Dear Mr. Bhatt, would it be possible for a video about the proposed changes proposed in the 2023 union budget to outward remittance taxation. An increase to 20% from 5% on remittances above $8500 is definitely worth a discussion!
Your spoken statement may be true,Sir. In practice the financial crooks are transferring the Indian funds to their overseas interests without following the rules with the connivance of the bank and government officials, see Neerav Modi , Vijaya Mallyayya and others to name a few .
Hi, Thanks for the informative video. Please make a video on eRUPI and its benefits in making international payments online from India to other countries.
After seeing the title I thought they will talk about how NRI can bring his own money from India to USA 🇺🇸 .. why India make everything so hard I can send money to India 🇮🇳 from USA 🇺🇸 Xoom $50000 easily but not other way around ..
good info. There are NRIs who were earlier RIs for long years and have funds earned and accumulated in INR in India. How do such NRIs remit such funds abroad fir their own use/ use off relatives etc
You are right, I just experienced this!! I have transferred funds to India many times from the US, but when I try to get my money back from india there is a restriction on how I can get to another country every year and I got disappointed.. Unless it is a business bank, I think you may transfer a lot more funds from India. Well, I will get to know about that too..
At one point your expert said even a loan given to a son by father comes under lrs? A child can be given any amount as a gift correct? How do you distinguish a loan with out interest from a gift?
@@rajanmathai It is a very relevant question and not stupid. Even though it is yr own money, it is in an Indian Bank and rules and regulation will apply.
Sir Good information. One clarity required - Is this limit of LRS or USD 2.5 lac also applies for the resident transfer to Non resident in its NRO account?
Very informative video, in simple language. Can you please give information about the income-tax liabilities on gift given to a married daughter by father?
I want likely information. Do I need to pay consultation fee before calling. Please specify. Can you advise me on phone and thereafter send me the summary of formalities needed for money transfer to a family member a resident outside India for paying his house loan? Regards
Thank you very much. My doubt about TCS got cleared. Even if you have to pay TCS, it can be adjusted or claim refund in the Income Tax return of the subsequent year.
I am a pensioner in India and live in the USA as a green card holder. I have filed my ITR as an NRI. To transfers funds for my personal expenses from the accumulated pension amount do I need Form 15 CA & 15 CB or can I straight away use Form A2?
In my Opinion, Form 15CA-Part D would suffice and no requirement for Form 15CB in this specific scenario... Please consult your banker in this regard for confirmation from them...
I am an US citizen and have an NRO account in India. I have remitted Rs. 5 lakh in May 2024. I had submitted 15 ca form. I want to remit additional 2 lakh this year. Will I need to submit 15 ca form again? Is 15 cb also required?
Father wants to gift his amount from selling the property to his sons who are NRI, what is the maximum amount gifted to each one of them and are there any tax to be paid?
IS THAT AMOUNT SHOULD BE WHITE MONEY IN INDIA? CAN OCI CITIZEN FROM AUSTRALIA SEND THE MONEY GOT FROM HIS SHARE OF HIS FATHER'S PROPERTY SALE? NATURALLY THE BUYER OF THE HOUSE WON'T PAY ALL IN WHITE? THEN how to bring back the money to Australia?
If an NRI previously a resident needs to transfer funds from a sale of a family property in India to any foreign account belonging to the person what will be the right procedures. Hope you could shed some light
You make it sound like you can send money to non residents as family member only, why you keep bringing family member/relative link ?? Or is that the case ? A resident who is friend of non resident, can he send funds ?
Very well explained. It was very helpful & informative was looking out for this info. As I have done remittance abroad of 6.70lakhs filling A2 form. But I feel hdfc bank should not have collected tcs for this transaction. What is to be done. Can you advice..thanks.
I would like to know that Suppose we talk to an outside investor in a start-up company in India and he will bring big funding from there, then how will he credit his lease to Indian Bank.
There are FDI and FPI rules for such investments into India... it needs to be done with proper caution as well as consultation as it depends on lot of factors...
Hello Sir, I am buying a property (flat) from NRI. I am taking a loan to buy a flat from the bank. This loan amount needs to be transferred to the current owners NRO account. So I want to confirm if the loan amount is transferred to the NRO account then are there any charges applicable to me on this transaction. I am an Indian resident.
Sorry to say, fema rules are not clear and vast majority of practicing ca's in tier -III cities and most of the towns are not clear with this rule. These days every month thousands of Resident Indians working abroad on deputation may eventually changed their status to 'PR' holders OR 'Green Card holders'. Nothing is mentioned as how they can take their hard earned savings in India can be taken to their new countries to buy a car / house.
Under LRS, what I understand is that the limit is $250k USD. Can the same Resident transfer to multiple NRIs, each equivalent to $250USD. Say, for example, one Resident wants to send money to 2 NRIs so in a given year, this resident can send $250k USD in total to these 2 NRIs or to each one of them equalling $500k USD?
Hello Sir, How can an NRI transfer money from his NRO account in India to his child abroad for education? Why is it that only a resident can transfer funds? If I have been saving money in India, why am I not allowed to use it for my child ?
Query: Individual had a salary account (Resident / Tax paid and returns filed) and later migrated to overseas (Non-Resident) i.e. Foreign bank account. On transferring money for maintenance from own resident to foreign bank account, LRS is applicable right ? Limit states more than 7 lacs, there is 5% charges applicable. Is there any way to file a return for this ?
I recall watching in another video with CA Sriram that an NRI who sells ancestral property in India can remit the proceeds abroad under LRS. But in this video, it is being said that LRS can be utilized only by Residents and this is not available to NRIs. Pls amplify.
There is another video by name 1 Million dollar repatriation scheme for NRIs . You can repatriate under that scheme. This video is available on this channel
@@NRIMoneyClinic I am an OCI in USA. I want to wire $10000 from my property selling money from India to USA… do I need Chartered Accountsnt Certification for that ?
Dear Sir, in an other video with Mr. Danush explained that 250000$ transaction yearly can only done by resident indian to NRI should be a relative, but here Mr. Sriram has not mentioned any word Abt relative Pls explain it to me . Thanks.
Limit is overall as applicable to all transactions… but allowability of transaction needs to be seen on case to case basis… gifting to non-relative outside of India is not permitted under FEMA… so purpose need to be changed from gift to Donation… these are all finer points, needs to be verified on case to case basis… do take professional consultation before execution of transaction
Sir I highly appreciate the knowledge imparted by you and the CA. I am an NRI and also have an NRO account. I want to remit IRS 26Lakhs to my daughters foreign account to cover her university fees . I have submitted A2 form along with the university invoice to my bank, however the bank is asking in addition the 15CA / CB form . Is this required as per FEMA regulations. Your comments would be greatly appreciated. Thank you Sir. Regards, Gerard De Lima
Form 15CA/15CB is required as per Income Tax regulations and not as per FEMA. If it is for household purposes or educations covered by RBI code S1301, S1302, S0305 etc., then 15CA/15CB is not required as per Income Tax Rules
@@sriramrao2514 Good morning Sir, Thank you for your reply and clarity which is highly appreciated. Our request to canara bank for the foreign exchange remittance was related to paying my daughter university fees for which we had provided all documents and invoices from the university and used the transaction code S0305 . However the bank insisted to submit the 15CA / CB forms . I would highly appreciate if you could send me the link / document stating that for such code the 15CA / CB submission was not mandatory . I could then approach the bank and ask clarification. Many thanks in advance and God bless you . Regards, Gerard De Lima.
Thank you for this channel to the benefit of the NRI/OCI. My husband who passed away 2 years ago started an NRI account for his pension money in Kerala. He is the account holder and I am the joint account holder. There is still some money in the account. I am in USA and I would like to get the money transferred to my US bank account. Is this possible? I do not have an Indian bank account, nor an adhar card. Could you advise me on this, please?
foreign remittances are taxed presently at 5%.New taxation law of 20% is it effective from 1st April or July 1st of2023.and am I permitted to remit money upto July 1st at 5%. Please clarify
@@sriramrao2514 yes I meant NRE account. (Typo mistake). So let me rephrase my question for ease of understanding. An NR (neither ROR nor RNOR) getting TH-cam income in an NRE Account, will be taxed in india or not?
What about remitting money from my own NRE and NRO account in India to my local UAE account or any other foreign account? Is there a limit?..Was it not discussed as it is more direct and simpler..any inputs?
Watch this video for Transfer of funds from NRO to NRE or foreign bank outside of India th-cam.com/video/NIfgcQzoQpc/w-d-xo.html Funds can be freely from NRE to foreign bank is freely allowed…
Sir, rather all CA's and indviduals should come together to protest with govt against .Its so difficult to even tranfer my own money from India for self expenses. All is ok when we send money to India. So Sad and wrong.
Can u pl be enlighten if we have in US dollar FD and want to transfer when we migrate permanently to australia ? Is only 250,000 allowed or all while migrating.
Please share the exact process for this. Money in NRE account INR how to convert to USD then make FCNR DEPOSIT with same bank. I am NRI my daughter is US citizen but she is staying in India AND NRE money is her account only. Response on this highly appreciated.
You need to contact banker for conversion process of NRE to FCNR... However, if your daughter (OCI) is living in India, hasn't she become a resident as per FEMA? If yes, then she cannot maintain NRO/NRE bank accounts...
Good explanation Sir i have doubt with regards to remittance that is say for example if one person goes to abroad for study purpose and side by side that person also earns in abroad and then in order to support his fmly in india if he remits money to india thru bank then first question is how much max money can be send ? Is there any upper limit ? Second question is can that money be remitted to normal savings account in india or it has to be spl account ?
No limit on remittance… if it is remitted to a resident, then it can be remitted to SB a/c… if it is remitted to non-resident, then it has to be remitted either to NRE or NRO a/c… you can watch other videos in this channel for bank a/c maintenance by NRI’s
My bank provides online foreign outward remittance facility. Can I use that facility to send money to a tour operator who is organizing a trip abroad for me rather than going to the bank? if I remit online, do I need to submit any A2 form to the bank?
Resident has opened PPF. After 10 years , He left India for Employment outside and Become NRI. How He can take the money outside India ? What is the process, pls guide. Regards
I request you to cover how a new immigrant can transfer their funds overseas
Exactly, Sir! The Definition of What's legal and what's not is constantly changing. Thank God! This channel is clarifying this and more.
This is the best video on FEMA and LRS on TH-cam so far.
Thank you very much
Dear Mr. Bhatt, would it be possible for a video about the proposed changes proposed in the 2023 union budget to outward remittance taxation. An increase to 20% from 5% on remittances above $8500 is definitely worth a discussion!
Hello Mr, Bhatt
Can you please reply on this? What are the alternatives to transfer money from India to USA?
Very useful information for students studying abroad and their parents
Like all your videos this is also superb. Every information is authentic. What a great service! Be blessed always.
Beautifully Explained, Your effort to simplify rules is praise wothy
Very good interview n good analysis by the anchor n the learned young CA.i am really enlightened.thank you.
A great information and that clears lots of doubt of common man. Thanks a lot.
Dhanyawad ji for excellent and lucid presentation by SriRam ji and impressive anchoring subject u chose.
Dear Chandrakant,
I found this video quite useful.
Could you pls. inform how OCI card holders can transfer their INR funds to their overseas account ?
Your spoken statement may be true,Sir. In practice the financial crooks are transferring the Indian funds to their overseas interests without following the rules with the connivance of the bank and government officials, see Neerav Modi , Vijaya Mallyayya and others to name a few .
One very common topic touched. Great job!
Very informative about an issue that is at the back of the minds of a lot of people but didn't know whom to ask.
Hi, Thanks for the informative video. Please make a video on eRUPI and its benefits in making international payments online from India to other countries.
Very useful information. Highly appreciated.
Would appreciate if you could explain the tax implications also for transfer up to INR 7 lakhs.
UpTo 7 lacs per financial year by the same remitter there will be no TCS amount exceeding seven lacs will face 5% TCS
4:29 things are getting crystal clear only Chandrakanth sir explains :)
Very good information, learned new thing about TCS. Thanks. Can you make a video of transferring funds from NRO to NRE account?
This video is already there on the channel
Very simplify explanation Thanks you both.
It will be very helpful if you cover NRI inr remittance to foreign
Very appropriate & this makes the matter crystal clear !
Very good presentation and guidance, without wasting time 🎉🙏
After seeing the title I thought they will talk about how NRI can bring his own money from India to USA 🇺🇸 .. why India make everything so hard I can send money to India 🇮🇳 from USA 🇺🇸 Xoom $50000 easily but not other way around ..
True bro. Did you find the right and most economic way to do so ?
@@sir-cute not yet .. didn’t go India last year ..
I agree. The answer is its a third world country.
good info. There are NRIs who were earlier RIs for long years and have funds earned and accumulated in INR in India. How do such NRIs remit such funds abroad fir their own use/ use off relatives etc
You are right, I just experienced this!!
I have transferred funds to India many times from the US, but when I try to get my money back from india there is a restriction on how I can get to another country every year and I got disappointed..
Unless it is a business bank, I think you may transfer a lot more funds from India. Well, I will get to know about that too..
Very informative. Thank you for a great session and sharing.
Dr. Chandrkant your videos was helpful..thank you so much
Very coherent and succinctly provided information.
Very well explained.
Thank you very much.
It's a big help for us.
what if a present US citizen, wants to sell a previously held property, before he emigrated-how can it be done now.
He can sell... what is your exact query??
Many such chartered accountancy related topics r Wellcome!
At one point your expert said even a loan given to a son by father comes under lrs? A child can be given any amount as a gift correct? How do you distinguish a loan with out interest from a gift?
Very debatable issue… it all depends on execution of transactions & documents/evidences in that aspect…
When you conduct a discussion like this both or all people should be visible in the frame.
Thanks for advising on such important issue
Thank you very much for all the details provided.
No wonder Hawala exists why are they making it so complex
Please also add bank accounts ... Which bank account debited domestic/nro.... Which account the amount credited NRE/FCNR...etc...more helpful to us
Very useful information. Thanks to both. Great.
Very useful discussion. Thank you.
Very well made instructional video. Saved the 5% levy on txns for the last 5 mins. 😄🙏🏻
Can you help me ?
What about NRI transferring his own funds abroad.? Is there any provision for NRIs to transfer their own funds abroad?
Donot ask stupid question! It is your money can be transferred
@@rajanmathai It is a very relevant question and not stupid. Even though it is yr own money, it is in an Indian Bank and rules and regulation will apply.
Yes even I have the same question. Whom to contact?
For NRIs there is a scheme called 1 million dollar scheme. There is a detailed video on this channel on this scheme . Please be guided
This is now outdated. Can you update based on latest Budget of infamous 2024 Budget
Very informative and educative. Thank you.
Sir Good information. One clarity required - Is this limit of LRS or USD 2.5 lac also applies for the resident transfer to Non resident in its NRO account?
A good service by NRI Money Clinic.
Thanks for the update information. All the best. God bless
Very very useful information. Thanks
very useful information. Thank you sir!
very informative, sincerely thank you.
Very informative video, in simple language. Can you please give information about the income-tax liabilities on gift given to a married daughter by father?
There is already a video on Taxation of Gift... watch it and be guided...
I want likely information. Do I need to pay consultation fee before calling. Please specify.
Can you advise me on phone and thereafter send me the summary of formalities needed for money transfer to a family member a resident outside India for paying his house loan?
Regards
thanks for educating me
If a NRI, American citizen, sells property in India. How best can he transfer the proceeds to America.
Thank you very much. My doubt about TCS got cleared. Even if you have to pay TCS, it can be adjusted or claim refund in the Income Tax return of the subsequent year.
If someone wishes to gift an amount to his child who is now foreign citizen ( person of Indian origin) do the same rules apply ?
Yes
@@NRIMoneyClinic Thanks 🙏
Found your presentation very informative. Could you kindly advise the protocols for transfer of INR overseas by a NRI to a foreign national. Thanks
There are many videos on this topic on this channel. Please search through appropriate playlist on the channel
Done Great Job!!
Sir, can LRS be used fir the purpose of a cash gift to children or grand children residing abroad ???
I am a pensioner in India and live in the USA as a green card holder. I have filed my ITR as an NRI. To transfers funds for my personal expenses from the accumulated pension amount do I need Form 15 CA & 15 CB or can I straight away use Form A2?
In my Opinion, Form 15CA-Part D would suffice and no requirement for Form 15CB in this specific scenario... Please consult your banker in this regard for confirmation from them...
I am an US citizen and have an NRO account in India. I have remitted Rs. 5 lakh in May 2024. I had submitted 15 ca form. I want to remit additional 2 lakh this year. Will I need to submit 15 ca form again? Is 15 cb also required?
Very nicely explained.
Can we transfer the funds to abroad from saving account held in India under Repatriation scheme.
Thanks a lot, it was very informative.
Father wants to gift his amount from selling the property to his sons who are NRI, what is the maximum amount gifted to each one of them and are there any tax to be paid?
IS THAT AMOUNT SHOULD BE WHITE MONEY IN INDIA? CAN OCI CITIZEN FROM AUSTRALIA SEND THE MONEY GOT FROM HIS SHARE OF HIS FATHER'S PROPERTY SALE? NATURALLY THE BUYER OF THE HOUSE WON'T PAY ALL IN WHITE? THEN how to bring back the money to Australia?
Thank you Sir 🙏
Important topic talk.🇬🇧
Funds transferred from NRE fixed deposits needs to fill Form A2 and declare FEMA not exceeded $250000. Is it for Residents or NRI?
If an NRI previously a resident needs to transfer funds from a sale of a family property in India to any foreign account belonging to the person what will be the right procedures.
Hope you could shed some light
Already there is video in this regard in this channel, NRO to NRE transfer.... th-cam.com/video/NIfgcQzoQpc/w-d-xo.html
You make it sound like you can send money to non residents as family member only, why you keep bringing family member/relative link ??
Or is that the case ?
A resident who is friend of non resident, can he send funds ?
Very well explained. It was very helpful & informative was looking out for this info.
As I have done remittance abroad of 6.70lakhs filling A2 form. But I feel hdfc bank should not have collected tcs for this transaction. What is to be done. Can you advice..thanks.
You may adjust the TCS already paid against the IT return that you would file for that particular financial year.
TCS will be levied @5% on amount exceeding seven INR per year under same PAN
I would like to know that Suppose we talk to an outside investor in a start-up company in India and he will bring big funding from there, then how will he credit his lease to Indian Bank.
There are FDI and FPI rules for such investments into India... it needs to be done with proper caution as well as consultation as it depends on lot of factors...
Thanks Sir good information
Hello Sir, I am buying a property (flat) from NRI. I am taking a loan to buy a flat from the bank. This loan amount needs to be transferred to the current owners NRO account. So I want to confirm if the loan amount is transferred to the NRO account then are there any charges applicable to me on this transaction. I am an Indian resident.
Sorry to say, fema rules are not clear and vast majority of practicing ca's in tier -III cities and most of the towns are not clear with this rule. These days every month thousands of Resident Indians working abroad on deputation may eventually changed their status to 'PR' holders OR 'Green Card holders'. Nothing is mentioned as how they can take their hard earned savings in India can be taken to their new countries to buy a car / house.
Under LRS, what I understand is that the limit is $250k USD. Can the same Resident transfer to multiple NRIs, each equivalent to $250USD. Say, for example, one Resident wants to send money to 2 NRIs so in a given year, this resident can send $250k USD in total to these 2 NRIs or to each one of them equalling $500k USD?
No, $250k limit is for a remitter for a year in aggregate of all remittances irrespective of the recipient
@@sriramrao2514 Ok, thank you, Sriram.
@@sriramrao2514 For joint account will it be $500k for both?
Sir how can NRI transfer income on immovable property( in India) it it taxable or can transfer as self remittance
Hello Sir, How can an NRI transfer money from his NRO account in India to his child abroad for education? Why is it that only a resident can transfer funds? If I have been saving money in India, why am I not allowed to use it for my child ?
How about gifting money to Children who are NRI? How to transfer by a resident to NRI Children?
You can transfer money under LRS scheme
Excellent information
Good subject and good attempt
Query:
Individual had a salary account (Resident / Tax paid and returns filed) and later migrated to overseas (Non-Resident) i.e. Foreign bank account.
On transferring money for maintenance from own resident to foreign bank account, LRS is applicable right ? Limit states more than 7 lacs, there is 5% charges applicable. Is there any way to file a return for this ?
Can you also please define a non resident.
I recall watching in another video with CA Sriram that an NRI who sells ancestral property in India can remit the proceeds abroad under LRS.
But in this video, it is being said that LRS can be utilized only by Residents and this is not available to NRIs.
Pls amplify.
There is another video by name 1 Million dollar repatriation scheme for NRIs . You can repatriate under that scheme. This video is available on this channel
@@NRIMoneyClinic I am an OCI in USA.
I want to wire $10000 from my property selling money from India to USA… do I need Chartered Accountsnt Certification for that ?
You need to check it with a chartered accountant and your bank
Dear Sir, in an other video with Mr. Danush explained that 250000$ transaction yearly can only done by resident indian to NRI should be a relative, but here Mr. Sriram has not mentioned any word Abt relative
Pls explain it to me .
Thanks.
Limit is overall as applicable to all transactions… but allowability of transaction needs to be seen on case to case basis… gifting to non-relative outside of India is not permitted under FEMA… so purpose need to be changed from gift to Donation… these are all finer points, needs to be verified on case to case basis… do take professional consultation before execution of transaction
Greater Video! One question, can an NRI with NRO Account gift money in INR to his pairents or Relations from his NRO account?
Yes, can...
Valuable informations
If transferred as Gift from Resident to Non Redident either thru forex or INR whether it will not attract gift tax to be paid by the receiver.
Sir I highly appreciate the knowledge imparted by you and the CA.
I am an NRI and also have an NRO account. I want to remit IRS 26Lakhs to my daughters foreign account to cover her university fees . I have submitted A2 form along with the university invoice to my bank, however the bank is asking in addition the 15CA / CB form . Is this required as per FEMA regulations.
Your comments would be greatly appreciated.
Thank you Sir.
Regards,
Gerard De Lima
Form 15CA/15CB is required as per Income Tax regulations and not as per FEMA. If it is for household purposes or educations covered by RBI code S1301, S1302, S0305 etc., then 15CA/15CB is not required as per Income Tax Rules
@@sriramrao2514
Good morning Sir,
Thank you for your reply and clarity which is highly appreciated.
Our request to canara bank for the foreign exchange remittance was related to paying my daughter university fees for which we had provided all documents and invoices from the university and used the transaction code S0305 . However the bank insisted to submit the 15CA / CB forms .
I would highly appreciate if you could send me the link / document stating that for such code the 15CA / CB submission was not mandatory . I could then approach the bank and ask clarification.
Many thanks in advance and God bless you .
Regards,
Gerard De Lima.
@@pramilanoronha6546 check Income tax rules 37BB sub-rule 3 thereon…
Where you able to transfer the funds? Did you get the additional forms from CA and pay TCS?
Thank you for this channel to the benefit of the NRI/OCI. My husband who passed away 2 years ago started an NRI account for his pension money in Kerala. He is the account holder and I am the joint account holder. There is still some money in the account. I am in USA and I would like to get the money transferred to my US bank account. Is this possible? I do not have an Indian bank account, nor an adhar card. Could you advise me on this, please?
Yes, it is possible
Sir Sriram can an NRI/ OCI file ITR from abroad without coming to India. If yes than how you go about?
@@sriramrao2514 please let me know if you offer services to NRIs, my mom has same issue and can’t travel to India to resolve this!
@radhika . Yes , he does . You can send him an email on the mail ID shown in the video
I am green card holder at US and having bank account at US. Can I transfer my 1 lac.INR pension to my US account
foreign remittances are taxed presently at 5%.New taxation law of 20% is it effective from 1st April or July 1st of2023.and am I permitted to remit money upto July 1st at 5%. Please clarify
20% TCS would be from 01st July… prior to that 5% TCS
Pls explain how we transfer from abroad to india ..n whatis limit in nre acct in one financial year
What if an NRI transfers money to his/her account abroad
Very nice information
If a person is an NRI and receives TH-cam income in india. Can he get this income credited to an NRI account in india? If yes, how will it be taxed?
It will attract tax in India, if it is credited to NRO a/c…
@@sriramrao2514 appreciate your reply. But my question was about NRI account.
@@ASITL there is nothing called NRI a/c… do u mean NRE a/c??? If yes, then if u are a RNOR or ROR it would attract tax in India…
@@sriramrao2514 yes I meant NRE account. (Typo mistake). So let me rephrase my question for ease of understanding. An NR (neither ROR nor RNOR) getting TH-cam income in an NRE Account, will be taxed in india or not?
What about remitting money from my own NRE and NRO account in India to my local UAE account or any other foreign account?
Is there a limit?..Was it not discussed as it is more direct and simpler..any inputs?
Yes you can. NRE is freely repatriable. You can also repatriate through NRO basis supporting documents as directed by the AD/Bank.
Watch this video for Transfer of funds from NRO to NRE or foreign bank outside of India th-cam.com/video/NIfgcQzoQpc/w-d-xo.html
Funds can be freely from NRE to foreign bank is freely allowed…
Sir, rather all CA's and indviduals should come together to protest with govt against .Its so difficult to even tranfer my own money from India for self expenses. All is ok when we send money to India. So Sad and wrong.
Can u pl be enlighten if we have in US dollar FD and want to transfer when we migrate permanently to australia ? Is only 250,000 allowed or all while migrating.
Please share the exact process for this. Money in NRE account INR how to convert to USD then make FCNR DEPOSIT with same bank. I am NRI my daughter is US citizen but she is staying in India AND NRE money is her account only. Response on this highly appreciated.
You need to contact banker for conversion process of NRE to FCNR... However, if your daughter (OCI) is living in India, hasn't she become a resident as per FEMA? If yes, then she cannot maintain NRO/NRE bank accounts...
Good explanation
Sir i have doubt with regards to remittance that is say for example if one person goes to abroad for study purpose and side by side that person also earns in abroad and then in order to support his fmly in india if he remits money to india thru bank then first question is how much max money can be send ? Is there any upper limit ?
Second question is can that money be remitted to normal savings account in india or it has to be spl account ?
No limit on remittance… if it is remitted to a resident, then it can be remitted to SB a/c… if it is remitted to non-resident, then it has to be remitted either to NRE or NRO a/c… you can watch other videos in this channel for bank a/c maintenance by NRI’s
@@sriramrao2514 thank you sir
My bank provides online foreign outward remittance facility. Can I use that facility to send money to a tour operator who is organizing a trip abroad for me rather than going to the bank? if I remit online, do I need to submit any A2 form to the bank?
Resident has opened PPF. After 10 years , He left India for Employment outside and Become NRI. How He can take the money outside India ? What is the process, pls guide. Regards
Once its matured i.e. after 15 years, the same can be withdrawn...