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Strategies & Market Trends : India Coffee House

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To: Nandu who wrote (3188)	11/9/1998 11:25:00 AM
From: Mohan Marette	Read Replies (1) of 12475

Best Banks in India -Top 10 List. THE TOP TEN I. Bank Of America ii. IndusInd Bank iii. Deutsche Bank iv. ANZ Grindlays Bank v. Citibank vi. ABN-Amro Bank vii. Siam Commercial Bank viii. HDFC Bank ix. Global Trust Bank x. Corporation Bank india-today.com Hi Anil I haven't opened an account yet in India but I hope to open one with some small amount to start with to test the waters so to speak. As for moving to India,I was supposed to go in Jan or Feb of next year but due to the real estate slump our project is a bit behind like 6 or 7 months,they have to sell some 20 apartments more out of the 82 but the company is quite reputable and they are proceeding with the construction rapidly to finish by Sept of 99.I think to begin with I'll try to stay for 6 months over there and see how it goes.I am planning to get me a 4x4 Jeep and motor bike there as I like to travel a bit and see the country.I am planning to shoot some photos along the way to document the travel as I am sort of in to amateur photography and all that.I think I'll start with our state and see how it goes. As for trading from there I don't know I might,I am a 'night-owl' anyway,now with the internet and everything I should be able to trade in the U.S and in India as well. As for taxes, you are right if one is a U.S national then taxes should be paid in the U.S but I think up to $70,000.00 earned overseas or so is exempted from taxes. I am not all that familiar with the Indian Tax Laws perhaps I'll seek the help of a chartered accountant over there to help me with it.Any way an NRI/PIO goes to India and stays more than 180 days they will become a 'resident' and as such any money earned will be taxable there I think,but if they leave the country before the 6 months they will still be considered a non-resident and any funds in NRI accounts will not be taxable but any funds generated outside this facility within the country is taxable anyway irrespective of one is an NRI or not.I also think there is a bilateral agreement on taxes between the U.S and India the details of which I do not know. These are some of the information I have (which may not all that accurate) but when the time comes I will seek the assistance of a tax professional.

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