Category: Finance
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Streamlining International Money Transfers With SBI
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With current globalization, which entails connectivity among nations globally, there is a growing requirement for transferring money internationally and doing so securely. There has been an increase in the need for simplified financial services due to increased interactions across boundaries among both individuals and companies. The State Bank of India (SBI) is situated within this…
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AED to INR Forecast: Looking Ahead at What Lies in Store for AED’s in 2024
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The economic story of the United Arab Emirates (UAE) went through a change before settling on the currency, the UAE dirham. Prior to 1966, the emirates used the Gulf rupee, which was tied to the Indian rupee. When India devalued the Gulf rupee in 1966, most emirates (except Abu Dhabi) adopted the Qatar and Dubai…
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Looking Ahead: AUD to INR Forecast
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Overview Australia took an approach to its exchange rate policy that set it apart from developed economies. After adopting a floating exchange rate, Australia gradually shifted towards a more flexible system. The significant turning point came in 1983, when the Australian dollar started to float and capital controls were lifted. Alongside this change, there were…
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Factors Affecting The Economic Outlook Of Euro (European Union)
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The introduction of the euro currency on January 1, 1999, was an accomplishment for the European Union (EU). It had been a long-term objective since the Maastricht Treaty in 1993, which aimed to establish an Economic and Monetary Union (EMU) by 1999, excluding the UK and Denmark. The actual circulation of euro notes and coins…
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Exemptions From TCS – TCS on International Money Transfer
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Tax Collected at Source (TCS) is a method utilized by the government to directly collect taxes from individuals at the time of various payments. In recent times, there have been developments in India’s TCS framework, expanding its scope to cover a wider range of transactions, including those with lower values. The objective behind these changes…
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How to Avoid 20% TCS on Foreign Remittances & Money Transfers?
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Starting October 1, 2023, the Indian government will make a significant change to its tax system by increasing the tax collected on foreign remittances from 5% to 20%. This change will have important implications for Indian residents who transfer money internationally, as they will now have higher tax obligations and need to consider their finances…
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A Complete Understanding of How to Transfer Gift Money from India to Europe
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In Europe, cross-border payment methods are rapidly evolving, with a tendency towards digital transfers, according to a Visa study. In 2023, more and more European consumers are opting for apps and online platforms to securely and conveniently send money to their friends and family. This shift is particularly noticeable in France and Poland, where 62%…
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Best Ways To Transfer Gift Money To New Zealand From India
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In the heart of New Zealand’s economy, which heavily relies on trade, foreign remittances have become essential. These remittances connect over a million New Zealanders who received a total of NZ$2 billion in the year. The majority of these funds are intended for supporting family members, education, healthcare and even business investments. As digital technology…
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A Step-By-Step Guide For Remitting Gift Money To UK From India
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India is home to the largest number of people living abroad, with around 3.2 million Non-Resident Indians (NRIs) and People of Indian Origin (PIOs). In the UK, there are 1.92 million individuals who are multicultural, which makes them a significant part of the population. This community plays a crucial role in contributing to the UK’s…