to Chor Per Mor
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Do you mean to say that the method outlined by me for legal ways to bring money from India are illegal? Please clarify and reconfirm, and if illegal, why?

To Ani
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Please note that local Indian Rupee is NON-REPATRIABLE which means that any money that was not convered into Indian Rupees from a foreign currency cannot be changed into foreign currency. That is why you have a NRI a/c and an NRO a/c. You can transfer money from NRI to NRO a/c but not vice versa.

Another method of conversion is to buy to convert INR into a physical asset - and bring it to Canada physically.

Other legal methods are payment on business account for puchases (imports into India) under OGL (Open General Licence).

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Chandresh

Advice is free – lessons I charge for!!

INR can't be converted to foreighn currency statement is not true
If you are a NRI you can always convert INR to USD/CDN $ to a certain limit....i think upto $5000
last Dec 2002 when i visited india and returning back to USA converted INR to USD $1000 amount and that too on basis of my canadian PR and not on my H1B visa
As long you can prove that you paid up due tax and have a specific reason RBI won't create any problem
one good example is during first time landing everybody braught CDN 10K to 12k converting INR showing their Canadian PR landing requirement

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ani

Chandresh
You can NOT take INR out of india beyond 5000 rupees even if you are travelling if you are an India citizen.
If you are a NRI you can ceratinly take the money back but not in INR ...must be converted which means you have to show passport etc and get it stamped on passport. Again there is a limit on it otherwise you have to declare when you enter India. So there is harldy any point in first taking money to india and then bringing it back.
Now lets say I am a canadian citizen and my parents in India give me nice flat in Bombay. I sell it and want to bring the money to Canada. Can I do it legally?
NOPE.
Also do remember that that Indian govt allows PRs to take money to Canada on a special condition with RBI which states that you have to repatriate the money within such and such period. Plus they know that you are bound to send foreign exchange home thats why they let you do it once.

These answers can be easily found on many Indian bank and NRI sites by doing some search in yahoo etc.

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DIE HARD !

Current law permits repatriation of foreign currency over US$ 100,000 for reasons like medical treatment, immigration etc. even for Indian residents. India is planning for full convertibility of the rupee within a few years, and the foreign exchange rules have been relaxed over the last 3-4 years. Even proceeds from immovable property can be repatriated subject to certain conditions. Please see the following:

http://RBI.http://www.rbi.org.in/index.dll/39687?OpenStory?fromdate=10/18/03&todate=10/18/03&s1secid=0&s2secid=0&secid=20/0/0" target="_blank">RBI.http://www.rbi.org.in/index.dll/39687?OpenStory?fromdate=10/18/03&todate=10/18/03&s1secid=0&s2secid=0&secid=20/0/0

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Shibu

Sorry, following is the correct url.

http://www.rbi.org.in/index.dll/39687?OpenStory?fromdate=10/18/03&todate=10/18/03&s1secid=0&s2secid=0&secid=20/0/0" target="_blank">http://www.rbi.org.in/index.dll/39687?OpenStory?fromdate=10/18/03&todate=10/18/03&s1secid=0&s2secid=0&secid=20/0/0

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Shibu

That might be true. the document is dated OCT 13 so they may have revised the guide lines.

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DIE HARD !

Good job ! Good site ! Good discussion! God Bless You!