What is Offshore Banking and its development in India?
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- Back taxes (79)
- Capital Gains (80)
- Efile tax (64)
- Home and Small Business Tax (81)
- Income tax (123)
- IRS (102)
- IRS problems (82)
- Offshore banking and tax (71)
- Online tax filing (83)
- Quickbooks (86)
- Tax Deductions (112)
- Tax Filing and Planning (201)
- Tax penalities (68)
- Tax problems (75)
- Tax services (87)
- Tax software (97)
- Uncategorized (16)
One Response to “What is Offshore Banking and its development in India?”
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August 6th, 2010 at 9:44 am
Offshore Banking Units are established outside the country in the remote areas of another country where from bulky remittances are generated. Such units can also be established in the specific areas of own country where International Banking Rules apply instead of country’s own rules. Such units are exempted from local taxes. Such units extends all banking facilities and services and contribute beneficial roll in the growth of country’s reserves in foreign exchange. Such foreign exchange can be utilized in the development of economy without specific permission of the Taxation and Regulatory Authorities.