Corporation Bank Sandesh NRIs newsletter (For private circulation only) Page 1

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1 Corporation Bank Sandesh NRIs newsletter (For private circulation only) Page 1

2 News from India Government to relax compliance norms for payments to NRIs from April 1, 2016 The Finance Ministry is proposing an amendment in the Income Tax Rules to "strike a balance between reducing the burden of compliance and collection of information" in case of payments made by domestic entities to non-residents. As per the proposed amendment, a Chartered Accountant certificate will be required to be furnished "only in respect of such payments made to non-residents which are chargeable to tax and the amount of payment during the year exceeds Rs 5 lakh". Also, the requirement of furnishing two types of Forms (15CA and 15CB) by an individual for remittance which do not require RBI approval will be done away with. Further, the list of payments of specified nature which do not require submission of those two Forms will be expanded from 28 to 33 including payments for imports. IT Industry to take $400 million hit from H-1B visa fee hike The US Congress has doubled the "outsourcing fee" imposed on highly qualified Indian IT professionals to $4,000 - a move that could cost the IT industry close to $400 million. The $2,000 outsourcing fee for H-1B visas and a $2,250 fee for certain L-1 visas, which are used for intra-company transfers, were adopted by the US in August The fees were valid for five years and were not renewed after they lapsed in September. While the industry was prepared for the fee to be reinstated, nobody expected it to be doubled. As the US heads towards Presidential elections next year, the debate around H-1B visas has been heating up. While experts say that raising the fee may not lower filings, it could be the first shot in a battle over the work permits. The IT industry, though it may protest the fee and call it unfair, can do very little to stop it - except hope that the Government of India tackles the issue through diplomatic channels. India-Iran trade partnership: Delhi and Tehran to host each other s bank branches In a step that would facilitate expansion of trade and investment partnership including oil payments amid the easing of international sanctions from Iran, Delhi and Tehran have decided to open branches of each other's banks in each other's country. Iran's Pasargad and Parsian banks will open branches in Mumbai and Delhi and Saman Bank will also do banking activity in India independently. An Indian bank will also open a branch in Iran. It has also been decided to explore partnership in the fields of insurance and tourism sectors besides the sectors of energy, infrastructure, ports, railways, trade and consular matters. Iran has been exploring the possibility of opening branches of their banks here since 2013 but had faced difficulties due to regulations and guidelines of the Reserve Bank of India. Presence of banks in each other's country would also help expand investment ties. Non-EU patients, including those from India, to be charged in UK The UK government is preparing to introduce charges for non-eu national, including from countries like India, accessing doctor's services in the country. From April this year, non- European Union citizens settling in the UK for longer than six months are required to pay a "health surcharge" as part of their visa application. It had been announced earlier this year that the government planned to charge for Accidents and Emergency (A&E) and ambulance care, but this has now been extended to some general practitioner (GP) services too. Corporation Bank Sandesh NRIs newsletter (For private circulation only) Page 2

3 Loan Tenor Up to Rs. 2 Crore. Floating rate Above Rs.2 Crore. For all Tenors [max. 30 years] 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 January 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. Corporation Bank Sandesh NRIs newsletter (For private circulation only) Page 3

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 Update Mobile No. / - Stay Connected Regular update of Mobile No. / address at the Banks database enables you to make hassle-free transactions. It also helps you to easily track your funds. All you need to do is to submit an application for correction/update of Mobile No. / address. Know 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. Corporation Bank Sandesh NRIs newsletter (For private circulation only) Page 4

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 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 Corporation Bank Sandesh NRIs newsletter (For private circulation only) Page 5

6 Helping Hands 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. Corporation Bank Sandesh NRIs newsletter (For private circulation only) Page 6