Indian Money

An Individual Indian Money (IIM) account is an interest-bearing account managed by the Department of the Interior, Bureau of Trust Funds Administration (BTFA) on behalf of an individual who has money or other assets held in trust for them by the Federal government. You might have an IIM account because:

The Federal government deposits money into IIM accounts from a variety of sources. These sources include encumbrances (commercial, industrial, recreational, mineral, or agricultural leases), grazing and range permits, timber sales and permits, rights-of-way uses, land sales, and court judgment or settlement awards for Tribes and individuals (e.g. per capita payments). IIM Accounts do not include proceeds from Tribal gaming.

Indian Money

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RBI also exercises a system of capital controls in addition to (through active trading) in currency markets. On the current account, there are no currency-conversion restrictions hindering buying or selling foreign exchange (although trade barriers exist). On the capital account, foreign institutional investors have convertibility to bring money into and out of the country and buy securities (subject to quantitative restrictions). Local firms are able to take capital out of the country to expand globally. However, local households are restricted in their ability to diversify globally. Because of the expansion of the current and capital accounts, India is increasingly moving towards full de facto convertibility.

There is some confusion regarding the interchange of the currency with gold, but the system that India follows is that money cannot be exchanged for gold under any circumstances due to gold's lack of liquidity;[citation needed] therefore, money cannot be changed into gold by the RBI. India follows the same principle as Great Britain and the US.

Funds of individuals may be applied by the Secretary or his authorized representative against delinquent claims of indebtedness to the United States or any of its agencies or to the tribe of which the individual is a member, unless such payments are prohibited by acts of Congress, and against money judgments rendered by courts of Indian offenses or under any tribal law and order code. Funds derived from the sale of capital assets which by agreement approved prior to such sale by the Secretary or his authorized representative are to be expended for specific purposes, and funds obligated under contractual arrangements approved in advance by the Secretary or his authorized representative or subject to deductions specifically authorized or directed by acts of Congress, shall be disbursed only in accordance with the agreements (including any subsequently approved modifications thereof) or acts of Congress. The funds of an adult whom the Secretary or his authorized representative finds to be in need of assistance in managing his affairs, even though such adult is not non compos mentis or under other legal disability, may be disbursed to the adult, within his best interest, under approved plans. Such finding and the basis for such finding shall be recorded and filed with the records of the account. For rules governing the payment of judgments from individual Indian money accounts, see 11.208 of this chapter.

Trust money in a minor's supervised account will not be distributed without a review of other resources that may be available to meet the needs of the minor. Any trust funds of a minor that are distributed must be used for the direct benefit of the minor and in accordance with any additional limitations (e.g., statutory, court order, tribal resolution, etc.) placed on the use of specific trust funds. Allowable uses may include health, education, or welfare when based upon a justified unmet need. The BIA will require receipts for expenditures of funds disbursed from a minor's account to a custodial parent, legal guardian, person who has been recognized by the BIA as having control and custody of the minor, or an emancipated minor.

We will accept money awarded or assessed by a court of competent jurisdiction for a cause of action directly related to trust assets to be deposited into a trust account. Other funds awarded by a court of competent jurisdiction may not be deposited into a trust account.

No, any money received prior to Secretarial approval of conveyance or contract instrument involving trust assets must be deposited into a non-interest bearing, non-trust account. After the Secretary approves the conveyance or contract instrument involving trust assets, the money designated by the conveyance or contract instrument will be deposited into a trust fund account.

On December 8, 2010, President Obama signed into law a settlement of $1.5 billion to be paid to the 300,000 individual Indian money account holders with another $1.9 billion made available to pay individual Indians who want to sell their small fractionated interests in their trust lands to the federal government to be turned over to their Tribes.

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If you receive money that is excluded from income and use it to buy a car, that first purchase (the car) is excluded as a resource. If you sell the car, money you receive from the sale is a resource, not income. You have converted one type of resource (a car) into another (money). Money is not a resource SSA excludes. Any money you still have from the sale on the first day of the following month will count as a resource.

Example: Lisa receives a per capita payment of $7,000 from her tribe based on the Tribal Trust Accounting and Management Lawsuit Settlement Agreement. SSA would exclude that per capita payment from income and resources. Lisa uses the funds to buy a car. SSA would also exclude the car as a resource because she bought it directly with her settlement funds (an "initial purchase"). Later, Lisa sells the car to her brother for $3,000. The $3,000 is not income because it is the conversion of a resource. If Lisa keeps the money, it counts as a resource the first day of the following month. Example provided in SI 00830.853(B).

The withdrawal of Rs 1,000 and Rs 500 notes was meant to signal a tough stance against black money by making it difficult to hoard large sums of cash. However, the government immediately introduced a new Rs 2,000 note, which seemed to defeat the purpose of eliminating the other high-denomination notes. The government offered no explanation for the move. And counterfeits were detected in the newly printed currency within a month of demonetization, suggesting that the counterfeiting network quickly adapted.

If the goal of demonetization was to reduce black money, a gradual and steady withdrawal of high-denomination notes would have perhaps served the purpose better. If the objective was to make the country more tax-compliant, then it would have been better to pursue administrative reforms in taxation and increased automation of processes, along with amnesty plans and customer education. Some argue that the Tax Department now has information about who has money, and thus demonetization can help find those guilty of tax evasion. But to make use of this information, the country needs corruption-free, effective tax administration (which was part of the original problem Modi sought to correct). The success of the nationwide GST in bringing more people under the tax net, and increasing both direct and indirect tax collections, is proof that there are better ways to bell the cat. India is now moving faster toward cashless transactions. However, the government had been making moves to digitize before demonetization. Aadhaar (a unique identification number for each Indian), Jan Dhan (universal banking), UPI (unified payments interface), and many other initiatives were already underway. It would have been better to push through those plans gradually, bearing in mind the needs of the weakest sections of society.

Having to run to a bank or an offline money changer every time you want to convert currency isn't convenient. Not only is this time-consuming, but even after all the effort, you still end up paying higher costs, as banks/ money changers charge 2 to 5% more than base rates. Another place almost all international travelers visit is the airport terminal, where they can convert USD to INR. However, currency exchange shops at airports make big profits by charging you rates with up to 15% markup. Simply put, all these establishments charge inconsistent and opaque rates.

A smarter, faster, and more economical way to exchange USD to INR is to use BookMyForex, a MakeMyTrip group company, which is India's most trusted forex platform. Placing an order is easy and hassle-free; no long queue, no haggling over rates, no hidden charges, and no lengthy process. The platform compares the rates by hundreds of RBI-authorized money changers in your area to offer you the best possible USD to INR conversion rates.

At BookMyForex, leverage the power of converting USD to INR at live rates. Our rates change every 3 seconds. Unlike other authorized money changers, like banks and other local vendors, BookMyForex does not sell or buy foreign currency at fixed rates. We recognize the fact that foreign exchange markets are totally volatile and if the rates are fixed, a sudden change in prices can have a major impact on your wallet.

BookMyForex allows users to convert INR to USD at both live and direct rates, unlike controlled banks offering foreign exchange at fixed rates for the day. Only on the BookMyForex forex rate page can the most recent USD rates be found. Setting the entire day's USD exchange rate allows banks and other money changers to maintain a higher profit margin during the day to protect against any unforeseen volatility. On the other hand, BookMyForex gives its customers the most attractive foreign currency rate and thereby passes the benefit on the basis of a better exchange rate to its customers. 006ab0faaa