Search result for 'cross-border transactions'

India has signed a record 174 Advance Pricing Agreements (APAs) in the 2024-25 fiscal year, including 65 Bilateral APAs, providing tax certainty for Indian taxpayers in international transactions.

Reserve Bank of India and Bank of Mauritius sign MoU to promote the use of Indian Rupee and Mauritian Rupee for cross-border transactions, aiming to optimize costs and settlement time.

The Reserve Bank of India (RBI) has permitted 123 correspondent banks from 30 countries to open 156 Special Rupee Vostro Accounts (SRVAs) with 26 Indian banks to promote bilateral trade in local...

Finance Minister Nirmala Sitharaman announced in Budget 2023 that the threshold for TCS on remittances under LRS will be increased to Rs 10 lakh from Rs 7 lakh, providing relief to NRIs.

Reserve Bank of India (RBI) announces liberalised norms to encourage use of Indian Rupee and local currencies for cross-border transactions, aiming to boost trade and reduce reliance on US dollar.

The Reserve Bank of India (RBI) and the Maldives Monetary Authority signed an agreement to promote the use of local currencies for cross-border transactions, aiming to boost trade and financial...

Russian President Vladimir Putin proposes a SWIFT-like payment system for BRICS nations, aiming to reduce reliance on the US dollar and promote national currencies. The bloc is also exploring...

Putin dismisses the idea of a common BRICS currency, emphasizing the use of national currencies and exploring digital currency options for trade. The BRICS summit in Kazan will focus on economic...

India to open Invest India office in Dubai to attract UAE investments, announced by Piyush Goyal. The move aims to strengthen economic ties and boost trade between the two nations.

Payoneer and Tech Mahindra have partnered to optimize payment capabilities for Populii, a crowdsourcing platform that connects gig workers with companies. The partnership will enable seamless...

Commerce Secretary Sunil Barthwal highlights the importance of efficient logistics and paperless systems to boost international trade at the SCO meeting.

India advocates for increased transparency in cross-border payments, urging FATF to require fintechs, credit card companies and payment aggregators to share sender and recipient information for law...

Crown Prince of Abu Dhabi Sheikh Khaled bin Mohamed bin Zayed Al Nahyan will visit India on Sep 9-10, holding talks with PM Modi on trade, investment, and the Israel-Hamas conflict.

RBI Governor Shaktikanta Das emphasizes the need for banks to further strengthen governance standards, risk management practices and compliance culture. The governor also discussed cybersecurity,...

The Central Board of Direct Taxes (CBDT) has signed a record 125 Advance Pricing Agreements (APAs) in FY24, exceeding previous years. This includes 86 Unilateral APAs and 39 Bilateral APAs,...

PhonePe users can now make payments via UPI in Singapore, thanks to a partnership with the Singapore Tourism Board. This allows for seamless transactions at over 8,000 merchants across the island...

PayPal has finally registered with India's Financial Intelligence Unit (FIU) under the Prevention of Money Laundering Act (PMLA) after a long legal battle. The move comes after the FIU imposed a...

Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan launched the UPI RuPay card service in Abu Dhabi, facilitating cross-border transactions with AANI. This marks a...

Indians can now receive remittances from Singapore directly into their UPI accounts via the UPI-PayNow linkage, enabling real-time, secure, and cost-effective transactions.

RBI Deputy Governor calls for a balanced regulatory approach to harness AI benefits in finance while mitigating potential risks, emphasizing the need for governance and human oversight.

India received the highest amount of remittance inflows globally in 2023 at USD 125 billion, driven by factors like the UAE agreement and strong labor markets in high-income countries. Learn more...