Posted on: 28-06-11 13:24:20
i have to send Rs. 5 lakh to india in one go. which is best place with better rate in GTA? is there any limit or any implication on my tax in canada? can i say purpose of sending is family maintance instead of investment or loan ,do i have to declare income on that? which would be the safe reason . some help
As per RBI rules , you can't send more then one lakh Rs in a month like through western union or any money transfer company or bank transfer .
Only way is to send through Hawala , which is illegal source of sending money and you should only send when you know the trustworthy source
Quote:
Originally posted by looklook
As per RBI rules , you can't send more then one lakh Rs in a month like through western union or any money transfer company or bank transfer .
Only way is to send through Hawala , which is illegal source of sending money and you should only send when you know the trustworthy source
India is very strict when Forex has to go out of India but now even Indian residents can make outward remittances FROM India up to 2 lakh USD a year under liberalized scheme. I am not sure why India would have such a low limit of Rs 1 lakh remittance TO India from abroad. Better check with the banks.
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Quote:
Originally posted by looklook
As per RBI rules , you can't send more then one lakh Rs in a month like through western union or any money transfer company or bank transfer .
Only way is to send through Hawala , which is illegal source of sending money and you should only send when you know the trustworthy source
Could you please provide a link which describes RBI rules?. I thought Western union is a legalized way to send any amount to India.
Quote:pointe
Originally posted by looklook
As per RBI rules , you can't send more then one lakh Rs in a month like through western union or any money transfer company or bank transfer .
Only way is to send through Hawala , which is illegal source of sending money and you should only send when you know the trustworthy source
Please provide the source of this statements ... As rightly pointed out , India is very liberal for money inflow ... Wonder what made you make that comment ....
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Fido.
Quote:
Originally posted by bijubt
i have to send Rs. 5 lakh to india in one go. which is best place with better rate in GTA? is there any limit or any implication on my tax in canada? can i say purpose of sending is family maintance instead of investment or loan ,do i have to declare income on that? which would be the safe reason . some help
Do you have immediate family @ India ? .. Your wife / children etc .
If Yes , then not only can you send money for their maintenance but also claim it as tax deduction in Canada while filing return .
Either way in my opinion sending money for family need would be safest reason .
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Fido.
Try SBI Canada or UAE Exchange or ICICI Bank. ... Ask for both conversion rates and transfer cost .
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Fido.
