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|1st July 2009, 16:28||#31|
Senior - BHPian
Join Date: Dec 2005
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But where ever it is possible like RTO, Passport office etc, we can get things done on our own.
Last edited by finneyp : 1st July 2009 at 16:31.
|1st July 2009, 18:38||#32|
Senior - BHPian
Join Date: Jan 2008
Thanked: 315 Times
In Bombay, did two transactions in last few years. In 2004 and in 2007. Difference in these 3 years is amazing.
Now appointments are automated and status is displayed on screens outside registrar offices.
For registering sales agreement of my apartment, this was the process:
1.Call local registration office and get a time slot
2.Pay 1000 Rs to an "fake attorney" to run errands like franking agreement into a stamp paper, filling up farms etc. You can do it yourself since this can be done at most ICICI, SBI branches.
3.This per son takes care of calculations etc.
4.Get demand drafts made from your bank for registry and stamp duty.
5.At proper time slot, appear in the office. Get photographed; get your fingerprint and photograph registered with IT clerk.
6.Pay 500 to get all pages of agreement scanned and stored in registration system.
Whole thing took hardly 45 minutes. And no bribes were involved. You get registration certificate next day at the window.
I think main reason is payments are 100% white, and there is no need for bribes.
In most deals, a broker would be involved and will take care of forms etc. And that will take care of running around to banks. He will collect the certificate next day so that saves a trip. He will charge 3 -4k for the whole thing. But there is no bribe involved here.
|1st July 2009, 20:27||#33|
Senior - BHPian
Join Date: Jun 2007
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Dunno how shajufx is doing since April, but here is some gyan I recall from a few years of folliwng business magazines. This is not legal advice, and you follow this at your own peril. ;-)
1. Non resident Indian, resident but not ordinarily resident, etc., are concepts with multiple (and sometimes, overlapping, but NOT identical) definitions in the Income tax and Foreign Exchange Management Act. (FEMA - this is the successor to the dreaded FERA).
2. About sending back profits by overseas investors - you should look at concepts like "paying divident to foreign share holders" etc. Also look at payment of "royalties to entities outside India".
3. Income tax and FEMA are administered by multiple entities. So, I guess one point source of information is difficult.
In my own organisation, the laws I (personally) enforce are enforced by both the State as well as Central organisations. And there is a wide disparity in approaches of both the govts. We are realistic that not everybody understands the law same way, and allow for some leeway in enforcement. Not all "law breakers" get that kind of lienient treatment.
4. About holding / maintaining accounts overseas - and managing overseas assets after return - some income incurred / earned abroad is taxable in India. Sometimes, the rate of tax is 0%. Example - profit from exports of goods and services is not taxable, IIRC. If you incorporate yourselves, and provide "services" instead of "work" - like syndicating the article you wrote yourselves through your company counts for exports rather than as "employment", which it would be, if you worked direct. (Go figure out that one - it is very difficult).
I may be wrong in several of the above. As I said, this not legal / accounting advice.
Last edited by BaCkSeAtDrIVeR : 1st July 2009 at 20:32.
|1st July 2009, 20:59||#34|
Senior - BHPian
Join Date: Apr 2007
Location: BLR & Muscat
Thanked: 269 Times
Thanks buddy for all the tips. Present investment situation is frozen by all means. Although there are foreign investors ready to take risks, I am on the 'Pause' mode for a while until I find a proper advisor to take things into atleast the 'take-off' position. Many fields were considered and discussed right from real estate, construction, restaurants etc. but yet to finalise a single field.
I found few others who are recently returned with the similar dilemma of getting into a particular field of action. We have few things in common for discussions. Will update here once something creative comes up.
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