Posted on: 26-11-08 10:59:06
Hi Everyone! 
My family currently resides in Toronto. We have been here for a while. My parents have properties (plots) back home in India. They are trying to get them sold. We are expecting them to sell above CAD $100,000.
Your help and input would be appreciated.
From what i know ... the hawala route is very shady and illegal.
Do i have alternatives? Is it easier to transfer to a US bank (maybe)?
We do have an account in SBI Canada. Is that going to help?
THANK YOU!!
You can wire the money to your bank account in Canada from India. Banks in India can help you in that, suggest other options, and advise you on FERA/FEMA limitations or you can search google or banking websites.
Hawala is illegal and also highly risky. You may get good rate but you put your entire $100,000 at risk too.
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Raj Pls correct me I am wrong ..
Through wire transfer one can get money in Canada ONLY what is the value on papers . Generally it is about 25 % of the real value . I was told this by a rep in Citibank . I had not checked it with different sources yet and would like to get the right answer myself .
AG
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Quote:
Originally posted by AshwaniG
Raj Pls correct me I am wrong ..
Through wire transfer one can get money in Canada ONLY what is the value on papers . Generally it is about 25 % of the real value . I was told this by a rep in Citibank . I had not checked it with different sources yet and would like to get the right answer myself .
AG
What you are saying could be true. If you sell a property for Rs 40 lakhs and show it on paper like you sold for Rs 10 lakhs, then through bank only Rs 10 lakhs may be allowed to be remitted outside India.
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Thanks for the feedback so far.
So, i spoke to ICICI bank. They said they can allow upto 10 lakh rupees in transfer. Anything above that would require:
(a) "a bonafide reason"
(b) approval of a CA (Chartered Accountant) in India
For transferring funds greater than 10 lakh rupees, I am guessing this procedure should work. right?
