No service tax to be levied on NRI remittances: Finance Ministry

New Delhi, July 10

The Finance Ministry today clarified that no service tax would be levied on NRI remittances from overseas.

The clarification by the Central Board of Excise and Customs (CBEC), which functions under the Finance Ministry, follows concerns over reports that there was a move to levy 12 per cent tax on money sent back home by Indians abroad under the changed service tax regime from July 1.

The CBEC said in a circular “that the matter has been examined and it is clarified that there is no service tax per se on the amount of foreign currency remitted to India from overseas”. In the negative list regime, “service” excludes transaction in money. As the amount of remittance comprises money, the activity does not comprise a “service” and is not subjected to service tax, the circular clarifies.

It further added that “in case any fee or conversion charges are levied for sending such money, they are also not liable to service tax as the person sending the money and the company conducting the remittance are located outside India. Such services are deemed to be provided outside India and thus not liable to service tax”.

It has been further clarified that even the Indian counterpart bank or financial institution which charges the foreign bank for the services provided at the receiving end, is not liable to service tax as the place of provision of such service is outside India.

The clarification will alleviate concerns of NRIs as India is one of the top recipient of remittances ($64 billion in 2011), according to the World Bank data. Given the dire need for dollar at a time when current account deficit is high and Rupee is under pressure, any move to levy service tax on NRI remittances would have been disastrous.

CMs of Punjab and Kerala, which are among the states receiving the largest remittances from NRIs, had taken up the matter with Prime Minister Manmohan Singh.

M Rafeeque Ahmed, president, Federation of Indian Export Organisations (FIEO), said that towards addressing the trade deficit, remittances were the single largest source of unconditional flow of foreign exchange into India, according to estimates by the World Bank. Given the slowdown and declining levels of foreign exchange, service tax could only act as a deterrent to precious incoming foreign exchange, he added.

He said the waiver of service tax on the same would ensure that this stable source of foreign exchange would continue to maintain the delicate balance of payments position of India at this moment of global crisis. 

WHY THE CLARIFICATION  Concerns were being expressed over reports that there was a move to levy 12% tax on money sent back home by Indians abroad under the changed service tax regime from July 1 THE FINAL WORD  The matter has been examined and it is clarified that there is no service tax per se on the amount of foreign currency remitted to India from overseas  As the amount of remittance comprises money, the activity does not comprise a “service” and is not subject to service tax  In case any fee or conversion charges are levied for sending such money, they are also not liable to service tax as the person sending the money and the company conducting the remittance are located outside India

Philippine Brides, Don't Be a Fool

 

What to know when considering a Philippine Bride

The Philippines is a poor country and has a reputation for relationship fraud. Of course there are plenty of good, beautiful and honest women seeking marriage with foreigners. There is also an active population of scammers, fraud schemes and old fashioned gold diggers. Some women seek financial gain and lifestyle upgrades, an escape from poverty. Others are actually seeking a loving relationship, marriage and something new and exciting. How to tell this difference is the key question.

If she asks for money, put the brakes on. Beware of family or medical "emergencies" where the woman needs cash and financial support fast. Know that sending money via Western Union is likely lost in the event that she's a scammer. Understand that the scammers are professional criminals and are very difficult to distinguish between an honest and trustworthy woman.

Educated yourself by reading about scam and fraud methods. Knowing about the different scams will help you recognize any foul play. The schemes and fraud efforts vary in strategy, but all have one thing in common, money. Money is usually requested in the form of advance fee fraud, where the criminal needs help with school, medical, rent, family, visa, etc. You can read more about the fraud types at Wikipedia's site for relationship fraud and advance fee fraud. This is a major step in prevention.

Once you understand the fraud types and warnings signs, consider a trip to the Philippines. Get to know her and her country. See for yourself who you're dealing with. This is a key step in not only preventing fraud, but also in establishing a meaningful relationship. Take time to get to know her. A Philippine woman in a hurry to marry is a major red flag.

Lastly, if all checks out, get a professional background check by a firm with a local presence in Manila and Cebu. Wymoo offers confidential investigations and has years of experience dealing with potential brides and relationships in the Philippines.

Best of luck, and do your homework!


Admin

PBN

Dangerous - Do not drink Coka-Cola and eat MENTOS together...!!! Seeing is believing ?don't you think ?!!! Last week a little boy died in Brazil after eating MENTOS and drinking Coka-Cola together. One year before the same accident happened with another boy in Brazil .. Please check the experiment that has been done by mixing Coka-Cola (or Coka-Cola light are the same) with MENTOS........ So be careful !!

 
 
 

ਆਸਟ੍ਰੇਲੀਅਨ ਸਿੱਖ ਖੇਡਾਂ ਦੇ ਦੂਸਰੇ ਦਿਨ ਸਿੱਖਾਂ ਦੀਆਂ ਭਾਰੀ ਰੌਣਕਾਂ

ਸਿਡਨੀ, 8 ਅਪ੍ਰੈਲ - 25ਵੀਆਂ ਆਸਟ੍ਰੇਲੀਅਨ ਸਿੱਖ ਖੇਡਾਂ ਦੇ ਦੂਸਰੇ ਦਿਨ ਭਾਰੀ ਰੌਣਕਾਂ ਦੇਖਣ ਨੂੰ ਮਿਲੀਆਂ। ਇਨ੍ਹਾਂ ਖੇਡਾਂ ਦੀ ਮੁੱਖ ਖਿੱਚ ਕਬੱਡੀ, ਵਾਲੀਬਾਲ, ਫੁੱਟਬਾਲ, ਹਾਕੀ ਅਤੇ ਐਥਲਿਕਟਸ ਆਦਿ ਸਨ। ਸਿਡਨੀ ਦੇ ਨਾਲ-ਨਾਲ ਮੈਲਬਰੌਨ, ਐਡੀਲੇਡ, ਬ੍ਰਿਸਬੇਨ, ਕੈਨਬਰਾ ਆਦਿ ਤੋਂ ਵੀ ਖਿਡਾਰੀ ਅਤੇ ਦਰਸ਼ਕ ਇਕੱਠੇ ਹੋਏ। ਅਥਲੈਟਿਕਸ ਵਿਚ 100 ਮੀਟਰ ਅੰਡਰ 14 ਵਿਚ ਕੇਤਨਪ੍ਰੀਤ ਨੇ ਪਹਿਲਾ ਸਥਾਨ ਹਾਸਿਲ ਕੀਤਾ। ਹਾਕੀ ਵਿਚ ਬ੍ਰਿਸਬੇਨ, ਮਲੇਸ਼ੀਆ ਅਤੇ ਨਿਊਜ਼ੀਲੈਂਡ ਦੀਆਂ ਟੀਮਾਂ ਕੱਲ੍ਹ ਫਾਈਨਲ ਵਿਚ ਖੇਡਣਗੀਆਂ। ਮੈਲਬੌਰਨ ਤੋਂ ਚਰਨਾਮਤਪ੍ਰੀਤ ਸਿੰਘ ਅਤੇ ਸਿਡਨੀ ਤੋਂ ਰਣਜੀਤ ਖੈੜਾ ਮੁੱਖ ਤੌਰ 'ਤੇ ਕੁਮੈਂਟਰੀ ਕਰਨ ਲਈ ਕਬੱਡੀ ਦੀ ਗਰਾਊਂਡ ਵਿਚ ਪਹੁੰਚੇ। ਇਥੇ ਇਹ ਵਿਸ਼ੇਸ਼ ਹੈ ਕਿ ਗੁਰਦੁਆਰਾ ਪਾਰਕਲੀ ਦੀ ਪੂਰੀ ਐਸੋਸੀਏਸ਼ਨ ਅਤੇ ਗੁਰਦੁਅਰਾ ਰੀਵਸਟੀ ਦੀ ਸੰਸਥਾ ਅਤੇ ਮਹਿੰਦਰ ਸਿੰਘ ਬਿੱਟਾ ਵੱਲੋਂ ਗੁਰੂ ਦਾ ਅਤੁੱਟ ਲੰਗਰ ਵਰਤਾਇਆ ਗਿਆ। ਸਟਾਲਾਂ 'ਤੇ ਭੋਜਨ ਕਾਫੀ ਮਹਿੰਗੇ ਭਾਅ ਵਿਕ ਰਿਹਾ ਸੀ। ਗਿੱਧੇ ਦੀ ਟੀਮ ਲੈ ਕੇ ਹਰਭਜਨ ਸਿੰਘ ਖਹਿਰਾ ਆਏ। ਖੇਡਾਂ ਦੇ ਅਖੀਰ ਵਿਚ ਰੰਗਾਰੰਗ ਪ੍ਰੋਗਰਾਮ ਪੇਸ਼ ਕੀਤਾ।