Latest news with #AnkurChoudhary
Mid East Info
4 days ago
- Business
- Mid East Info
Belong: New fintech platform offers NRIs safe & easy investment options in India
USD-based FDs with higher returns, shorter tenures, no Rupee depreciation risks, doorstep KYC, 100% repatriation and no tax on the returns. Belong also launches a transparent and seamless Indian tax filing service for NRIs. Dubai, UAE; Wednesday, 16 July 2025: Belong, a new fintech platform for global Indians to invest safely and easily in India, is now available for non-resident Indians (NRI) in the UAE. Licensed by IFSCA – regulator of GIFT City, India, Belong offers a US Dollar-based Fixed Deposit (FD) starting at just USD 5,000 (AED 18,365), with high returns. Ankur Choudhary, CEO and Co-Founder, Belong, said: ' Our vision is simple: to make it easier for Indians to thrive globally while staying connected to Ind ia. Every NRI has built a global identity through hard work and ambition, but financial and non-financial services in India haven't kept up. At Belong , with GIFT City FDs, NRIs get more flexibility in choosing shorter tenures and they are also protected against Rupee depreciation while enjoying tax free returns in dollars .' Belong users in the UAE do not need to route funds through their NRE or NRO accounts, and the earnings are fully repatriable to UAE with minimal paperwork. As these FDs are in USD, investors are also protected from INR value fluctuations against the US Dollar. GIFT City is not under Indian tax jurisdiction, and all earnings on Belong are fully tax-free in India. The deposits also offer flexible lock-in periods of 3-months and 6-months, compared to a minimum 1-year lock-in for FCNR deposits. ' NRIs experience challenges when investing in India, such as complex and in-country KYC, high currency conversion charges, taxation on all Indian earnings, difficulty in repatriation of funds, and more. Belong set out to tackle these on behalf of NRIs, and GIFT City regulations work perfectly for the NRIs who still want to contribute and benefit from the India growth story ', added Choudhary. Belong is offering these FDs in partnership with reputed Indian banks located in the Gujarat International Finance Tec-City (GIFT City), India's up-and-coming global financial services hub, similar to Singapore. Offered to NRIs mostly via Indian banks until now, FDs have long been a popular investment option in India. The Reserve Bank of India has recorded INR 103 trillion (approximately US$ 1.2 trillion) held in FDs as of 2024. While Belong offers USD Fixed Deposits at launch, the platform will soon add other financial products such as mutual funds, stocks, insurance, cards and more, which will offer NRIs more rewarding investment and transaction options in India. Alongside the USD-based FD service, Belong has also launched a dedicated India tax filing service for NRIs without the typical 'NRI markup' pricing. NRIs are usually charged higher, non-standardised rates for most services in India. Belong aims to change that by offering transparent and cost-effective NRI taxation services 'NRIs have long been underserved when it comes to modern, digital-first financial solutions tailored to their unique needs,' said Vaas Bhaskar, Partner, Elevation Capital. 'Belong is uniquely positioned to serve this massive, underserved market by combining deep fintech expertise with GIFT City's regulatory framework. We're excited to back this exceptional team as they scale across key markets and build the go-to platform for everything India that global Indians need.' Belong aims to become the financial and lifestyle bridge for global Indians – helping NRIs stay connected, invested, and rooted in India, no matter where life takes them. Belong already has a suite of NRI-specific digital tools to help NRIs make informed financial decisions. -x-
Zawya
5 days ago
- Business
- Zawya
Belong: New fintech platform offers NRIs safe & easy investment options in India
USD-based FDs with higher returns, shorter tenures, no Rupee depreciation risks, doorstep KYC, 100% repatriation and no tax on the returns. Belong also launches a transparent and seamless Indian tax filing service for NRIs. Dubai, UAE: Belong, a new fintech platform for global Indians to invest safely and easily in India, is now available for non-resident Indians (NRI) in the UAE. Licensed by IFSCA - regulator of GIFT City, India, Belong offers a US Dollar-based Fixed Deposit (FD) starting at just USD 5,000 (AED 18,365), with high returns. Ankur Choudhary, CEO and Co-Founder, Belong, said: 'Our vision is simple: to make it easier for Indians to thrive globally while staying connected to India. Every NRI has built a global identity through hard work and ambition, but financial and non-financial services in India haven't kept up. At Belong, with GIFT City FDs, NRIs get more flexibility in choosing shorter tenures and they are also protected against Rupee depreciation while enjoying tax free returns in dollars.' Belong users in the UAE do not need to route funds through their NRE or NRO accounts, and the earnings are fully repatriable to UAE with minimal paperwork. As these FDs are in USD, investors are also protected from INR value fluctuations against the US Dollar. GIFT City is not under Indian tax jurisdiction, and all earnings on Belong are fully tax-free in India. The deposits also offer flexible lock-in periods of 3-months and 6-months, compared to a minimum 1-year lock-in for FCNR deposits. 'NRIs experience challenges when investing in India, such as complex and in-country KYC, high currency conversion charges, taxation on all Indian earnings, difficulty in repatriation of funds, and more. Belong set out to tackle these on behalf of NRIs, and GIFT City regulations work perfectly for the NRIs who still want to contribute and benefit from the India growth story', added Choudhary. Belong is offering these FDs in partnership with reputed Indian banks located in the Gujarat International Finance Tec-City (GIFT City), India's up-and-coming global financial services hub, similar to Singapore. Offered to NRIs mostly via Indian banks until now, FDs have long been a popular investment option in India. The Reserve Bank of India has recorded INR 103 trillion (approximately US$ 1.2 trillion) held in FDs as of 2024. While Belong offers USD Fixed Deposits at launch, the platform will soon add other financial products such as mutual funds, stocks, insurance, cards and more, which will offer NRIs more rewarding investment and transaction options in India. Alongside the USD-based FD service, Belong has also launched a dedicated India tax filing service for NRIs without the typical 'NRI markup' pricing. NRIs are usually charged higher, non-standardised rates for most services in India. Belong aims to change that by offering transparent and cost-effective NRI taxation services 'NRIs have long been underserved when it comes to modern, digital-first financial solutions tailored to their unique needs," said Vaas Bhaskar, Partner, Elevation Capital. "Belong is uniquely positioned to serve this massive, underserved market by combining deep fintech expertise with GIFT City's regulatory framework. We're excited to back this exceptional team as they scale across key markets and build the go-to platform for everything India that global Indians need.' Belong aims to become the financial and lifestyle bridge for global Indians - helping NRIs stay connected, invested, and rooted in India, no matter where life takes them. Belong already has a suite of NRI-specific digital tools to help NRIs make informed financial decisions. About Belong Founded in 2024, Belong is India's first fintech app designed exclusively for NRIs. Built to simplify cross-border investing and financial management, Belong operates through GIFT City, India's International Financial services centre. Belong is powered by Betafront Technologies Pvt Ltd and its subsidiaries, Betafront Financial Services (IFSC) Private Limited, which holds a Payment Services Provider (PSP) license and Betafront Securities(IFSC) Private Limited, which holds the Broker Dealer license issued by the International Financial Services Centres Authority (IFSCA). The company is the brainchild of fintech veterans Ankur Choudhary, Sai Sankar M, Ayush Singh and Savitri Bobde, committed to building trusted, transparent financial solutions for the Indian diaspora worldwide.
Zawya
09-07-2025
- Business
- Zawya
Belong: Fintech platform offers NRIs safe & easy investment options in India
USD-based FDs with higher returns, shorter tenures, no Rupee depreciation risks, doorstep KYC, 100% repatriation and no tax on the returns. Belong also launches a transparent and seamless Indian tax filing service for NRIs. Dubai, UAE: Belong, a new fintech platform for global Indians to invest safely and easily in India, is now available for non-resident Indians (NRI) in the UAE. Licensed by IFSCA - regulator of GIFT City, India, Belong offers a US Dollar-based Fixed Deposit (FD) starting at just USD 5,000 (AED 18,365), with high returns. Ankur Choudhary, CEO and Co-Founder, Belong, said: 'Our vision is simple: to make it easier for Indians to thrive globally while staying connected to India. Every NRI has built a global identity through hard work and ambition, but financial and non-financial services in India haven't kept up. At Belong, with GIFT City FDs, NRIs get more flexibility in choosing shorter tenures and they are also protected against Rupee depreciation while enjoying tax free returns in dollars.' Belong users in the UAE do not need to route funds through their NRE or NRO accounts, and the earnings are fully repatriable to UAE with minimal paperwork. As these FDs are in USD, investors are also protected from INR value fluctuations against the US Dollar. GIFT City is not under Indian tax jurisdiction, and all earnings on Belong are fully tax-free in India. The deposits also offer flexible lock-in periods of 3-months and 6-months, compared to a minimum 1-year lock-in for FCNR deposits. 'NRIs experience challenges when investing in India, such as complex and in-country KYC, high currency conversion charges, taxation on all Indian earnings, difficulty in repatriation of funds, and more. Belong set out to tackle these on behalf of NRIs, and GIFT City regulations work perfectly for the NRIs who still want to contribute and benefit from the India growth story', added Choudhary. Belong is offering these FDs in partnership with reputed Indian banks located in the Gujarat International Finance Tec-City (GIFT City), India's up-and-coming global financial services hub, similar to Singapore. Offered to NRIs mostly via Indian banks until now, FDs have long been a popular investment option in India. The Reserve Bank of India has recorded INR 103 trillion (approximately US$ 1.2 trillion) held in FDs as of 2024. While Belong offers USD Fixed Deposits at launch, the platform will soon add other financial products such as mutual funds, stocks, insurance, cards and more, which will offer NRIs more rewarding investment and transaction options in India. Alongside the USD-based FD service, Belong has also launched a dedicated India tax filing service for NRIs without the typical 'NRI markup' pricing. NRIs are usually charged higher, non-standardised rates for most services in India. Belong aims to change that by offering transparent and cost-effective NRI taxation services 'NRIs have long been underserved when it comes to modern, digital-first financial solutions tailored to their unique needs," said Vaas Bhaskar, Partner, Elevation Capital. "Belong is uniquely positioned to serve this massive, underserved market by combining deep fintech expertise with GIFT City's regulatory framework. We're excited to back this exceptional team as they scale across key markets and build the go-to platform for everything India that global Indians need.' Belong aims to become the financial and lifestyle bridge for global Indians - helping NRIs stay connected, invested, and rooted in India, no matter where life takes them. Belong already has a suite of NRI-specific digital tools to help NRIs make informed financial decisions. About Belong Founded in 2024, Belong is India's first fintech app designed exclusively for NRIs. Built to simplify cross-border investing and financial management, Belong operates through GIFT City, India's International Financial services centre. Belong is powered by Betafront Technologies Pvt Ltd and its subsidiaries, Betafront Financial Services (IFSC) Private Limited, which holds a Payment Services Provider (PSP) license and Betafront Securities(IFSC) Private Limited, which holds the Broker Dealer license issued by the International Financial Services Centres Authority (IFSCA). The company is the brainchild of fintech veterans Ankur Choudhary, Sai Sankar M, Ayush Singh and Savitri Bobde, committed to building trusted, transparent financial solutions for the Indian diaspora worldwide.
Entrepreneur
09-07-2025
- Business
- Entrepreneur
Belong, Green Aero, and Enercomp Solutions Raise Early-Stage Funding
The below brands have announced their latest funding rounds. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Belong Raises USD 5 Mn Funding from Elevation Capital NRI-focused fintech startup Belong has raised USD 5 million in a seed round led by Elevation Capital, with participation from Relentless Ventures and top angel investors including Abhiraj Singh Bahl, Varun Khaitan (Urban Company), Akshant Goyal (Zomato), Varun Alagh (Mamaearth), and others. The funds will be used to acquire regulatory licences, scale its product suite, and expand across major NRI geographies such as the UAE, Gulf, UK, and US. Founded in 2024 by fintech veterans Ankur Choudhary, Ayush Singh, Sai Sankar M, and Savitri Bobde, Belong is India's first digital financial platform built exclusively for NRIs, operating through GIFT City, India's International Financial Services Centre. Belong launched with a USD Fixed Deposit product in partnership with Indian banks in GIFT City—offering tax-free returns, INR depreciation protection, doorstep KYC, and easy repatriation. It has also secured PSP and broker-dealer licences from IFSCA. "We're building Belong to be the trusted financial home for Global Indians," said Ankur Choudhary, CEO. "Starting with secure USD Fixed Deposits, our goal is to simplify India for NRIs." The company also offers NRI-specific digital tools like an FD explorer, GIFT Nifty tracker, rupee-dollar monitor, and is soon launching a transparent India tax-filing service for NRIs. "Belong is uniquely positioned to serve this massive, underserved market," added Vaas Bhaskar of Elevation Capital. Green Aero Raises USD 1.6 Mn from pi Ventures and Antler Deeptech startup Green Aero, incubated at IIT Delhi, has raised USD 1.6 million in seed funding from pi Ventures, with participation from Antler, to build next-generation propulsion systems for defence and hydrogen-powered civil aviation. The funds will be deployed towards R&D, setting up an in-house engine testing facility, and team expansion ahead of upcoming commercial pilots. Founded in 2022 by Prithwish Kundu, a former research scientist at the US Department of Energy's Argonne National Lab, Green Aero focuses on designing indigenous propulsion systems—a strategic move for India, which has long depended on imported turbine engines. The company recently test-fired India's first hydrogen-based aero engine, a major milestone in sustainable aviation. "We are excited to be at the forefront of developing advanced aero engine technologies in India for the world. This is the need of the hour for modern defence and aviation requirements," said Kundu, who has previously collaborated with NASA and the US Army. Green Aero aims to commercialise a small-category engine within 12 months, with long-term plans for larger engine platforms. Its product line includes propulsion systems for aerospace, naval, and civil aviation sectors. "Green Aero is building world-class aero engines in India, with a laser-sharp focus on efficiency and performance," added Shubham Sandeep, MD at pi Ventures. Enercomp Solutions Raises INR 2 Cr to Scale AI-Driven Drone Capabilities Drone tech startup Enercomp Solutions has raised INR 2 crore in a bridge round led by angel investors, with the round advised by Bestvantage Investments, a boutique investment advisory firm. The capital will be used to expand manufacturing, scale R&D for its AI-powered drone software, and strengthen delivery capabilities for national-scale projects. Founded in Ahmedabad, Enercomp operates at the intersection of hardware, services, and software, offering indigenous drone manufacturing, Drone-as-a-Service (DaaS) models, and a proprietary GIS analytics platform. Its product portfolio includes seven proprietary drone models—VTOL, fixed-wing, and surveillance variants—actively used by enterprise and government clients. "This bridge round will help us deepen our IP portfolio and scale for national deployments," said Jatin Patel, Co-founder and Director. "We're building not just drones, but foundational tech infrastructure for India's USD 13 billion drone economy." Enercomp serves major clients such as Tata Projects, Reliance, Mahindra Susten, and L&T, and has maintained profitability while growing from INR 3.1 crore in FY23 to INR 5.6 crore in FY24. With INR 4.2 crore already logged in FY25 and an order book over INR 9 crore, the company shows strong momentum. "We backed Enercomp for its capital efficiency and IP-led innovation," said Raman Sharma, Founder of Bestvantage Investments. To date, Enercomp has raised INR 6.9 crore, with a valuation jump from INR 12.5 crore to INR 60 crore, while the founding team retains over 80.5% equity, including a 4% ESOP pool.
Mint
21-05-2025
- Business
- Mint
Golden tax window for NRIs: What RNOR means and how to use it
Picture this, you're a non-resident Indian (NRI), who's decided to return to India for good. Here's the good news, before you transition into a full-fledged resident for tax purposes, there exists a golden window that can help you save significantly on taxes. It's called the RNOR status— resident but not ordinarily resident. During this phase, your foreign income isn't taxed in India, explained Ankur Choudhary, co-founder & CEO, Belong - NRI Savings & Investments. Mint breaks down what RNOR means, how to claim it, and the smartest ways to manage your money during this tax-friendly phase. Also read: Will my foreign salary be taxable in India? What is RNOR? RNOR is an intermediate tax status under India's income-tax, designed for individuals who return to India after a long stint abroad. 'The RNOR status acts as a buffer, a soft landing if you will, allowing returning NRIs to resettle without the burden of immediate global taxation," said Mukund Lahoty, co-founder, Turtle Financial Services. Raj Ahuja of Turtle Finance said, 'RNOR bridges the gap between a non-resident and a full resident. While the individual is a resident for the purposes of stay in India, their global income, typically from foreign pensions, bank interest, or capital gains, is not taxed unless it is received or accrued in India or from a business controlled from India." Also read: Here's how NRIs can save up to 18% GST on insurance premiums Who qualifies as an RNOR? There are two key conditions under which a returning Indian can qualify as an RNOR: 'You'll be an RNOR if you were a non-resident in nine out of the 10 preceding financial years, or if you've spent less than 729 days in India over the past seven years. If either condition is met, you're RNOR," explained Lahoty. Take Mr Sharma, for instance—a data analyst who moved back to India in October 2024 after working in the UK for seven years. Over the past seven years, he visited India only during vacations, with a cumulative stay of just 680 days. While his stay in FY 2024–25 makes him a resident under Indian tax law, his lower cumulative stay qualifies him for RNOR status. There's also an additional rule that applies to high-income individuals, flagged by CA Laxmi Ahirwar, director at P.R. Bhuta & Co. 'If your total income in India exceeds ₹15 lakh during the financial year, and you are not liable to pay tax in any other country, you may be deemed a resident, even if your physical presence in India is below the usual thresholds," she said. 'However, such individuals will still be classified as RNORs, not full residents. This rule is aimed at ultra-HNIs who shift base to low-tax jurisdictions." Also read: How NRIs can use UPI for instant, no-fee transactions abroad Consider the case of Mr Singh, an Indian citizen working in Dubai. In FY 2024–25, he spends only 50 days in India, which normally makes him a non-resident. However, he earns ₹18 lakh from rental income and dividends in India, and since the UAE does not levy income tax, he pays no tax there. Under the special clause, he is treated as a deemed resident due to his high Indian income and tax-free status abroad. But because he has been a non-resident for nine out of the previous 10 years, he still qualifies as an RNOR. 'This change came in with the Finance Act of 2020, mainly to address edge cases, where someone is mis-using the rule by living in India but still trying to claim NRI status to avoid tax on global income" said Choudhary. How to claim RNOR status To claim RNOR status, individuals must declare it in their income tax return under the appropriate subsection of Section 6(6) of the Income Tax Act. Supporting documents are crucial: these include a detailed travel history for the past ten years, showing the number of days spent in India each year, along with copies of passport pages bearing entry and exit stamps. Ahirwar stressed on the importance of accuracy here, noting that incorrect day counts can result in misclassification and unintended tax exposure. Even individuals with dual residency may still be able to claim RNOR status and avail benefits under the Double Taxation Avoidance Agreement (DTAA). According to Ahirwar, if a person is deemed a resident in India under Section 6(1A) but also meets residency rules abroad, tie-breaker provisions under the DTAA can be invoked to treat them as non-resident in India for treaty purposes. 'In such cases, obtaining a tax residency certificate (TRC) from the foreign jurisdiction becomes essential to secure treaty relief," she explained. Tax benefits of RNOR According to Ajay Vaswani, chartered accountant and NRI tax advisor, 'The RNOR window is like a golden hour for tax planning. You can repatriate income, sell foreign investments, and restructure your asset base, without having to pay Indian tax on foreign income." During this window, it is also advisable to convert non-resident external (NRE) or foreign currency non-resident (FCNR) accounts to resident foreign currency (RFC) accounts. 'Interest earned in RFC accounts is tax-exempt for RNORs, unlike when you become an ordinary resident," Vaswani explained. RNORs are also exempt from filing Schedule FA (foreign assets) and disclosures under the Black Money Act, reliefs not available to ordinary residents. 'In most cases, if the foreign income is not taxable in India, Schedule FA may not be required" said Vaswani. RNORs can also access benefits under DTAA by using Form 67 to claim foreign tax credits. This is particularly useful if any part of your foreign income is taxed both abroad and in India due to remittance or source-based taxation. Common mistakes to avoid One of the most frequent pitfalls is miscounting the number of days spent in India. A small error can change your status from RNOR to resident and ordinarily resident (ROR), triggering taxation on your global income. 'A returning executive once ended up staying a few days extra and unknowingly lost RNOR benefits. The reassessment added a ₹12 lakh tax liability," recounts Vaswani. RNORs are not required to disclose foreign assets or foreign income in Schedule FA of their Indian tax return. However, this comes with the responsibility of accurately tracking day counts in India. As CA Pankaj R. Bhuta said, 'Even a few days can change your residential status." Under Section 9 of the General Clauses Act, 1897, exclude the first day and include the last while calculating stay in India—errors here can wrongly shift RNORs to ROR status, making their global income taxable. Another key rule: Once you become RNOR, you cannot operate NRE or FCNR accounts. 'These must be re-designated to RFC accounts," Bhuta said. He also reminded that RNORs should file ITR-2 or ITR-3, depending on income sources. Clarifying a common confusion, Bhuta said, 'RNOR is a temporary tax status; Overseas Citizenship of India (OCI) is a permanent legal status." An OCI holder can be an RNOR, but not all RNORs are OCI cardholders. Taxability for OCI holders depends on their physical presence in India, not the OCI card itself. Form 67 must be filed in time, before the ITR filing deadline, to claim foreign tax credits. A delay can result in the denial of DTAA benefits, even if taxes were paid abroad. Also, if you've been operating NRE or FCNR accounts, notify your bank upon acquiring RNOR status. These accounts should be re-designated to RFC status to remain compliant and continue earning tax-free interest. Also read: This NRI couple in Melbourne is looking to move back for family and higher affordability Final thoughts Finally, CA Bhuta offers two key planning strategies for NRIs preparing to return to India. 'It is smart to plan your return towards the end of a financial year, say in February or March," he suggested. 'This timing could allow you to enjoy RNOR status for up to two additional tax years." He also advised maintaining detailed records of foreign bank accounts and income sources before relocating. 'Keeping a clear audit trail simplifies tax filing and helps avoid complications during the RNOR phase," Bhuta added. In short, the RNOR status can offer significant tax relief—but only when approached with careful planning, documentation, and a firm understanding of legal provisions. Disclaimer: The examples of Mr Sharma and Mr Singh are hypothetical and intended for illustrative purposes only.
