What is the best way to get Indian fixed deposit in Rs -back to Canada in Cad dollars in legit way
Canadian citizen family of four at present in India. Amount around 50 Lakh Rs .

I am sure that you are a Canadian here and want to bring your Indian funds inside Canada for your use. If you have the same therein Fixed Deposit, the bank will have a good idea as to its origins. If not, you can establish the same as soon as you can and preferably at your earliest.

If the sum that you have there in Fixed Deposit is after-tax money, it will be an easy task to export it out of India and as of today, the Canadian Dollar is gaining momentum in your favour and the chances of improving the same are getting better, as the US dollar is weakening further. But the Banks might charge you a cent or more in exchange to provide you with the Canadian Dollars when your FD matures. You can return back here and ask for an update on the conversion factor whenever you are ready.

The Bank will help you with this in getting the same out of India. It will cost you a few bucks. Currently, they also charge a component called cess (and GST). Please find out how much it is in your case.

This is a Legitimate way and hope this helps you.

FH.

https://economictimes.indiatimes.com/slideshows/investments-markets/5-things-to-know-about-liberalised-remittance-scheme/remit-money-across-the-border/slideshow/53807935.cms

LRS..: Liberalized Remittance Scheme (LRS)
The Liberalized Remittance Scheme (LRS) was announced in 2004 as a step towards further simplification of India’s foreign exchange services. It allows individuals, including minors, to remit up to US$ 200,000 per financial year. There are no restrictions on frequency of remittance, but the individual must have an account at an authorized dealer and must designate a branch of that bank, through which all remittances under LRS will be made.

The LRS allows Indian residents to acquire and hold shares, including property, outside India without prior approval of the RBI. In other words, it effectively waives Schedule III of FEMA. Individuals can also open foreign currency accounts with banks outside India for carrying out transactions. Importantly, the LRS is not available to corporate or partnership firms.

A foreign national that wishes to remit funds under the LRS will need to use their PAN number, which can be issued to foreign nationals with a valid visa. The purpose of the PAN number is to bring universal identification to all financial transactions and to prevent tax evasion.

One crucial requirement of the LRS is that the individual must have had a bank account at an authorized dealer for at least one year. Such a bank is specifically authorized by the Reserve Bank under Section 10(1) of FEMA to deal in foreign exchange. Most large international banks are authorized dealers.


--

Quote:

---

Originally posted by Bingo

What is the best way to get Indian fixed deposit in Rs -back to Canada in Cad dollars in legit way
Canadian citizen family of four at present in India. Amount around 50 Lakh Rs .

---

Is this a simple enough solution?

I will buy 45 lacs for 80K CAN$. I cut a check to you and you make 3 DDs for 15lac each. Take it or leave it. I think this is a simple straight forward deal. By the way, I live right here in Canada but make occasional trip to India. By the time I move there, I would like to build a one-acre orchard, with a small mansion and everything.

Additional:
However, if you insist on bringing your term deposit from India, I suggest you take the deposit certificate to SBI-Canada downtown Trono and sit with their manager. They might help you (walk you) thru the process. Recently, I brought nearly 2 crores from India. The whole process took about one month.

I do have yet another proposition: If you have blood relations in India, you might want to think about writing off your deposit to them. Let 'em enjoy a few small pleasures in life, in your name!! If you do this, you need to somehow convince them that it is a one-time deal and there won't be any more crumbs coming their way. I handed out a crore and they seem to expect more cash when I go there now. I basically tell 'em I beg for food in Canada so no more money left.

Tx for replies I have surrendered FDS and cash is sitting in savings for now.These FDs were here before I migrated to Canada decade ago .
Other option is to get them converted to Cad Dollors thru currency dealers and bring cash with you ,I think family of 4 can bring in 40K without need of declaring it ,or may be bring in 80 K and declare it with proof of FD copies...?

Quote:

---

Originally posted by Bingo

Tx for replies I have surrendered FDS and cash is sitting in savings for now.These FDs were here before I migrated to Canada decade ago .
Other option is to get them converted to Cad Dollors thru currency dealers and bring cash with you ,I think family of 4 can bring in 40K without need of declaring it ,or may be bring in 80 K and declare it with proof of FD copies...?

---

These CBSA agents are sticky and they quote the rules as Canadian and want the sum to be in Canadian Dollars. It is worth noting the write up on their website, if you are carrying it in person.

Today as it stands, the fair exchange is Rs.80lacs for $40K CAD, is the fair exchange. You can certainly add for the exchange and commission to take advantage. Any other figure is slightly out of my gourd.

FH.

Quote:

---

Originally posted by Bingo

Tx for replies I have surrendered FDS and cash is sitting in savings for now.These FDs were here before I migrated to Canada decade ago .
Other option is to get them converted to Cad Dollors thru currency dealers and bring cash with you ,I think family of 4 can bring in 40K without need of declaring it ,or may be bring in 80 K and declare it with proof of FD copies...?

---

-----------------------------------------------------------------
sumjo