India  |  Investment Law

Legal Question

Asked on: 7/07/13, 2:17 pm

dear sir,

i am a citizen of india.i have 4 questions:

1)is there an upper limit to the amount of money an indian can hold in his paypal account.is there also a restriction on the amount of money an indian can transfer from his paypal account to his bank account?

2)is forex trading legal or illegal in india? will i have to pay tax on my earnings from forex trading?

3)i have heard that certain banks are offering investment plans to their customers under which the money invested by the customer will go directly into debt so the investment is secure and return is 100% guaranteed.i have visited ICICI bank and the representative told me that as per the law of the indian govt i cannot invest more than 7 lacs in an investment policy in which money goes directly into debt.is this true?can i invest in a debt investment policy in more than one bank? does govt of india keep a watch on the amount of money invested in debt by it's citizens?

4)i am working in a BPO company which is in private sector.the income tax on my earning is deducted directly from my salary by my company.in such a case does the indian law require me to complete any legal formality from my side like filing for income tax etc.?

i will be extremely grateful if you reply,

yours truly,

amit

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