Browsing: Bank

UAE Guides
List of major Indian Banks in UAE

This is a comprehensive list of Indian Banks with their presence in UAE. While most of them have a representative office in Dubai, a few of them are in Abu Dhabi and Sharjah. ANDHRA BANK P.O. Box No. 123144, Dubai, U.A.E 00971 4 3976654 Fax no 00971 4 3976659 E-mail : Website : AXIS BANK LTD PO Box : 506593, DIFC, Dubai, UAE 00971 4 3735555 Fax no 00971 4 3735666 E-mail : BANK OF BARODA Bur Dubai Branch – P.O. Box No. 3162, Dubai, U.A.E 00971 4 3538093, 3531955 Fax no 00971 4 3530839 E-mail : Website : BANK OF BARODA Hamdan Street Branch P.O. Box No. 2303, Abu Dhabi, U.A.E. 00971 2 6344302 Fax no 00971 2 6394338 E-mail : BANK OF INDIA P.O. Box No. 116470, Dubai, U.A.E 00971 4 3977470 Fax no 00971 4 3977473 E-mail :…

Several NRIs asked to reveal their source of funds

A number of Non­ Resident Indians (NRIs) have been asked to provide source of income for the money parked and transferred in their NRE bank accounts. India’s Enforcement Directorate (ED), which probes irregular foreign currency transactions and money laundering, has sent notices to several NRIs for parking funds in NRE (Non Resident External) bank accounts and buying properties. Over the past two months, many of them have been asked to meet officials of ED and explain their source of fund, a report on Economic Times said. Genuine or tax evasion? What is of concern to the Enforcement Directorate is whether the source of income is genuine or is it a tax evasion technique adopted by resident businessmen or politicians. While most fund transfers are genuine, there are instances where money moved in a circuitous route to evade tax. Are NRIs responsible to answer? Even though NRIs do not have to pay tax for their earnings or funds…

Qatar Central Bank announces bank holiday on March 6

Qatar Central Bank has announced that next Sunday (March 6) will be an official holiday for all banks and financial institutions under its supervision. Work will be resumed on Monday (March 7). A press statement issued by the QCB yesterday said that banks, exchange houses, as well as investment and financial companies will be closed to the public on this date, in accordance with the Council of Ministers’ Decision No. (33) of 2009.

Bank transfer of salaries approved by Advisory Council

The Advisory Council yesterday approved the proposed amendments in the labour law making it mandatory on all employers to transfer salaries of their employees to the banks. The Council discussed a report of its legal affairs committee on the draft law amending some provisions of the Labour Law 14 of 2004 and decided to forward its recommendations to the State Cabinet. The draft law says that employers will be given six months after issuance of the law as grace period to adjust their status in line with the provisions of the amended law. The Minister of the Labour and Social Affairs has the right to extend the grace period to another six months or more through a Ministerial decision. The draft law says that wages and other dues of the workers who had been hired on annual or monthly salaries are to be paid once a month. All other workers…

NRI loses 1.13 crore to E-mail hackers

A Canada-based NRI has lost Rs 1.13 crore from his account with a bank in Manipal after hackers made their way into his e-mail account and got the money transferred to two of their accounts overseas, according to a complaint lodged with the police. The fraud was committed after hackers made their way into the NRI’s personal e-mail ID and sent mails to the Manipal Branch of Syndicate Bank asking for transfer of the money from his Foreign Currency Non Resident Account (FCNR), police said. As per the complaint, the amount in his account with the Manipal bank was found to have been transferred to two accounts in Dubai National Bank and Abu Dhabi Islamic Bank on January 15 and October 27 this year. Both the transfers were executed purportedly based on two e-mail requests from the NRI, hailing from nearby Udupi and residing in Canada. A transfer of USD…

NRI Guides
Understanding NRI Bank Accounts

Most individuals make a mistake of continuing a resident savings account even after becoming a NRI but the law does not allow it. Or in simple words it’s illegal to hold savings bank account for NRIs. As per FEMA regulation, when a status changes to NRI the resident savings account have to be converted to a Non-Resident account. Types of NRI bank accounts An NRI can choose from two options : an NRE or an NRO account. It would be advantageous to know how these two types of accounts differ and which one is right for you. What is an NRE account? A Non-Resident External (NRE) account is a bank account that is opened by depositing ‘External’ (foreign) currency at the time of opening a bank account. In an NRE account, you can keep your funds in rupee denomination. With this account, the principal and interest earned are fully repatriated. Simply…