Jumbo life covers bought by rich Indians under ED radar
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Unbeknownst to most outside the secretive world of wealth management, such covers, sold at substantially lower premium than the rates charged by domestic insurers, are often structured as investment products with a single-premium ‘life insurance wrapper’.
‘Jumbo life covers’, running into hundreds of crores, bought by rich Indians from offshore insurers have drawn the attention of authorities.
Around 25 ultra-high net worth individuals across the country have received notices from Enforcement Directorate (ED) for violating foreign exchange regulations which prohibit residents from purchasing life insurance policies from overseas companies without prior permission from regulators, according to three persons aware of the transactions.
India
Chokshi
Mitil-chokshi
Moin-ladha
Foreign-exchange-management
Foreign-exchange-management-insurance-regulations
Enforcement-directorate
Reserve-bank
Foreign-exchange-management-act
Money-laundering-act
இந்தியா
சொக்ஷ்ய்
NRIs try to sidestep deemed residency tax
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These individuals are booking a slice of their income in jurisdictions like Singapore and Hong Kong to pay a small tax there in the hope that they would escape the glare of the Income Tax (I-T) department in India. Whether their aggressive strategy pays off would depend on how sternly tax officials interpret the law.
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Many wealthy Indians with businesses and jobs abroad are trying to get around the country’s new tax rule that targets the global income of its citizens.
These individuals are booking a slice of their income in jurisdictions like Singapore and Hong Kong to pay a small tax there in the hope that they would escape the glare of the Income Tax (I-T) department in India. Whether their aggressive strategy pays off would depend on how sternly tax officials interpret the law.
Saudi-arabia
Dubai
Dubayy
United-arab-emirates
India
Hong-kong
United-kingdom
Singapore
Belgium
Saudi
Chokshi
Vrajesh-shah
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