Sandesh. March Celebrating 111 th Foundation Day. NRI s Monthly Newsletter. Prosperity for all

Transcription

1 Prosperity for all Celebrating 111 th Foundation Day Sandesh NRI s Monthly Newsletter March Corporation Bank Sandesh - NRI s monthly newsletter (For private circulation only)

2 News from India Budget 2016: NRIs without PAN not to be subjected to higher rate of TDS Presenting the 2016 Budget, Indian Finance Minister Arun Jaitley said that, Budget 2016 proposes to amend section 206AA of the Income-tax Act so as to provide that TDS shall not be deducted at a higher rate in case of non-residents not having PAN, subject to prescribed condition. Non-residents without PAN are currently subjected to a higher rate of TDS. In his presentation, Indian Finance Minister Arun Jaitley outlined nine pillars on the basis of which he hopes to enhance India's economic growth: 1. Agriculture and farmer welfare with an aim to double farmers' income in the next five years. 2. Rural sector. 3. Social sector including healthcare. 4. Educational skills and job creation to make India a knowledge based and productive economy. 5. Infrastructure investment to enhance quality of life. 6. Financial sector reforms. 7. Governance reforms and ease of doing business. 8. Prudent management of government finances. 9. Tax reforms to reduce compliance burden. Japan extends visa validity for Indian nationals to 10 years Japan is set to relax visa norms for Indian nationals as multiple-entry visa terms are to be doubled for people from the country to 10 years. The move is part of the government's drive to increase the number of foreign tourists to Japan, as well as people-to-people exchanges. The 10-year validity of multipleentry visas is the longest issued by the Japanese government. Holders of such multiple-entry visas will be restricted to visiting Japan for business and academic exchange purposes on their first visit but can enter Japan for tourism or to meet friends and families on subsequent trips. Indian Prime Minister, Mr. Narendra Modi had also announced that India will extend 'visa on arrival' to all Japanese citizens from March 1 this year. 2 Corporation Bank Sandesh - NRI s monthly newsletter (For private circulation only)

3 Loan Tenor For all Tenors [max. 30 years] Floating rate Up to Rs. 2 Crore. Above Rs.2 Crore. B.R. [9.65%] B.R %= [9.90%] *BR: Base Rate Minimum loan under the scheme is Rs.5 lakh ** Fixed rates are also available. Kindly contact your branch for more details. Interest Rates are subject to change. Kindly contact the branch for prevailing interest rates. Interest Rates on NRI Deposit Schemes Interest rates on NRE Term Deposits are as under w.e.f Maturity Band Less than Rs.1 Crore [% per annum] Rs. 1 Crore to and Above 12 months only Above 12 months to less than 2 years years & above The Interest rate on FCNR (B) deposits w.e.f. 1 st March 2016 is as follows: [% per annum] Maturity Band USD GBP EUR AUD CAD 1 year to less than 2 years years to less than 3 years years to less than 4 years years to less than 5 years years Interest rate on NRE SB is at 4% p.a. Interest Rates are subject to change. Kindly contact the branch for prevailing interest rates. 3 Corporation Bank Sandesh - NRI s monthly newsletter (For private circulation only)

4 Implementation of FATCA/CRS Guidelines in INDIA As you are aware that the USA has enacted a law known as FATCA (Foreign Account Tax Compliance Act) with the objective of tackling tax evasion through obtaining information in respect of offshore financial accounts maintained by USA residents and citizens. In this regard, India and USA have signed an Inter-Governmental Agreement (IGA) on 9th July, 2015 which provides that the Indian Financial Institutions (FIs) will provide the necessary information to the Indian Tax Authorities, which will transmit the same to USA automatically. Such information has to be reported for eligible accounts as on 30th June, 2014 and accounts opened subsequently. Apart from that, in order to combat the problem of offshore tax evasion and avoidance and stashing of unaccounted money abroad requiring the co-operation among tax authorities, the G20 and OECD countries have developed a Common Reporting Standard (CRS) on Automatic Exchange of Information (AEOI). India is early adopter of the CRS Standard and has joined the Multilateral Competent Authority Agreement (MCAA) on 3rd June, 2015 for exchanging information for eligible pre-existing accounts as on and new accounts opened after In order to comply with the above guidelines our bank is also in the process of sharing the relevant information with the concerned authorities. Avoid Tax Duplication- Use DTAA DTAA stands for Double Taxation Avoidance Agreement. It is an agreement between two countries with an objective to avoid taxation of the same income in both countries. NRIs who wish to avail DTAA benefit have to mandatorily provide Tax Residency Certificate (TRC) to the deductor (Bank). This is applicable for all Non Resident customers who wish to avail DTAA benefit w.e.f. 1st April NRIs can approach the tax/government authorities of the overseas country where they reside to get the Form-10F certified. It may be noted that no other document in lieu of the TRC shall be considered for availing the benefits under DTAA. DTAA benefit is extended on an annual basis. Therefore, NRIs are required to provide all the requisite documents at the beginning of every financial year to continue availing the benefit under DTAA. You may download the DTAA application form and Form-10F from our website Know the id of your branch Suppose your 15 digit account number is 1234XXXXXXXXXXX. Then of your branch will be cb1234@corpbank.co.in. Suppose your 15 digit account number is 0123XXXXXXXXXXX. Then of your branch will be cb0123@corpbank.co.in. 4 Corporation Bank Sandesh - NRI s monthly newsletter (For private circulation only)

5 Problem in receiving OTP Kindly drop an to our technical team at with subject as OTP PROBLEM. Our technical team will revert to you at the earliest. Our NOSTRO Accounts for Remittance of Money via SWIFT Currency Sl. Bank Name SWIFT Code Our A/c No USD GBP EUR 1 Wells Fargo PNBPUS3NNYC JP Morgan Chase Bank N.A. CHAS US Deutsche Bank Trust Co BKTR US The Bank Of New York IRVT US3N HSBC USA MRMDUS Citi Bank NA CITI US Standard Chartered Bank SCBLUS Standard Chartered Bank SCBL GB2L HSBC Bank PLC MIDL GB Deutsche Bank, DEUT DEFF Commerz Bank AG COBA DEFF SocieteGenerale SOGE FRPP Standard Chartered Bank SCBLDEFX JPY 14 Wells Fargo PNBP JPJX SGD 15 DBS Singapore Ltd, DBSS SGSG HKD 16 HSBC Ltd HSBC HKHH SEK 17 SkandinaviskaEnskildaBanken AS ESSE SESS CHF 18 ZKB Bank ZKBKCHZZ80A CAD 19 Toronto Dominion Bank, TDOM CATT AUD 20 Australia & New Zealand Banking ANZB AU3M AED 21 Abu Dhabi Commercial Bank ADCBAEAA Corporation Bank Sandesh - NRI s monthly newsletter (For private circulation only)

6 Sample format for Remittance of Money via SWIFT in Foreign Currency PAY TO (PAY BANK) CREDIT (BENEFICIARY) BENEFICIARY ACCOUNT & NAME (ULTIMATE BENEFICIARY) THE BANK OF NEW YORK ONE WALL STREET NEW YORK, NY SWIFT CODE: IRVTUS3N ACCOUNT NO: CORPORATION BANK, MUMBAI, INDIA SWIFT CODE: CORPINBBXXX (ACCOUNT No.) OF (Beneficiary Name) PURPOSE OF REMITTANCE ** Kindly contact your branch of operation to obtain the SWIFT code. Exchange houses with whom we have tie-ups 1 UAE Exchange Centre, Abu Dhabi 10 Al Ghurair Exchange 2 UAE Exchange Centre, Kuwait 11 Emirates India Intl. Exchange 3 Bahrain Exchange Co. 12 Purushottam Kanji Exchange 4 Wall Street Exchange 13 Al Fardan Exchange 5 Al Zaman Exchange 14 Oman UAE Exchange 6 Al Rostamani Intl. Exchange 15 Al Ahalia Exchange 7 Al Ansari Exchange 16 8 Dubai Exchange Centre 17 9 U.A.E. Exchange Centre Agent-UAEFSL(MTSS) Wall Street Exchange Agent-Wall Street Finance Ltd(MTSS) U.A.E. Exchange Agent- Money Gram (MTSS) 18 Redha Al Ansari Exchange 6 Corporation Bank Sandesh - NRI s monthly newsletter (For private circulation only)

7 7 Corporation Bank Sandesh - NRI s monthly newsletter (For private circulation only)

8 Our Offices NRI Cell, Head Office, Mangaladevi Temple Road Mangalore , Karnataka, India Tel: Tel: Extn: Chief Representative Office # 203, 2nd Floor, Toronto Building, P O Box No , Bur Dubai, UAE Ph: Fax: Mob: : (Shri Parthiv M Banker) Mob: : (Shri Nagaraja Padiyar ) cbdubai@corpbank.co.in Shri Kishore Pratap Siyag Relationship Manager, Corporation Bank UAE Exchange Sharjah Main Branch, Post Box No 3851, Sharjah UAE, Tel / Fax / Mob: kpsiyag@corpbank.co.in Shri Kovvuri U Ramalinga Reddy Relationship Manager, Corporation Bank UAE Exchange Mussafah II (Sector 12) Branch Opposite Zia pharmacy, Shabiya Sector 12 Mussafah, Abu Dhabi, UAE Fax Mob: / ramalingareddy@corpbank.co.in Treasury & Investment Department Head Office, Mangaladevi Temple Road Mangalore , Karnataka, India Tel: / / Fax: iibdom@corpbank.co.in NRI Help Desk, 1 st Floor, Earnest Building Nariman Point, Mumbai , India Tel: nrihelp@corpbank.co.in Corporation Bank Representative Office 1304, Tower 2, Lippo Centre 89 Queensway, Admiralty, Hong Kong Ph: ; , Fax: Mob: : (Mr.Vetri Selvan) cbhongkong@corpbank.co.in Alzaman Exchange W.L.L. P.O.Box : Souq Najada, Behind Karwa Bus Stand, Doha Qatar Tel : Shri A. Rajagopal, Relationship Manager, UAE Exchange P.O. Box 1825, Manama, Kingdom of Bahrain, Mobile , Tel: , Ext-119, Fax: rajagopal01@corpbank.co.in Treasury Branch, 15, Mittal Chambers, Nariman Point, Mumbai India Tel: , Fax: ibd@corpbank.co.in For any Suggestions/Queries/Grievances Reach us at: nricell@corpbank.co.in Contact Number: / Disclaimer clause: The contents of this newsletter are based on information received from various sources and while compiling every effort has been made to ensure that the information is accurate and authentic. Corporation Bank does not accept any responsibility for interpretations of various rules or any errors/ omissions in the newsletter. 8 Corporation Bank Sandesh - NRI s monthly newsletter (For private circulation only)