On October 31, 2023, the Reserve Bank of India (RBI) issued a master circular on the import of goods and services titled <a href="https://m.rbi.org.in//Scripts/NotificationUser.aspx?Id=12561&amp;Mode=0">Regulation of Payment Aggregator – Cross Border</a>.&nbsp;&nbsp;

According to the circular, the RBI will regulate all Indian entities facilitating online cross-border payments for the import and export of permissible goods and services. Moreover, these entities will be collectively termed Payment Aggregators Cross Border (PA-CB).

The circular comprises guidelines to streamline the existing cross-border payment framework in India. Previously, cross-border transactions were carried out through Online Payment Gateway Service Providers (<a href="https://www.skydo.com/blog/online-payment-gateway-service-provider-opgsp?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">OPGSPs</a>) as per a circular issued by RBI in 2015.

OPGSPs operate by partnering with an Authorised Dealer (Category I) Bank (AD Bank) and notifying the RBI. According to RBI guidelines, no formal license is needed to function as an OPGSP.

Hence, RBI has issued a circular to establish a concise and clear framework for cross-border payments. RBI will now oversee all cross-border payments in India related to the import and export of goods. The circular applies to PA-CB, PAs, authorised banks and OPGSPs.&nbsp;The PA-CB circular also denotes that there can’t be any new OPGSP.

This blog discusses the key provisions related to the latest RBI circular on the import of goods and services, RBI guidelines for payment gateway, and OPGSP guidelines.

Master Circular on Import of Goods and Services: RBI Bank Guidelines

The following are the key guidelines mentioned in the circular.

The following entities need to adhere to RBI guidelines/instructions provided in the circular.

Here are the key developments included in the new PACB circular.

Categories of Authorisation as per PA-CB Activity&nbsp;

Based on the cross-border payment activity undertaken by the PA-CBs, they can seek authorisation for one of the following three categories.

PA-CB, facilitating cross-border payments for Indian exporters, has to open an Export Collection Account (ECA) with an AD bank.&nbsp;

ECAs can be opened in either Indian currency or foreign currency. In the case of the latter, various ECAs have to be opened for different currencies.

The PA-CBs will credit all export proceeds in the respective ECAs. Additionally, export PA-CBs need to follow the below guidelines:

Similar to export PA-CBs, import PA-CBs have to open an Import Collection Account (ICA) with an AD bank.&nbsp;

They will collect the payment from importers in an escrow account managed by the payment aggregator. It will then be transferred to ICA and will eventually be transferred to the bank account of the foreign merchants.

These entities are allowed to directly onboard foreign merchants, e-commerce marketplaces, or other overseas entities that offer payment aggregation services.&nbsp;

Here are the guidelines Import PA-CBs need to follow.

Those PA-CB who engage in both import and export activities have to comply with the requirements for both Import PA-CB and Export PA-CB.

They also need to ensure that the maximum value per unit of exported or imported goods or services should be ₹25,00,000.

Non-banks who want to provide PA-CB services will have to seek authorisation from RBI. However, before seeking RBI authorisation, it is necessary to register with the Financial Intelligence Unit-India (FIU-IND).&nbsp;

However, RBI has issued the following net-worth criteria for non-banks providing PA-CB services.

The accounts of existing non-bank PA-CB who are unable to meet the net worth requirement will be closed by banks by 31 July 2024.

Snapshot Comparison Between OPGSP Circular (2015) and PA-CB Circular (2023)&nbsp;

Here are the key differences between the OPGSP Circular (2015) and the PA-CB Circular (2023)

Here is the process of seeking approval from RBI for existing or new PA-CBs.

Step 1: Draft the application through Form A, which includes the following parts.

Step 3: The RBI will process the application.

(RBI may raise queries related to various aspects such as shareholding, product processes, etc.)&nbsp;

Step 4: In principle approval from RBI.

Step 5: Filing of system Audit Report

(RBI may raise queries related to SAR audit observations)&nbsp;

Step 6: Final authorisation(state additional conditions that must be complied with)&nbsp;

The evolving cross-border payments environment and the emergence of several OPGSPs and other fintech entities encouraged RBI to issue the circular. Its main purpose is to ensure seamless and more transparent cross-border payment transactions.

Even though regulatory authorities are constantly working on making cross-border payment transactions seamless, transparent, secure, and quicker, businesses often face difficulties in receiving timely payments.&nbsp;

Skydo aims to simplify the cross-border payment landscape for businesses by automating various tasks and helping businesses open foreign bank accounts. <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Join Skydo today</a> to streamline your invoicing and financial management activities!

Q1. RBI’s master circular on the import of goods and services and cross-border payments applies to which entities?

Ans. AD banks, PAs, and PA-CBs involved in the online processing/settlement of cross-border payment transactions related to the import and export of goods and services have to comply with the guidelines mentioned in the circular.

Q2. What are various compliances according to RBI payment aggregator guidelines for cross-border payments?

Ans. All PA-CBs have to follow the guidelines provided in the circular dated October 31, 2023. Additionally, they also have to follow the various guidelines for payment aggregators mentioned under a circular issued by RBI on March 17, 2020.&nbsp;The circular includes guidelines related to customer grievance redressal and compliance with Baseline Technology Guidelines to ensure fraud prevention and risk management.

Q3. How can PA-CB seek authorisation for facilitating cross-border payment transactions?

Ans. AD banks do not need to seek authorisation to facilitate cross-border payment transactions. However, a non-bank PA-CB can seek authorisation from RBI by sending the application to the Department of Payment and Settlement Systems (DPSS), RBI, Central Office (CO), by April 30, 2024. PA-CB entities must fulfil the minimum net worth criteria before applying to RBI.

 Know more about RBI's circular that mandates payment aggregators to seek authorization for facilitating cross-border transactions by April 30, 2024.

BI’s PACB Circular: Key OPGSP Updates of 2024 to Note 

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Sukanya

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Digitalisation transformed the way people work and now they lean toward <a href="https://www.skydo.com/blog/top-3-freelancing-trends-in-the-gig-economy">the gig economy</a>. Highly skilled professionals are driving the trend, seeking flexible arrangements, autonomy, and meaningful projects.&nbsp;

In 2023, freelancers made up <a href="https://www.mbopartners.com/state-of-independence/">45% of the US workforce</a>. In 2024, freelance work continues to rise, especially in the <a href="https://www.skydo.com/blog/global-negotiation-skills-for-tech-export-success">technology sector</a>. Specialised freelancers, like those focusing on AI, are expected to experience high demand.&nbsp;

This blog explores the top 5 emerging freelance services that present promising opportunities.

1. Metaverse: The Digital Realm of Freelance Opportunities

The Metaverse business is estimated at <a href="https://www.freelancermap.com/blog/metaverse-trend-freelancers/#new">800 billion US dollars in 2024</a>. In translation, the Metaverse is a digital world where people can connect and interact in real time.&nbsp;

Freelance skills related to AR/VR and the ability to create virtual experiences are gaining value. Freelancers can provide services like 3D modelling, animation, and building virtual worlds. <a href="https://www.forbes.com/sites/bernardmarr/2022/05/09/the-best-online-courses-to-learn-metaverse-skills/?sh=5456804e31de">Learn these skills</a> on platforms like Udemy and explore specialised opportunities on <a href="https://create.roblox.com/">Roblox Studios</a>.

2. Web3 and Blockchain Applications: The Future of Online Jobs

Web3 is a decentralised internet, giving users more control over data and identities using blockchain technology. Within this setup, blockchain applications like NFTs, DAOs, and DeFi enable digital ownership, decision-making, and <a href="https://www.skydo.com/blog/transforming-your-invoicing-experience-with-skydo">innovative finance</a>.&nbsp;

In this space, freelancers can <a href="https://www.linkedin.com/pulse/why-freelancers-should-take-advantage-growing-demand-web3-shan-ty/">explore various roles</a>, including Web3 development, design, content creation, consulting, security, community management, and many digital marketing services.&nbsp;

3. AI-Powered Solutions: Elevating Freelance Services

AI is streamlining remote work processes. Within freelance services, expertise in data analysis is becoming increasingly valuable.&nbsp;

Algorithms serve as powerful tools for extracting deeper insights and making informed decisions. Moreover, AI is transforming personalised content, making copywriting and data-driven <a href="https://www.jasper.ai/blog/ai-for-freelancers">content creation</a> more efficient and individualised.&nbsp;

Mastering tools like OpenAI's GPT-3 and Google's TensorFlow gives freelancers a competitive edge.

4. Mental Wellness and Personal Branding: Digital Nomad-Friendly Practices

In this digital age, mental wellness is gaining attention. This has prompted a rise in freelance work like mindfulness coaching, digital detox consulting, and personal branding guidance.

Additionally, freelance writers can contribute by creating content that promotes positivity and well-being. These services cater to individuals seeking a healthier online experience, while personal branding guidance helps build a stronger online identity.

5. Sustainable &amp; Ethical Business Practices: Freelancing Gigs Guiding The Shift&nbsp;

The world's growing focus on sustainability and corporate responsibility has led to a demand for environmental consulting. <a href="https://www.webworkrs.com/blog/freelance-environmental-consulting-sustainable-business-practices">Freelance consultants</a> can guide businesses to reduce their carbon footprints, implement ethical marketing, optimise supply chains, and embrace eco-friendly operations, all while maintaining a competitive edge.&nbsp;

The future of this industry is promising as more businesses and regulatory bodies acknowledge the need for sustainability.

Individuals must embrace new technologies to make the most of the freelancer marketplace. Freelancers can stay ahead of the curve through continuous upskilling, cultivating valuable networks, and fearlessly embracing the unknown.&nbsp;

The key is to remain adaptable and proactive. By doing so, you can navigate the dynamic tech landscape and contribute to its evolution, ensuring a fulfilling freelance career.

Q1. How can you prepare for these emerging trends?

Ans. Update your freelancer services by continuously learning, acquiring specialised skills through relevant training, <a href="https://www.skydo.com/blog/networking-for-freelancers">nurturing a strong professional network</a>, gaining practical experience, and remaining agile.

Q2. Where can I find freelance gigs related to these trends?

Ans. You can find work related to these trends on freelancing platforms like Upwork, Freelancer, and Fiverr. Specialised platforms like <a href="https://www.topcoder.com/">Topcoder</a> give access to tech and design jobs, while <a href="https://create.roblox.com/">Roblox Studios</a> offers opportunities in Metaverse development. Joining relevant online communities may also help discover potential opportunities.

Q3. How can you differentiate yourself from other freelancers?

Ans. Stand out from other freelancers by specialising in emerging fields. Highlight your expertise on your freelance portfolio and profiles. Focus on continuous upskilling, industry certifications, and a strong online presence.&nbsp;

Q5. What are the potential challenges of working with new technologies?

Ans. Potential challenges in freelancer work with new technologies include overcoming the learning curve, adapting to rapid changes, and addressing a pool of security and ethical considerations.

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Upwork is one of the most popular and trusted platforms for freelancers and clients to connect and collaborate. As of 2023, the platform has about <a href="https://www.skillademia.com/statistics/upwork-statistics/#:~:text=Summary%3A%20Upwork%20Statistics&amp;text=Upwork%20operates%20in%20178%20countries.,adults%20between%2025%20and%2034.">12 million freelancers and 814,000 active buyers</a>.&nbsp;

However, as with any online marketplace, scammers try to exploit unsuspecting freelancers and trick them into doing work for free, stealing their personal information, or paying them with fake or stolen money.

As <a href="https://skydo.com/blog/freelancer-earning-potential-in-2024">a freelancer</a>, you need to be vigilant and aware of the common scam tactics and red flags that can help you avoid falling victim to these fraudsters. This blog provides 5 key tips and FAQs on how to spot scams on Upwork and safeguard your freelance career.

5 Key Tips for Spotting &amp; Avoiding Upwork Scams

Here is your answer to “How to avoid scams on Upwork?”

A scam job post may have one or more of the following characteristics.

2. Client Behaviours that Indicate Upwork Scam

A scam client might exhibit the following behaviour.

3. Financial Traps to Avoid Upwork Scammers

Financial traps may include the following scenarios.

4. Communication Warnings for Freelancing Scammers

A communication warning may include one or more of the following signs.

Trust your gut and intuition when it comes to spotting scams on Upwork. If something feels wrong or too good to be true, it probably is. Follow these steps if you encounter any gut-feel scams.

Scams on Upwork are rare, but they do happen. To protect yourself and your career, you need to be aware of the common signs and tactics of scams on Upwork and how to avoid them.&nbsp;

Remember, if something sounds too good to be true, it probably is. Always trust your gut and report any suspicious activity to Upwork as soon as possible.&nbsp;

For more information and support, you can also visit <a href="https://support.upwork.com/hc/en-us/articles/211067668-Staying-Safe-on-Upwork">Upwork’s official resources</a> and <a href="https://support.upwork.com/hc/en-us">contact options</a>. Thank you for reading, and stay safe!

Ans. If you get scammed on Upwork, don’t panic. Cut off all contact with the scammer and report them to Upwork with evidence.&nbsp;

Next, contact your bank or payment provider and ask for a refund or cancellation. Protect your identity and online security by changing your passwords, enabling two-factor authentication, and monitoring your accounts. You may also need to contact the authorities or identity theft protection services.

Q2. How to know if an Upwork job is legit?

Ans. To <a href="https://www.skydo.com/blog/how-to-verify-a-company-legitimacy-as-a-freelancer?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">find legit jobs on Upwork</a>, look for these indicators.

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In a phase where employees are rallying with layoffs and entrepreneurs are facing tremendous stress, a group of people have managed to stay afloat: freelancers.&nbsp;

However, as a freelancer, you may face challenges showcasing your work to back up the quality of your services. You might lack the time or resources to pursue clients robustly. Even if you achieve this, a portfolio best represents your skills, offerings, past work, and capabilities.&nbsp;

The right kind of professional portfolio can make or break your case. Before reviewing the techniques to create the perfect professional portfolio for freelancers, let’s start with the basics.&nbsp;

A professional portfolio is a catalogue that helps existing and potential clients understand your work and decide if they should partner with you. It is a collection of your past work, client testimonials, and the work you aspire to do in the future.

Why Is Your Freelance Portfolio So Important?

Let’s answer this with another question: are trailers important for movies? Are reviews important for online shopping products? That is exactly how important a portfolio is for a freelancer. It will help a client decide whether they want to work with you, how much <a href="https://www.skydo.com/blog/personal-finance-tips-and-tricks-for-freelancers?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link%20-%20[%20]">money</a> they think you are worth, and the kind of projects they want to assign to you.&nbsp;

How To Build A Freelancing Portfolio That Generates Leads

The first step to building a great portfolio is understanding its purpose: this portfolio is a preview of your work, almost like a first impression. Thus, the end goal of your portfolio is this: <a href="https://www.skydo.com/blog/how-to-verify-a-company-legitimacy-as-a-freelancer?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">great clients</a>, good working relationships, and a chance to do better work.&nbsp;

The customer reviews and the type of clients you have worked with are essential parts of your portfolio. If your well-known and influential clients are willing to write client testimonials for you, half your work is already done!&nbsp;

Finally, when you are working as a freelancer, none of your work is handed to you. Each day, you have to present yourself to the world and ensure that you get work to do. In that case, a freelance portfolio is a great way of putting yourself out there and attracting clients.&nbsp;

1. Define Your Unique Selling Proposition (USP)

The famous Japanese concept of Ikigai works wonders to recognise your USP. According to Ikigai, you need to assess four crucial things: What you love, what you are good at (both these things aren’t necessarily the same), What the world needs, and what you can be paid for.&nbsp;

If you have an answer for all these and craft a niche accordingly, you will have created a distinctive USP.

Once you figure out your USP, use these prompts to frame them in your portfolio:&nbsp;

Whether you are a writer, a programmer, a photographer, a marketer, or any other professional, these prompts and USPs will be one of the most important and highlighting features of your freelance portfolio.

<a href="https://www.behance.net/ashitan">Ashita N</a>, for example, is a freelance designer who makes it clear that her USP is branding, packaging, and logo design. This helps make her profile crisp and to the point while making her message clear.

2. Select The Right Platform For Your Professional Portfolio

Choosing the right portfolio website depends on your profession. For example, most graphic designers, VFX artists, or photographers–anyone with a visual component to their profession choose <a href="https://www.behance.net/">Behance</a> or <a href="https://dribbble.com/">Dribbble</a>.

Writers use platforms like <a href="https://medium.com/">Medium</a> and <a href="https://substack.com/">Substack</a> to showcase their work in an easily readable and user-friendly format. Others with basic skills in programming end up creating their website from scratch or use WordPress or Wix to create a site of their own.&nbsp;

A few people also use their LinkedIn or X accounts to market themselves and post content in a way that their social media profiles end up becoming their professional portfolios.

3. Craft a Captivating Bio And About Me Section While Creating Your Portfolio

The most important thing while writing a bio is to say more with less. Here are some template examples:

I specialise in crafting impactful [XX specialisation] for [XX] years. Elevate your brand with my unique perspective, attention to detail, and expertise.

My name is (XX) and with (XX) years of experience in the field of (XX), I can help address all of your brand’s needs regarding (XX).

While the bio and portfolio title are straightforward, crisp and SEO-friendly, the about me section is where you can get a bit personal. In a few words, you can address your interests outside of work and talk about how you got to where you are.&nbsp;

For example, <a href="https://www.gurmanbhatia.com/">Gurman Bhatia</a>, a freelance data journalist has a website where clients can see an easy-access clickable link and the testimonials right under the main content. The bio and about sections are crisp and almost flow in line with the rest of the website.

4. Design Your Portfolio To Speak to A Specific Niche

Your portfolio design must always align with the aesthetic of your profession. An architect who has worked on corporate buildings cannot have a colourful and quirky website, just as a graphic designer working with social media apps cannot have a monotonous colour scheme.&nbsp;

Know the kind of audience you will attract and let your personality reflect through your website’s design.

5. Showcase Your Work: Portfolio Essentials

If you are an architect, speak about how you acquired a project or overcame the difficulties while displaying pictures of the project. Short descriptors help set the narrative and help customers know you better.

Including case studies, personal experiences, and learnings enhance your portfolio and give your projects a flow, which is difficult to achieve when you simply line up your projects one after the other.

The simplest way to storytelling is to write about how you landed in the profession. Speak about your background, your inspirations, education, and other experiences that have made you the professional you are today. This helps give a human side to your portfolio and offers insight into your motivations.

Depending on the intensity of your work, fix a routine timeline to update your website or page regularly. Treat this as a clean-up for your professional portfolio: remove old and irrelevant content and replace it with some of your latest work.

Add the links to your portfolio to your social media. These links will lead directly to your website and help customers discover you. Posting about any of your latest work and adding a call-to-action to your portfolio ensures your followers keep getting reminders to visit your website.&nbsp;

Some freelancers also send newsletters to their subscribers using <a href="https://mailchimp.com/landers/newsletters/?ds_c=DEPT_AOC_Google_Search_ROW_EN_NB_Acquire_Broad_50off_T5+Test&amp;ds_kids=p78751140618&amp;ds_a_lid=kwd-107910593&amp;ds_cid=71700000116303635&amp;ds_agid=58700008622071298&amp;gad_source=1&amp;gclid=Cj0KCQiAsvWrBhC0ARIsAO4E6f_87DON2EXRwYP9TqN49ppRkDrX0TSWxfEDyfLe1lgvhWbaMgFBiEkaAoX1EALw_wcB&amp;gclsrc=aw.ds">Mailchimp</a> or <a href="https://www.brevo.com/blog/how-to-create-a-newsletter/">Brevo</a> to keep their target audiences informed of their work and the latest updates regarding their projects.

Using online communities can also be a great way to promote your work. There are special profession-based Facebook groups or Reddit forums you can join where people ask and answer questions, offer jobs, and seek general help from peers. This is a great way to get more work and be a part of the professional community.

A good and effective freelancing portfolio helps you attract more clients and <a href="https://www.skydo.com/blog/the-essential-elements-of-a-successful-freelancer-contract?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">onboard them</a>. It also contributes to the perception that other potential customers develop towards you.&nbsp;

The design, promotion, language, and structure are all aspects that should be well-thought-out and researched to help get your message across. If you ace these areas and be truthful and direct, you will see your business and eventually, your revenue, grow.

Q1. How to create a freelancer profile on Upwork?

Ans: After <a href="https://www.upwork.com/nx/signup/">signing up</a> on Upwork as a freelancer, add projects to your profile and create a portfolio. Click Find Work -&gt; Portfolio. Then, scroll down in this section and select the ‘+’ button to add your projects.

Q2. What do I write in a professional freelance portfolio?

Ans: A professional portfolio generally carries a brief bio and your work, customer testimonials, and some case studies or examples of projects you have worked on previously.

Q3. How often should I update my portfolio to reflect my evolving skills and latest projects?

Ans: The frequency of updating your portfolio depends on your volume of work. Generally, most people update their freelance profiles every month. Remove unnecessary, old, or irrelevant details and replace them with some of your new and updated work when you update your portfolio.

Q4. What is the ideal balance between showcasing various skills and maintaining a focused niche in my portfolio?

Ans: You can mention your diverse skillset at the beginning of your portfolio. As you dive deeper into your projects and work, establish a niche by explaining how you got there.&nbsp;

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Professional Tax is governed and levied by the respective state governments' professional tax acts. The amount you owe in taxes varies based on factors such as income, the nature of the profession, and the state in which the individual operates.

Here is everything you need to know about PT as a <a href="https://skydo.com/blog/freelancer-earning-potential-in-2024?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">freelancer</a>.

If a person is salaried, the employers are responsible for deducting the professional tax amount directly from the salary. However, the government requires professionals such as <a href="https://www.skydo.com/blog/top-5-new-age-freelance-services-going-to-take-off-in-2024?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">freelancers</a> to pay the P tax directly to their state government. Professional tax meaning is not based on income but rather on the nature of the profession or employment. It is meant to contribute to the state's revenue and development. The professional tax differs from other types of taxes mentioned below.&nbsp;

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Here is the basic structure of professional tax in India.

Calculate your Professional Tax Liability

<a href="https://vakilsearch.com/professional-tax-registration/how-professional-tax-calculated">Professional tax liability</a> depends on a freelancer's state of operations and earnings. However, irrespective of these two factors, the professional tax limit is Rs 2,500 for a month.

Here is the process of how to calculate professional tax on salary or earnings.

To minimise your professional tax burden as a <a href="https://www.skydo.com/blog/top-10-freelancing-truths?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">freelancer,</a> leverage deductions and exemptions available in your location. Here are some deductions and exemptions that freelancers can utilise:&nbsp;

You can use various accounting software or apps, such as <a href="https://khatabook.com/?utm_source=google&amp;utm_medium=search_ads&amp;utm_campaign=brand-gen_kw&amp;gad_source=1&amp;gclid=CjwKCAiA8sauBhB3EiwAruTRJhfwyGzRw85xwgamLcwna0oixY1MjScYAHjtZdAMqNRewwPZ1LRiqxoCVp8QAvD_BwE">Khatabook</a>, <a href="https://open.money/automated-accounting?utm_term=accounting%20automation&amp;utm_campaign=IYD_AP_Automation&amp;utm_source=google&amp;utm_medium=ppc&amp;hsa_acc=9660999868&amp;hsa_cam=20910601824&amp;hsa_grp=163502573492&amp;hsa_ad=689290766627&amp;hsa_src=g&amp;hsa_tgt=kwd-300068243667&amp;hsa_kw=accounting%20automation&amp;hsa_mt=p&amp;hsa_net=adwords&amp;hsa_ver=3&amp;gad_source=1&amp;gclid=CjwKCAiA8sauBhB3EiwAruTRJoBtiurqa_a2MAgb-mcQBj-Ab196-Oe822q4DWHxHHuVZ4XjCLSZORoC_0cQAvD_BwE">Open Money</a>, <a href="https://tallysolutions.com/download/#gref">TallyPrime</a>, etc., to keep track of your expenses. Furthermore, it is wise to regularly reconcile your financial records to ensure accuracy and identify potential deductible expenses.

Certain freelance professions or industries may be subject to specific taxes or regulations beyond professional tax and income tax. For example, online content creators, such as bloggers, YouTubers, and influencers, may need to comply with digital services taxes or regulations specific to online advertising revenue.

Hence, consulting a tax advisor or <a href="https://www.skydo.com/blog/top-online-communities-you-should-join-as-a-freelancer-in-2024?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">researching extensively</a> is important to know your compliance and taxation liabilities. You may also <a href="https://www.skydo.com/blog/how-to-file-gst-monthly-and-quarterly-for-freelancers?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">have to register for GST</a> if your annual income from freelancing is above Rs 20 lakh.

Proactively managing your professional tax obligations <a href="https://www.skydo.com/blog/importance-of-fira-for-freelancers?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">as a freelancer</a> can minimise tax burdens and avoid potential penalties or legal issues. Moreover, seeking professional advice from tax consultants or accountants can provide invaluable guidance tailored to your specific circumstances.

For further resources on freelancing, you can read <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Skydo’s</a> <a href="https://www.skydo.com/blog?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">blogs</a> and open a free virtual currency account if you receive<a href="https://www.skydo.com/blog/how-do-you-receive-a-foreign-remittance-in-a-savings-account?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link"> foreign remittances.&nbsp;</a>

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<a href="https://www.skydo.com/blog/set-up-your-freelance-international-bank-account-in-just-5-minutes?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Banking operations</a> previously required visiting branches. Today, they are being heavily digitised, as users want to have access to banking services instantly through their mobile phones or laptops.

A new player has emerged on the financial scene – the Neobank. With their <a href="https://www.skydo.com/blog/the-impact-of-open-banking?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">innovative approach to banking</a> and emphasis on digital-first solutions, neobanks are revolutionising the banking sector.

Neobank meaning or neo banking meaning refers to fintech (financial companies backed by tech) that carry out operations similar to banks but are entirely digital and rarely have physical branches.&nbsp;

Neobanks invest heavily in creating a digital-first banking system to provide <a href="https://www.skydo.com/blog/checklist-to-get-the-right-bank-for-your-export-service-firm?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">cutting-edge financial services</a> similar to any other traditional bank.&nbsp;

Neobanks are not directly governed and regulated by the RBI but have various banking partners such as HDFC, ICICI, and Axis Bank to assist them in providing financial services through their banking infrastructure and channels.&nbsp;

Neobanks offer banking services such as savings accounts, checking accounts, payment processing, money transfers, and sometimes lending services entirely online.&nbsp;

Neobanks leverage technology extensively to provide a seamless and convenient banking experience. They often incorporate advanced features such as instant money transfers, automated budgeting tools, personalised financial insights, and round-the-clock customer support through chatbots or online messaging.

Here is how you can open a Neobank account online.

There are more <a href="https://www.startuphrtoolkit.com/neobanks-in-india/">than 20 neobanks in India</a>. Thus, comparing them on their cost structure and services is important.&nbsp;

Download the mobile app of the neobank or visit their website to start the account registration process. You will have to provide personal details such as name, date of birth, address, email, phone number, and identification proofs such as PAN or Aadhar. Then, choose the type of account you want to open.&nbsp;

Once you have submitted the account opening application, the neobank verifies the provided information. After successful verification, they set up the account.&nbsp;

Step 4: Confirmation and Activation&nbsp;

Once all steps are completed, you will receive confirmation that your account has been successfully opened. You may need to activate your account by following the instructions provided by the neobank, such as verifying your email or phone number.

Some common features offered by the best neobanks in India include the following.

For a better understanding of neo-banking meaning, here are the pros and cons of neobanks.

India has numerous neobanks that offer their services with unique banking features. Here are the top <a href="https://www.startuphrtoolkit.com/neobanks-in-india/">10 popular neobanks examples in India</a>.

Neo banking services offer a compelling alternative to traditional banking, with a host of potential benefits and considerations for users to weigh. On one hand, the convenience, accessibility, and transparency of neobanks make <a href="https://www.skydo.com/blog/get-real-time-insights-for-analyzing-freelance-financial-goals?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">managing finances </a>easier and more efficient than ever before.

However, it's essential for users to also consider the limitations of neobanks, such as the lack of physical branches, the relative newness of some players, and concerns about data privacy. By weighing these factors carefully and understanding their individual banking needs and preferences, users can decide whether neobanks are the right fit for them.