Posted on: 25-02-05 12:16:04
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Orginally posted by DiogenestheCynic
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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 ($5000 each for you and their daughter).
I remember, you told me that earlier too and thanks for the advice. But do you mean to say that when they go to the bank and ask for a wire transfer to be set up, the bank will not ask any questions with regard to the status of the person to whom the money is being sent. Won't they need some sort of information and evidence that tells them that the forex is not being sent to someone who is not an NRI? Can money be sent to anyone who has an account in Canada? Maybe I am wrong, but I find it a trifle difficult to believe that the Indian govt has become so lax with forex as to allow it to flow out of the country to anyone outside, within the limits you mentioned of course. Could you please confirm that your parents/in-laws were not asked to submit any information about your credentials? What exactly transpires at the bank?
Hi Dio,
I worked in Bank of India for over 20 years before migrating to Canada in 1997. I have not kept pace with the everchanging laws there but I know even in early 90s a person who was going to study abroad would apply for a permit from RESERVE BANK OF INDIA through a bank dealing in Foreign Exchange and has a designation of an Authorized Dealer and he would be released Foreign Exchange on the condition that it had to be 'repatriated' back to India from the money earned abroad by the person (may be by working there during his/her studies).
Similarly, parents could apply for a permit to send gift to their kids abroad for occasions such as birthday gift or for any other purpose. They could send at that time almost US$ 500 once in a calendar year without having to 'repatriate' that money back to India.
Now, I presume, that with the improving economy, part convertibilty of rupee on current account and ever increasing forex reserves, the Reserve Bank of India has relaxed the rules quite a bit and now you can go to any 'Authorized Dealer' and send funds abroad to your relatives up to the sanctioned limit without asking permission from Reserve Bank. It is the authorized dealer's responsibility to release the exchange and then later report to RBI in their weekly, monthly and yearly returns which help them RBI manage the Forex Reserves and declare the postion/balance of these reserves at any given point of time.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Quote:
Orginally posted by dr_san_singh
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.
You can bring as much money you want in Canada during your immigartion time. But you should have to declare it at the time of entry if it is more than Cad $ 10,000
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Rabyte
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Orginally posted by oshoexports
You can bring as much money you want in Canada during your immigartion time. But you should have to declare it at the time of entry if it is more than Cad $ 10,000
I am not talking of bringing money at the time of immigration. I want to know if it is possible now. I am a Canadian citizen, but I have money in my savings accounts in India. Say I want to get some C$10,000 here for some purpose. Can I just go to Thomas Cook and hand over the equivalent INR and ask them to wire transfer the amount to someone in Canada? If yes, what will they ask for?
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Diogenes
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The Cynic
Times have changed now, India has relaxed the FERA rules. As long as they have the PAN, any Tom Dick and Harry can remitt money out of the country without any question to the extent of USD 25OOO. PER YEAR. You can even invest in foreign stocks if you like.
However it's better to go to the city branch as the staff over there presumably are more aware with the heavvy transactions than some other bank branches who does these kind of things once in a while. I would suggest Thomas Cook
I don't think it is easy to bring your NRO funds overseas. I have some deposits in INR (NRO) with Citibank and the Toronto NRI branch is the one that I deal with - even they have told me that I cannot bring those funds to Canada.
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
I am pretty sure that you can bring even NRO funds provided you first pay the applicable tax on it.
For more information, spend some time on this link.
http://www.khaleejtimes.com/DisplayNRILetters.asp?valid=1§ion=NRI&strpath=September2004
As I earlier mentioned that doing wire transfer upto $5000 per year as a gift from parents/In laws is not at all difficult nowadays.
For my case my in laws just filled up the forms which Banks usually submit to RBI for their approval but so far bank never asked about our NRI status.This is true for Bank Of Baroda and BMO but I believe the same should be applicable for any major banks.
For sure as a NRI you can't bring any forex yourself unless you provide a good reason to RBI.
Last time when I visited India I checked with Thomas Cook and they explained that you can get forex only on the balance amount which actually you braught from abroad.
Thanks
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ani
