Moin Ladha News

stock options, including share appreciation rights (SARs), cashless plans, as well those schemes where securities are held by trusts on behalf of non-residents. This was communicated to banks on Monday by the Reserve Bank of India as part of the amended guidance on foreign investment reporting and management system, two persons told ET. Companies will have to report the details of overseas persons exercising employee stock options plans to the banks, which in turn will inform the regulator.

India Budget: In the Union Budget 2024, Finance Minister Nirmala Sitharaman categorised India’s key beneficiaries into four broad groups — youth, farmers, women and the poor. These “castes” (as she described them in her speech), Sitharaman said, would shape the government’s policy direction, driving welfare and development initiatives.

Have you ever struggled to pay a credit card bill if the due date is around the last day of the month? This, typically, happens when one is short of funds in the final days of the month, as the next month’s salary is awaited. Currently, the due date is fixed at the time of issuance of the card and to date there has been no flexibility or option for the cardholder to fix the due date. Now, cardholders will have the option to set their payment due date.

Outward remittances by resident Indians declined 37% in October, the first month after the government stepped up tax deductions at source on such expenses, data from the Reserve Bank of India (RBI) showed. In October, outward remittances under the liberalised remittances scheme, or LRS, fell to $2.1 billion from $3.5 billion in September. All major heads — overseas travel, educational expenses, maintenance of close relatives, and investments in deposits and equities — fell sharply. Among all major eligible segments for remittances, overseas travel accounted for 63 percent of outward remittance during the month and fell 22 percent to $ 1.4 billion from $ 1.8 billion in September.

ODI) route to bet on cryptocurrencies abroad with the liberalised remittance facility (LRS) — the customary window for offshore investments by wealthy residents — shut for these exotic digital assets. These ultra-high net worth individuals are using a non-banking finance company — preferably an existing local entity — to sponsor an overseas investment company, a wholly-owned subsidiary, in a financial centre like Dubai. The funds used to capitalise this foreign arm is invested in securities and assets abroad, including cryptos sold on trading platforms outside India. «Unlike the LRS Scheme which restricts direct investment in the financial services sector overseas, the ODI scheme permits regulated financial services companies to invest in the financial services sector under approval route. Such investment is subject to prior approval from the relevant financial regulators in India and overseas. Once a duly approved overseas direct investment is made in a financial services company overseas, such entity should be able to undertake business in accordance with the laws applicable in the relevant overseas jurisdiction,» said Moin Ladha, partner at the law firm Khaitan & Co.