Hi folks,
I am in the process of sending money 2 India, however on shopping I realised both the ICICI bank and the hawala transferer are offering the same rate
What does this signify? can any knowledgeble CD throw light on this parity?
Thanks
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mor
Whenever you experience joy, peace, security, equanimity or purity, it is only because you are aligned with ALMIGHTY.
Does sending money by bank also attract any tax liability in India?
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mor
Whenever you experience joy, peace, security, equanimity or purity, it is only because you are aligned with ALMIGHTY.
Quote:That they are one and the same
Originally posted by peacock1
I realised both the ICICI bank and the hawala transferer are offering the same rate
What does this signify?
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Location: God's own country
Posted on: 06-11-08 12:40:14
Peacock,
Hawala has to give better than the bank rate. Hawala (when paid in cash in India) is legal in Canada but illegal in India. This route is taken when people need to use this money as black money in India. However some hawala operators also deliver the money as drafts and deposit into to your bank account. This then becomes legal both in Canada and India and taxable as per the appropriate limit. In both the cases, the money is used to buy Gold and then sold to jewellers in India for cash.
Sending through ICICI is legal. You will be subjected to tax laws of India as appropriate depending upon the situation (for e.g.) you are allowed to gift a particular sum of money to a person in India without any tax implications.
You can decide which way you want to use it.
In the past I have sent small amounts of moeny through the hawala. I choose this, not to avoid tax but so that the money is delivered in cash at your door step the next business day. It was so convinient and besides many shops are open till 9 and there are roaming agents (across theGTA) who can come to your house to collect the money to be delivered in India
Peace by TK
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I am a Gents and not a Ladies.
Compare with moneygram too.
sometime you will get better rate than ICICI even if Moneygram charge fees. [It all depends on amount you want to send]. It is legal (white money) and you will get cheque in India from any Moneygram centre within 10 minutes.
calculate on its website.
http://www.moneygram.com/eHowMuch/howMuch.do?countryCode=CA&languageCode=en
Thanks
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Success is Never Ending and Failure is Never Final.
There s no tax on money sent to India unless income is earned on it (caveat FCNR/NRE). Please avoid using Hawala as it is considered illegal in India and can put you in a soup if the Hawala operator comes in the Authorities' net and reveals your name .
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Fido.
Quote:
Originally posted by pratickm
Quote:That they are one and the same
Originally posted by peacock1
I realised both the ICICI bank and the hawala transferer are offering the same rate
What does this signify?
