will of the criminal organization in order to disguise its origins.” 

“Very large cash sums” protected by a round-the-clock guard were said to have been stored at an apartment Marchesani rented near the US embassy in south London, prosecutors said. He was found with some £1.5 million ($1.9 million) of cryptoassets. The electronic wallet holding them was subsequently frozen. 

Marchesani’s lawyers deny the allegations. The money for Marchesani’s bail surety had legitimate origins from a UK company with a “thriving business focused on healthy eating in a cafe setting,” the judge said in a reference to Acai Berry Foods Ltd. of which Marchesani is the chief financial officer and a 50% shareholder. The prosecution’s case has “false, vague, ambiguous or inaccurate particulars,” his lawyers at Mishcon de Reya said. “What is clear however, is that none of the allegations against him relate to any of his business interests in the UK.”

Marchesani, who interned at Deutsche Bank from October 2013 to January 2014, wanted to convert Trans-Fast into an online bank according the employment case tribunal ruling. Companies House filings from August show another owner added to the registry. 

‘Everything is Criminal’

In an encrypted chat decoded by authorities, Marchesani, using the moniker ‘Greysmith,’ asked, “friend, this ted 60 is for crime or normal?” to which ‘Lucrativeherb’, a pseudonym prosecutors say was used by De Carvalho, replied, “Normal. Everything is criminal,” the Belgian law enforcers alleged. The judgment did not mention what ‘ted 60’ referred to. In another message, Marchesani is alleged to have said: “only risk is when the police are around.”

Bressers, who has a masters in criminology, was wanted on charges including kidnapping, gang drug trafficking and theft, and was arrested in February 2022 in Zurich. De Carvalho was nabbed in Hungary in June 2022 and transferred to Belgium by the air force earlier this summer. He was subject of an Interpol Red Notice, with countries including Brazil demanding his extradition for drug trafficking, money laundering, forging documents and murder in connection with organized crime.

The Belgian prosecutor said in a July letter to the UK, that nearly all the evidence has been collected and that she aimed to conclude the probe in early September. She said she’d already decided the case will go to a full criminal trial. A spokesperson confirmed the letter and declined to comment.

In London, Marchesani’s lawyers said they planned a further challenge to his extradition because investigators were presenting different cases at different moments. If convicted, Marchesani faces a maximum sentence of five years imprisonment in Belgium, a country his lawyers say he’s never visited.

[iasguidance]

Pradhan Mantri Jan Dhan Yojana (PMJDY)

Context: The flagship financial inclusion scheme of the Centre, Pradhan Mantri Jan Dhan Yojana (PMJDY), will be completing a decade on August 15. What is financial inclusion? Financial Inclusion refers to universal access to a wide range of financial services at an affordable cost. These include not only banking products (basic savings, deposit accounts, remittance and credit) but also other…

[ultimate-media-insights]

In a strategic move to increase financial flexibility within Gujarat International Finance Tec-City (GIFT City), the Reserve Bank of India (RBI) has widened the scope of remittances under the Liberalised Remittance Scheme (LRS). This significant development now allows Indian residents to open foreign currency accounts (FCAs) within GIFT City’s International Financial Services Centres (IFSCs). This initiative, announced by the RBI on Wednesday, is set to streamline international financial transactions for Indian residents, offering them new avenues for managing their foreign currency holdings and investments. Read more

[parasparivaar]

India’s Fight Against Poverty

The Indian government runs schemes for poor people.

The Indian government runs a number of programs to help economically disadvantaged people raise their standard of living. These programs aim to provide financial assistance, create job opportunities, and ensure access to basic amenities including housing, healthcare, and education. Here are some of the major projects aimed towards the poor in India:

Paras Parivaar Charitable Trust Contribution For Poor People

From the bottom of our hearts, we extend a warm welcome to you into the Paras Parivaar Charitable Trust family. In our Sanatan Dharm, this Parivaar was founded and is now being maintained by our Mahant Shri Paras Bhai Ji of Sanatan Dharm to contribute to the welfare of the underprivileged and needy people. Because he consistently states, “happiness of maa is behind their smile.” This idea of Mahant Shri Paras Bhai Ji has become the focus of our family’s daily activities.

The Paras Parivaar Charitable Trust works 365 days a year to lug our Paras Guru’s vision forward. We have helped more than 10 lakh Needy, and thanks to Maa and our Mahant Shri Paras Bhai Ji of Sanatan Dharm, this number is steadily rising. And it is the grandeur of Sanatan Dharm that we strive to assist those who cannot afford to pay for their education or who are food insecure.

Because we usually hear the quote “Unity is Strength” in everyday life, the Paras Parivaar Charitable Trust would like for you to join our family. We are certain that if we all work together as a single family, we will be stronger and more committed to helping more people in need. Serving an increasing number of individuals in need will enable us to carve out a large place in the heart of our Maa. So, join the Paras Parivaar now for the chance of a lifetime to make the poor and needy smile widely.

Working hard to boost the lives of the Poor And Needy People would also help us reduce the rate of Poverty and increase the rate of education in our nation. In addition to providing aid to those in need, our Mahant Shri Paras Bhai Ji wants to educate them so that they may become self-sufficient and contribute to the cause. join our Paras Parivaar Charitable Trust and aid those in need and destitute with what they need for food, shelter, and education.

Indian Government’s Schemes for Poor People

1. Pradhan Mantri Awas Yojana (PMAY): PMAY, which was introduced in 2015, aims to provide affordable housing for everybody by 2022. Under this scheme, the government funds the construction of pucca houses with basic amenities such as a toilet, LPG connection, power, and drinking water.

2. Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA):

MGNREGA ensures 100 days of paid employment per year for rural households. It offers unskilled manual labor, ensuring livelihood security in rural areas.

3. National Social Assistance Programme (NSAP): NSAP is a welfare program that assists the elderly, widows, disabled people, and low-income children. It includes the Indira Gandhi National Old Age Pension Scheme, the Indira Gandhi National Widows Pension Scheme, and the Indira Gandhi National Disability Pension Scheme.

4. Pradhan Mantri Jan Dhan Yojana (PMJDY): PMJDY is a statewide financial inclusion strategy that assures access to financial services such as bank accounts, remittances, loans, insurance, and pensions. It provides a basic savings bank account with overdraft protection and a RuPay debit card.

5. Pradhan Mantri Ujjwala Yojana (PMUY): PMUY aims to provide LPG connections to women from BPL homes. It reduces indoor air pollution and empowers women by removing the difficult process of gathering firewood.

6. Pradhan Mantri Matru Vandana Yojana (PMMVY): PMKVY is a maternity benefit system that reimburses pregnant and nursing mothers for salary loss. The program provides a financial incentive of ₹5,000 in three installments after meeting specific requirements.

7. Pradhan Mantri Kisan Samman Nidhi (PM-KISAN): PM-KISAN provides a yearly income support of ₹6,000 to landholding farmer families in three equal installments to cover agricultural and household needs.

8. Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM): PM-SYM is a voluntary, contributory pension scheme for unorganized workers. At 60, beneficiaries receive a monthly pension of ₹3,000.

These initiatives, along with others like the National Rural Livelihood Mission (NRLM), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), aim to provide a social safety net for the impoverished and vulnerable segments of society.

While these initiatives have made significant progress, challenges remain in terms of awareness, accessibility, and successful implementation. The government continues to monitor and enhance these programs.

[jeneesa-michael890]

US Stocks Trading and Investment Made Easy with NSE IFSC Receipts

Table of Content

India Trading in the US Stock Market

What is the NSE IFSC?

Which Assets Are Available for US Stock Investment from India?

How to invest in US stocks through NSE IFSC?

India Trading in the US Stock Market

As India evolves more and more into a prominent globalized economy, its people are expanding their horizons toward international opportunities in education, career, travel, and yes – even investing. There are many who are wondering how to trade in the US stock market from India? If you are too, you have come to the right place. Not only is it possible to make US stock investments from India, it’s rather simple now, too! All one needs to do is to buy US stocks on the NSE IFSC exchange. In fact, as per a recent report by the International Financial Services Centres Authority (IFSCA), the number of Indian investors investing in US stocks has already increased. 50% more Indians are now investing in US stocks after the introduction of NSE IFSC in GIFT City, just a year ago in March, 2022. Now, for those unaware of the NSE IFSC, GIFT City, and also confused about exactly how to invest in US stocks through the NSE IFSC – keep reading ahead for our simplified breakdown with clear answers for you on how to buy US stocks on the NSE IFSC exchange!

What is the NSE IFSC?

The NSE IFSC (International Financial Service Centre) is a wholly-owned subsidiary of the National Stock Exchange (NSE) of India. This subsidiary – set up in GIFT City, Gandhinagar – operates an international stock exchange. The NSE IFSC helps NRIs and foreign investors trade in Indian equities conveniently.

But, more importantly, this GIFT City subsidiary serves as a global trading platform for people wanting to engage in US stock investment from India. It has approved and recognized officially as a subsidiary that allows Indian citizens to trade in select US-based stocks such as Amazon, Apple, Tesla, Microsoft, Alphabet, etc.

In this international exchange platform at GIFT City, all international trades are executed via a foreign currency, that is, in US dollars. Investments in foreign exchange (beyond India) are conducted under the LRS (Liberalized Remittance Scheme). And so, your NSE IFSC investments in US stocks will also fall under this scheme.

As such, it’s necessary to keep in mind that as per LRS rules, you can invest a maximum of US$ 2.5 lakh in one financial year. So, there exists an upper limit when it comes to members of the Indian public trading in the US stock market from India. Next, let’s get into which US stocks are available for Indian residents to invest in. Let us understand how one can buy and sell US stocks on the new NSE IFSC exchange.

Invest Now

Which Assets Are Available for US Stock Investment from India?

At present, Indian citizens can buy into 8 hand-picked US stocks, via the NSE IFSC Exchange. These select stocks are:

Alphabet (Google)

Amazon

Meta Platforms (Facebook)

Netflix

Apple

Walmart

Tesla

Microsoft

However, this number is all set to be increased in the coming phases of the NSE IFSC. Soon, Indian citizens will be able to choose from as many as 50 premium US stocks available on the global exchange.

Also, do remember that the trading time for these stocks on the exchange will be as per that of the NYSE (New York Stock Exchange). In other words, the trading hours for the NSE IFSC exchange will be from 8 pm IST to 2:30 am IST, instead of our usual market timing from 9:15 am IST to 3:30 pm IST.

How to invest in US stocks through NSE IFSC

First and foremost, you will need a special Demat account to buy US stocks on the NSE IFSC exchange. Even if you have an existing Demat account through which you trade in domestic shares, this will not be enough for international trading. A new Demat account valid for the NSE IFSC exchange will need to be initiated.

So, to invest in US stocks through NSE IFSC, you need to:

Open a Demat account with an IFSC-registered broker Start by opening a trading and Demat account with an NSE IFSC-registered broker. If your current broker is already registered with NSE IFSC, you may contact them directly. Reach out to them and figure out all the formalities you have to perform before you can start trading in US stocks on the international exchange. You can access the updated list of NSE IFSC-registered brokers, along with their contact details, on the official NSE India site.

Transfer funds to the broker’s account from your local bank account Transfer funds from any of your Indian bank accounts to the new account of the IFSC-registered broker. Since NSE IFSC trades are conducted in US dollars and not in Indian rupees, you cannot make US stock investments via the NSE IFSC without currency conversion. The IFSC-registered broker, however, will convert your currency and proceed to buy US stocks on the NSE IFSC exchange for you.

Trade in the NSE IFSC US Stocks upon transfer Once your transferred funds get reflected in your broker's account, your NSE IFSC US Stocks’ investment journey can begin! Collaborate with your broker to start buying US stocks listed on the IFSC exchange. Here again, it’s crucial to note that Indians can invest only up to $2,50,000 per financial year in these US stocks.

That’s it – with these three simple steps, you will be eligible to trade in US stocks and earn international returns. Ready, set, go global!

Learn More About : Trade in US Stocks on NSE IFSC Exchange - Anand Rathi Gift City

[wehaventanypassion]

8 Important Regulatory Changes Taking Effect on October 1, 2023, that will impact your Daily Life!

Starting October 1, 2023, get ready for some game-changing rules that will impact your daily life in various ways.

Here are 8 fresh regulations you should be aware of:

1) Birth Certificates for Everything:

The new law is all about simplifying life. If you are born after the Registration of Births and Deaths (Amendment) Act, 2023 came into play, your birth certificate is about to become your all-in-one proof for various important things.

Imagine this: just your birth certificate would be sufficient to prove your time and place of birth for getting into school, snag a driver's license, join the voter list, registering your marriage, or even get a job in the government, public sector, or any important government-related paperwork.

So, this little piece of paper can open big doors in your life! It's a game-changer for anyone born after this law started, making things much simpler. No more juggling multiple documents to confirm your birthdate and place! Plus, it simplifies the process of registering adopted, orphaned, surrendered, surrogate, and single-parent children.

2) New 20% TCS Rule for International Ventures:

If you're planning international escapades, investing in foreign stocks or pursuing higher education abroad, listen up. Starting October 1, a new TCS rule takes effect. If your spending abroad exceeds a specific limit in a financial year, TCS applies. The good news is that international credit card users won't face this tax, as clarified by the Finance Ministry. Under the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India (RBI), you can remit up to $250,000 in a financial year. Starting from October 1, 2023, all overseas outward remittances, except for medical and educational purposes, over a threshold limit of Rs 7 lakh in a financial year will attract a TCS of 20%.

3) Online Gaming's Tax Twist:

Gamers, take note! Starting October 1, online gaming will come with a 28% GST tag. Finance Minister Nirmala Sitharaman announced this change in August. The tax calculation for online gaming and casinos will be based on the amount paid or deposited with the provider, excluding your winnings. So, while you enjoy gaming, be prepared for a bit more taxation fun.

The Finance Minister had a clear message about how taxes will work in the world of gaming.

Picture this: You're in Goa, trying your luck at a casino. You bet Rs 50,000 and win Rs 5,000. Under the new 28% GST rule, you're only taxed on the initial bet of Rs 50,000, which amounts to Rs 14,000. However, no GST is applicable on betting made in multiple rounds, including bets made with winnings from the previous round.

If you bet additional Rs 10,000 , the tax applies to that extra amount.

4) No More Automatic Tax Refunds for Some Items:

To tackle tax fraud, there's a change coming on October 1. If you're exporting items like pan masala, tobacco, and similar products, you won't automatically get your Integrated GST (IGST) refunds anymore. Instead, you'll need to approach tax officers for approval to get your refund. These items typically fall under 28% Tax bracket plus cess.

5) Deadline to Update Mutual Fund Folio Nomination

The SEBI has made it mandatory to add nominees for all existing mutual fund folios, including jointly-held ones. The deadline to update the nomination for your mutual fund investments is September 30, 2023. On failing to do so, your folios will be frozen for debits as per SEBI. This simply means you won’t be able to make any withdrawals from your mutual funds. Yesterday SEBI extended the nomination deadline till 31 December 2023

6) Deadline to Update Trading, Demat Account Nomination

Same as Mutual Fund Folio Nomination, The SEBI has made it mandatory to add nominees for all Trading and Demat Accounts. The deadline to update the nomination was 30 September 2023. Yesterday the deadline is extended to 31 December, 2023

7) Deadline to Update Adhaar with various Small Savings Scheme

The Ministry of Finance has made it mandatory to link Aadhaar with the small savings schemes, including the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), and Post office deposits. The deadline to link Aadhaar to these schemes is September 30, 2023. On failing to do so, your investments in these small savings schemes will be frozen.

8) Safety Ratings for Cars:

Starting from October 1, 2023, India is rolling out its first-ever car crash testing program called Bharat New Car Assessment Programme (BNCAP). Here's the deal: car manufacturers can voluntarily test their vehicles based on specific industry standards. After the tests, cars will receive star ratings for how well they protect adult and child occupants during crashes. These ratings will help you decide which car is safer to buy. So, when you're shopping for a new ride, keep an eye out for those safety stars!

These new rules aim to make life simpler and ensure that the government can provide better services while collecting the necessary taxes for a stronger nation. These changes might affect your pocket and your safety.

Stay informed, stay prepared!

[believersia]

Important Government Schemes for UPSC 2024

When preparing for the UPSC exams, a thorough understanding of various government schemes is crucial. Here’s a detailed look at some significant schemes you should focus on for the 2024 examination:

1. Pradhan Mantri Jan Dhan Yojana (PMJDY)

Objective:

To ensure access to financial services, namely Banking/Savings & Deposit Accounts, Remittance, Credit, Insurance, and Pension in an affordable manner.

Key Features:

Account Opening: Zero balance savings accounts.

RuPay Debit Card: Free issuance to all account holders.

Overdraft Facility: Up to ₹10,000 is available after six months of satisfactory operation.

Insurance Cover: Accidental insurance cover of ₹2 lakh and life cover of ₹30,000 for accounts opened up to 28th August 2018.

Achievements:

Increased financial inclusion.

Enabled direct benefit transfers.

2. Atal Pension Yojana (APY)

Objective:

To create a universal social security system for all Indians, especially the poor, the under-privileged, and workers in the unorganized sector.

Key Features:

Age Eligibility: 18 to 40 years.

Pension Benefits: Minimum guaranteed pension ranging from ₹1,000 to ₹5,000 per month.

Contribution Period: Minimum of 20 years.

Government Co-contribution: 50% of the total contribution or ₹1,000 per annum, whichever is lower.

Achievements:

Promoted retirement savings among unorganized sector workers.

Enhanced social security.

3. Pradhan Mantri Awas Yojana (PMAY)

Objective:

To ensure housing for all by 2022 by providing affordable housing to the urban poor.

Key Features:

Beneficiary Categories: Economically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group (MIG).

Subsidy: Credit-linked subsidy for home loans taken by eligible urban poor to buy, construct, or renovate a house.

Technology Sub-Mission: Promotes use of modern, innovative, and green technologies and building materials.

Achievements:

Significant increase in housing development projects.

Improved living conditions for the urban poor.

4. Ayushman Bharat Yojana (PM-JAY)

Objective:

To provide health cover of ₹5 lakh per family per year for secondary and tertiary care hospitalization to over 10 crore poor and vulnerable families.

Key Features:

Coverage: Covers both pre-hospitalization and post-hospitalization expenses.

Cashless and Paperless: Services across all public and empaneled private hospitals.

E-Cards: Issued to the beneficiaries for access to healthcare services.

Achievements:

Improved access to quality healthcare.

Reduced out-of-pocket expenditure for medical treatments.

5. Swachh Bharat Mission (SBM)

Objective:

To achieve universal sanitation coverage and to put focus on sanitation.

Key Features:

Gramin (Rural): Focus on eliminating open defecation through construction of household-owned and community-owned toilets.

Urban: Focus on 100% scientific management of municipal solid waste.

Behavioral Change: Extensive Information, Education and Communication (IEC) activities to promote hygiene practices.

Achievements:

Increased toilet coverage in rural areas.

Enhanced cleanliness and hygiene across urban areas.

6. Beti Bachao Beti Padhao (BBBP)

Objective:

To address the declining Child Sex Ratio (CSR) and related issues of women empowerment over a life-cycle continuum.

Key Features:

Multi-Sectoral Action: Involvement of Ministries of Women and Child Development, Health & Family Welfare, and Human Resource Development.

Focus Areas: Enforcement of Pre-Conception and Pre-Natal Diagnostic Techniques (PCPNDT) Act, promoting girl child education, and generating awareness about gender equality.

Achievements:

Improved awareness and advocacy on gender equality.

Positive changes in the Child Sex Ratio (CSR).

7. Make in India

Objective:

To transform India into a global design and manufacturing hub.

Key Features:

Sectors: Focus on 25 sectors including automobiles, textiles, biotechnology, and electronics.

Ease of Doing Business: Simplification of policies and regulations to attract foreign investment.

Skill Development: Initiatives to develop skills required for manufacturing and other sectors.

Achievements:

Increased Foreign Direct Investment (FDI).

Boosted manufacturing sector growth.

8. Skill India Mission

Objective:

To provide market-relevant skills training to over 40 crore youth by 2022.

Key Features:

Pradhan Mantri Kaushal Vikas Yojana (PMKVY): Short-term training and recognition of prior learning.

National Skill Development Corporation (NSDC): Facilitates private sector participation in skill training.

Skill Loan Scheme: Financial assistance for skill training programs.

Achievements:

Enhanced employability of the workforce.

Bridged the skills gap in various sectors.

9. Digital India

Objective:

To transform India into a digitally empowered society and knowledge economy.

Key Features:

Digital Infrastructure: High-speed internet, digital identity (Aadhaar), and mobile connectivity.

E-Governance: Online access to government services.

Digital Literacy: Initiatives like the National Digital Literacy Mission (NDLM).

Achievements:

Improved access to government services.

Increased digital literacy and internet penetration.

10. Jal Jeevan Mission

Objective:

To provide safe and adequate drinking water through individual household tap connections by 2024 to all households in rural India.

Key Features:

Community Participation: Involvement of local communities in water management.

Sustainable Water Supply: Focus on sustainable water sources and efficient use of water.

Technological Intervention: Use of technology in monitoring and ensuring water quality.

Achievements:

Increased household tap connections.

Enhanced water supply management in rural areas.

Familiarize yourself with these schemes, understand their objectives, features, and achievements, and keep abreast of any updates or new schemes introduced by the government. This will not only help you in the UPSC exams but also in understanding the broader context of India’s developmental policies.

[optionperks]

SEBI mandates NRI corpus contribution below 25% in new registration rules for FPIs

Capital markets regulator Securities and Exchange Board of India (SEBI) has tweaked the guidelines for registration of foreign portfolio investors (FPIs) pertaining to non-resident Indians, overseas citizens of India and the resident Indians as participant of such foreign investors. Under the new rule, FPIs applying for registration need to ensure that the contribution of a single NRI or overseas citizen of India (OCI) or resident Indian in its corpus is below 25 per cent, according to a notification. Further, at an aggregate level, the applicant FPI needs to ensure that their contribution in its corpus is below 50 per cent. The new rule requires that NRIs, overseas citizens of India and resident Indians should not be in control of the applicant FPI. "The contribution of resident Indian individuals shall be made through the Liberalised Remittance Scheme notified by the Reserve Bank of India (RBI) and shall be in global funds whose Indian exposure is less than 50 per cent," said SEBI. To give this effect, SEBI has amended FPI rules that became effective from June 25.

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[acquisory]

IMPACT OF TCS ON PAYMENT FOR INTERNATIONAL TRANSACTIONS

Amendment in RBI circular

Inclusion of all Credit card payments for International Transaction under Liberalized Remittance Scheme (LRS). Rule 7 of Foreign Exchange Management (Current Account Transactions), Rules, 2000 stands omitted.

New Rule

Tax Collected at Source (TCS) at 20% on international usage of credit / Debit / Forex cards or Foreign exchange exceeding INR 7 lakhs, from July 1, 2023.

Who will be affected?...

Read More: https://www.acquisory.com/ArticleDetails/91/Impact-of-TCS-on-Payment-for-International-Transactions

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City Union Bank Jobs In Salem Bank Zone Jobs Bank Zone Jobs

City Union Bank is an India Private Limited Sector bank Its headquarters are located in Kumbakonam, Tamil Nadu; at first it was known as Kumbakonam Bank Limited and this institution was created in the year 2000 by R. Santhanam Iyer, S. Krishna Iyer, V.K. Balasubramanian Iyer, and T.S. Raghavachariarwas established on October 31, 1904. The bank was more suited to an area-based role and used an agency model for the Thanjavur district. In 1987, the name had been changed City Union Bank.

Later, the bank widened its network and operations to different regions in India and served a wider client base. By way of mergers, growth and strategic changes The bank transformed to become City Union Bank, becoming one of India's top private sector banks, with its operations mainly focused on South India. The bank offers a range of services, including;

Retail Banking

The bank offers a range of retail products, including the current account, savings accounts regular deposits and fixed deposit accounts and loans like auto loans, home loans, personal loans and educational loans, which are tailored to meet the needs of financial institutions of people.

NRI Banking

City Union Bank provides specialized banking services specifically for Indians who are not residents (NRIs) which include NRI savings accounts NRI fix deposits Remittances, as well as other services specifically designed to meet the requirements of NRIs.

Forex Services

City Union Bank provides forex services to both businesses and individuals that include Forex cards, foreign exchange and remittance options.

Schemes And Services of the Government Schemes And Services

The bank provides a variety of government-related banking services for example, managing pension payments, tax collection and other transactions involving the government.

Digital Banking

CUB offers a variety of digital banking services, such as Internet banking mobile banking apps online fund transfer, bill payment and more to ensure the convenience of customers.

Online and Mobile Banking Security

Offering secure online and mobile banking to protect customers' transactions and personal data.

Investment And Wealth Management

The bank offers investment options such as the mutual fund, products for insurance as well as wealth management services to aid customers to grow and manage their wealth.

Corporate Banking

The bank offers a variety of corporate customers' services which include terms loans, current accounts trade finance as well as other financial solutions that can help companies.

Eligibility Criteria

To attain the required academic requirements, the applicant must possess at a minimum, you must have an undergraduate degree, an advanced degree or a professional certification like MBA, CA, CFA and so on. in accordance with the job.

The experience requirements can vary depending on the level of work and the nature of the position.

The region and branch's location, fluency of the language spoken in that area may be essential for people in customers-facing positions to be able to be able to communicate effectively with customers.

The Minimum Age Limit is 21 years.

City Union Bank might conduct background checks to verify the authenticity of the candidate as well as the absence of criminal record.

Available Bank Job Roles In City Union Bank Jobs Salem

Branch Manager

Relationship Manager

Operational Executive

Sales Executive

Loan Officer

Customer Service Representative

Credit analyst

Back Office Staff

It is Support

Compliance Officer

What Can Bank Zone Jobs help you get the Job?

For a successful profession in the banking industry submit your Resume on the Banking Zone Jobs website. After this, we will notify you with private bank jobs that are suited to your qualifications and skills. In order to prepare for your bank interview we provide training with our most experienced professionals, who will offer guidelines and advice on how to pass the test and interview on the bank's perspective. City Union Bank is now hiring. City Union Bank now has numerous job openings in Salem to help you begin Your career in the field of bank clerk with a decent pay and a position that is suitable for your talents and expertise.

Zone Jobs Bank Zone Jobs are the most reliable and authentic Private bank employment agency within Salem Here we provide a range of bank jobs. We also place you in the most reputable banks and jobs which are better suited to your abilities.