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DiogenestheCynic
Member since: Oct 04

Posts: 859
Location: At my desk
Post ID: #PID

Posted on: 24-02-05 17:47:26

I am not sure my initial query has been adequately addressed. Will someone who has done it himself be kind enough to advise? Ihe scenario is that I have savings account in India. The acoount contains the money I got when I left my job in India like gratuity and PF etc. As I understand, since I am an NRI now, the account automatically becomes an NRO account. That being the case though, I am not sure if money in the account in INR can be converted into forex and transferred to my account here. If you think I am wrong and say it is possible, can you please spell out the exact steps that have to be taken/

Thanks in advance.

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Diogenes
====================
The Cynic

Val
Member since: Oct 03

Posts: 189
Location: Toronto
Post ID: #PID

Posted on: 24-02-05 19:00:15

1. Go to SBI,Thomas Cook or any Exchange like Airlink etc. with your passport and ticket and cash or cheque.
2. Exchange it to usd.
3. you can exchange only to the extent of Rs. 50,000.
4. Anything more than this requires PAN, and cheque payment.

ani70
Member since: Oct 03

Posts: 765
Location: Canada
Post ID: #PID

Posted on: 24-02-05 21:45:29

Your best option will be to transfer that INR amount to your parent's or in laws account in India and they can send upto $5000 per person per year via wire transfer .Your in laws can send upto $10,000 ($5000 each for you and their daughter).
Though bank won't give you a good rate and the process is pretty hassle free and money will be deposited in your account with 2-3 business days.
I did similar thing couple of months back and again asked my in laws to do similar wire transfer next week.
Will update you accordingly.

thanks

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ani

Pramod Chopra
Member since: Sep 03

Posts: 1284
Location: Pickering, ON
Post ID: #PID

Posted on: 24-02-05 22:40:50

Quote:
Orginally posted by yellowknife

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

Hi Yellowknife,

I apologize as I could not reply earlier to your PM because of being busy in RRSP season. However, I am pasting a link to another thread which contains a link regarding NRI/NRO accounts and I hope that you might get certain answers from there.

http://canadiandesi.ca/read.php?TID=7148&page=1#39447

Earlier in this thread I have pasted a link from RESERVE BANK OF INDIA's website which will guide you how you can remit the proceeds of your property sale from India. I believe that will also tell you about the conditions of transferring the money from sale proceeds of the property in India.

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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

chandresh
Member since: Mar 03

Posts: 2606
Location: Toronto
Post ID: #PID

Posted on: 24-02-05 23:16:46

Quote:
Orginally posted by Pramod Chopra

Quote:
Orginally posted by Manasvi

'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.

While it seems a simple explanation, if does not define a 'Bonafide purpose'. Is the purpose of using the money for my living expenses a bonafide purpose?

Chandresh

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Chandresh

Advice is free – lessons I charge for!!

yellowknife
Member since: Sep 04

Posts: 447
Location: Mississauga
Post ID: #PID

Posted on: 25-02-05 10:05:01

Mr. Chopra, everybody else, thanks for your replies.
I guess I will have to handle this matter once I go to India and meet with a CA face to face. If there are any CAs who are in India and are visiting this site please let me know...

thanks

DiogenestheCynic
Member since: Oct 04

Posts: 859
Location: At my desk
Post ID: #PID

Posted on: 25-02-05 10:35:20

Quote:
Orginally posted by ani70

Your best option will be to transfer that INR amount to your parent's or in laws account in India and they can send upto $5000 per person per year via wire transfer .Your in laws can send upto $10,000 ($5000 each for you and their daughter).

I remember, you told me that earlier too and thanks for the advice. But do you mean to say that when they go to the bank and ask for a wire transfer to be set up, the bank will not ask any questions with regard to the status of the person to whom the money is being sent. Won't they need some sort of information and evidence that tells them that the forex is not being sent to someone who is not an NRI? Can money be sent to anyone who has an account in Canada? Maybe I am wrong, but I find it a trifle difficult to believe that the Indian govt has become so lax with forex as to allow it to flow out of the country to anyone outside, within the limits you mentioned of course. Could you please confirm that your parents/in-laws were not asked to submit any information about your credentials? What exactly transpires at the bank?

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Diogenes
====================
The Cynic

Contributors: DiogenestheCynic(5) ani70(5) Val(4) Pramod Chopra(3) Manasvi(3) yellowknife(3) chandresh(2) oshoexports(2) jago_desi(1) crenshaw(1) Smiley(1) dr_san_singh(1)

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