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  Canada Immigration Forum > General > Our Native Country! > Repatriating money from India
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Repatriating money from India




hello experts,

I have NRO/NRE account with HDFC in India. I am looking to bring in money to Canada from my Indian account to buy a house here. I have been unable to find information on hdfc site or from the customer care regarding the process. Has anyone gone through it who can guide me?
Do i need to be in India to make the transfer possible? The amount will be upwards of $200,000.

Thanks in advance.
Gurpreet


 
gsrnew

Junior Desi
Member since: Sep 17
Posts: 4
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Post ID: 236184 23-10-17 16:16:46
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rajcanadaMember of Administrators
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Location: Kitchener, ON


Contact a CA registered with Income Tax Department in India. They will explain the process to you.
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Post ID: 236187 24-10-17 21:43:19
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MITRON
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Member since: Sep 17




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Repatriating from NRE account is far easier. No CA required or Income Tax clearance required. With a click of button you can transfer the money.

From NRO , generally you will require a CA. Plus you have to show the bank & IT dept. , that taxes have been paid on the money involved. Form 15CA and 15CB usually has to be filled.

If all your taxes are paid and the source of the funds is legitimate, you won't have any issues in bringing the money into Canada. Within 2-3 days these formalities and technicalities can be completed by your bank & CA.


 
Post ID: 236189 24-10-17 23:59:05
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gsrnew
Junior Desi
Member since: Sep 17




Posts: 4
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Thank you @rajcanada and @mitron.

My other query is that do i need to be in India to start the process of funds transfer. I am in Canada right now with no plans to visit India. However, i need the funds before the end of this year.


 
Post ID: 236200 25-10-17 06:47:08
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MITRON
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Member since: Sep 17




Posts: 60
Location:


Quote:
Originally posted by gsrnew

Thank you and

My other query is that do i need to be in India to start the process of funds transfer. I am in Canada right now with no plans to visit India. However, i need the funds before the end of this year.



No you don't.

With online banking you can do it. They have a button for repatriation.

Also any documents can be faxed or emailed to them (bank) directly either by you or your CA to the bank. Or even couriered. You can even give Power of Attorney to someone in India to do these formalities & technicalities if you want.

You just have to be careful of the exchange rate as you can lose lot of money if the rate is not favorable.

Also when the money comes here, the Canadian bank sometimes asks for the documents too, just to make sure there is NO money laundering or anything like that.


 
Post ID: 236204 25-10-17 23:31:22
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