Posted on: 27-01-05 10:23:58
Quote:
Orginally posted by Val
I am not an expert on this. But what I know is Indian govt (RBI) has now liberalised the foreign exchange rules. So there won't be any problem from Indian Govt side if one wants to brings USD 25000 per year. No questions asked. HowEver u need to have PAN number if you are buying more than IRs. 50000.
I’ve been out of touch with foreign exchange legislation in India since the old FERA Act was replaced in the late 90’s with the FEMA (?). In the past, it was true that one could not purchase foreign exchange without a valid reason (like a visa), which was to be shown to the bank officials while making the purchase. I do imagine that this has since changed, subject to certain limits.
Quote:
Orginally posted by Val
I am not sure how the canadian govt treats I guess one has to declare in the income, pay the tax for the money they have outside the country and against that they can bring the money in.
If these assets were in cash (or bank balances) in your name outside Canada, and you are merely remitting them into Canada, you would not declare this as income. Even as a resident, you can have assets outside Canada and have no obligation to disclose these assets unless they exceed the equivalent of CAD 100k. Under the Canadian tax law, any income earned on these assets should be offered for taxation as ‘world income’.
Disclaimer: Not an expert on Canadian tax law or Indian foreign exchange legislation.
Quote:
Orginally posted by DiogenestheCynic
Q. I have become a citizen of Canada. I want to bring the C$ equivalent of INR2.0Lakhs from India to Canada. Can I do it?
What is the limit on how much INR can be coverted into forex and moved to Canada? Is there a workaround.
Thanks.
You can very easily bring this much of amount. You need not even to think on this issue. You can easily bring up to cad$ 10000
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Rabyte
NR a/cs can b held in India as NRE / NRO . NRE is repartrable account-- any money in them can be converted back into foreign exchange when desired . In NRO it is not so .
Q is -- if the money is NOT in NRE a/c then how does 1 get it out of the Indian System ..... As DtC points u cant simply go on the counter and ask banks 2 change INR .......... or can u ??
If u prove that u r a resident abroad what is the limit and what document u need 2 submit ??
Manasvi.
Quote:
Orginally posted by Manasvi
NR a/cs can b held in India as NRE / NRO . NRE is repartrable account-- any money in them can be converted back into foreign exchange when desired . In NRO it is not so .
Q is -- if the money is NOT in NRE a/c then how does 1 get it out of the Indian System ..... As DtC points u cant simply go on the counter and ask banks 2 change INR .......... or can u ??
If u prove that u r a resident abroad what is the limit and what document u need 2 submit ??
Manasvi.
As per Reserve Bank of India's official website you can bring ONE MILLION US DOLLARS (YES IT IS ONE MILLION US DOLLARS) per calender year from your NRO account subject to some conditions which I am pasting below:
'Money from NRO accounts Not repatriable except for the following in the account:- 1.Current income. 2. Upto US$ 1 million per calendar year for any bonafide purpose out of the balances in NRO account/sales proceeds of assets. Immovable property should have been held for a period not less than ten years. 3. If the immovable property acquired out of rupee funds is sold after being held for less than ten years, remittance can be made, if the sale proceeds were held for the balance period in NRO account (Savings/ Term Deposit) or in any other eligible investment, provided such investment is traced to the sale proceeds of the immovable property.'
And here is the link to the RBI website :
http://www.rbi.org.in/index.dll/55387?OpenStory?fromdate=10/18/03&todate=07/27/04&s1secid=0&s2secid=0&secid=20/0/0
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
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ani70 Didn't the Bank of Baroda ask any questions? Was it a regular account that you had opened with your father in law or did it have any special features since you were an NRI
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Hi DiogenestheCynic,
Sorry to be in replying to your query.
Yes it was a regular joint savings acount with my father in law.I belive my father in law filled up a form (with the detail of the receipient and amount )which actually bank produced to RBI for their clearence.Also he provided Bank of Baroda my BMO checking Account details and the money wired to my account within 3-4 days.
Bank Of Baroda has some tie up with BMO and tha's why I went via that bank.
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ani
U can get that much of cash in canadian currency, no body checks here. According to rules I believe the limit is equivalent to US$5000. Best way is wire transfer, but it costs money, about CAD$25.
Mr.Chopra,
Regarding NRO accounts I was told that if you put the sales proceeds of immovable property in India, it is repatriable in US dollars or otherwise.
Do you know how this money would be taxed in India if I deposit the funds in Rupees in India from the sale and have it repatriated immediately? I am just trying to find out how things work..
thanks
