Unless otherwise mentioned by any other specific law from the date of infringement of legal rights or interests, Arbitration should be initiated in 2 years.
FAQ Category: Services
How many arbitrators can be appointed to an arbitration tribunal?
The parties mutually decide the number of arbitrators and the procedures for the appointment of the arbitrators. If the parties do not concede to a mutual decision in regards to the arbitrators, then three arbitrators would be appointed. In case of a failure to appoint an arbitrator, an arbitrator can be appointed by the president of the arbitration centre or any Court that has the jurisdiction.
Can repatriation be done on account of a deceased person?
No, the funds cannot be transferred to the account of a deceased person.
Can an NRI give Power of Attorney to a resident of India to repatriate his funds?
An NRI can execute a Special Power of Attorney in favour of a local person for the said purpose.
Why is it essential to have an NRE/NRO account for an NRI?
When a person attains the status of an NRI, he has to change his bank accounts in India from regular accounts to NRE/NRO accounts. These accounts are also helpful in securing many benefits for an NRI, for example, benefits in the repatriation of funds, exemption from tax etc. Having these accounts are mandatory for an NRI, so if an NRI wants to save his earnings from abroad, he needs to have an NRE account, and if he wants to keep his income generated in India, he needs to have an NRO account.
Can the funds still be repatriated if a UK resident has a National Insurance Number and not PAN Card?
PAN card is compulsory for repatriation from India, even if you have a National Insurance Number.
If one Joint account holder (Either or Survivor) dies, can the funds be repatriated to another holder’s account?
Yes, if you have a joint (Either or Survivor) account, in that case, if one holder has passed away, the funds can be repatriated to the surviving holder’s account.
When will the TDS be deducted from the funds which are to be repatriated?
TDS is deducted when the funds are to be repatriated in that account held in the country of residence of an NRI. However, the TDS deducted can be claimed back while filing Income Tax returns.
In the absence of original bank documents, can the repatriation be done?
For repatriation, it is mandatory to have Original Bank Documents to initiate and complete the process of repatriation.