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  Canada Immigration Forum > About Canada > Financial Planning > How to bring back Indian Fixed Deposits in Cad Dollor..?
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How to bring back Indian Fixed Deposits in Cad Dollor..?




What is the best way to get Indian fixed deposit in Rs -back to Canada in Cad dollars in legit way
Canadian citizen family of four at present in India. Amount around 50 Lakh Rs .


 
Bingo

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Post ID: 237038 11-05-18 08:00:01
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Full House
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Member since: Oct 12




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What you have under this from me is only for your guidance. Pl Contact the BANK.


I am sure that you are a Canadian here and want to bring your Indian funds inside Canada for your use. If you have the same therein Fixed Deposit, the bank will have a good idea as to its origins. If not, you can establish the same as soon as you can and preferably at your earliest.

If the sum that you have there in Fixed Deposit is after-tax money, it will be an easy task to export it out of India and as of today, the Canadian Dollar is gaining momentum in your favour and the chances of improving the same are getting better, as the US dollar is weakening further. But the Banks might charge you a cent or more in exchange to provide you with the Canadian Dollars when your FD matures. You can return back here and ask for an update on the conversion factor whenever you are ready.

The Bank will help you with this in getting the same out of India. It will cost you a few bucks. Currently, they also charge a component called cess (and GST). Please find out how much it is in your case.

This is a Legitimate way and hope this helps you.

FH.

https://economictimes.indiatimes.com/slideshows/investments-markets/5-things-to-know-about-liberalised-remittance-scheme/remit-money-across-the-border/slideshow/53807935.cms

LRS..: Liberalized Remittance Scheme (LRS)
The Liberalized Remittance Scheme (LRS) was announced in 2004 as a step towards further simplification of Indias foreign exchange services. It allows individuals, including minors, to remit up to US$ 200,000 per financial year. There are no restrictions on frequency of remittance, but the individual must have an account at an authorized dealer and must designate a branch of that bank, through which all remittances under LRS will be made.

The LRS allows Indian residents to acquire and hold shares, including property, outside India without prior approval of the RBI. In other words, it effectively waives Schedule III of FEMA. Individuals can also open foreign currency accounts with banks outside India for carrying out transactions. Importantly, the LRS is not available to corporate or partnership firms.

A foreign national that wishes to remit funds under the LRS will need to use their PAN number, which can be issued to foreign nationals with a valid visa. The purpose of the PAN number is to bring universal identification to all financial transactions and to prevent tax evasion.

One crucial requirement of the LRS is that the individual must have had a bank account at an authorized dealer for at least one year. Such a bank is specifically authorized by the Reserve Bank under Section 10(1) of FEMA to deal in foreign exchange. Most large international banks are authorized dealers.


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Quote:
Originally posted by Bingo

What is the best way to get Indian fixed deposit in Rs -back to Canada in Cad dollars in legit way
Canadian citizen family of four at present in India. Amount around 50 Lakh Rs .





 
Post ID: 237047 11-05-18 20:34:05
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GlobalIndian
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Member since: Apr 07




Posts: 160
Location: NB


Is this a simple enough solution?

I will buy 45 lacs for 80K CAN$. I cut a check to you and you make 3 DDs for 15lac each. Take it or leave it. I think this is a simple straight forward deal. By the way, I live right here in Canada but make occasional trip to India. By the time I move there, I would like to build a one-acre orchard, with a small mansion and everything.

Additional:
However, if you insist on bringing your term deposit from India, I suggest you take the deposit certificate to SBI-Canada downtown Trono and sit with their manager. They might help you (walk you) thru the process. Recently, I brought nearly 2 crores from India. The whole process took about one month.

I do have yet another proposition: If you have blood relations in India, you might want to think about writing off your deposit to them. Let 'em enjoy a few small pleasures in life, in your name!! If you do this, you need to somehow convince them that it is a one-time deal and there won't be any more crumbs coming their way. :) I handed out a crore and they seem to expect more cash when I go there now. I basically tell 'em I beg for food in Canada so no more money left.


 
Last edited by: GlobalIndian on 13-05-18 11:11:54
Post ID: 237049 13-05-18 10:57:15
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Bingo
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Tx for replies I have surrendered FDS and cash is sitting in savings for now.These FDs were here before I migrated to Canada decade ago .
Other option is to get them converted to Cad Dollors thru currency dealers and bring cash with you ,I think family of 4 can bring in 40K without need of declaring it ,or may be bring in 80 K and declare it with proof of FD copies...?


 
Post ID: 237052 14-05-18 06:50:04
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MITRON
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Member since: Sep 17




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Quote:
Originally posted by Bingo

Tx for replies I have surrendered FDS and cash is sitting in savings for now.These FDs were here before I migrated to Canada decade ago .
Other option is to get them converted to Cad Dollors thru currency dealers and bring cash with you ,I think family of 4 can bring in 40K without need of declaring it ,or may be bring in 80 K and declare it with proof of FD copies...?



If you have a NRE or NRO account, you can easily repatriate them to Canada legally without any issues. If they are in a regular savings Indian resident account then its a bit tricky.

Bring them $ 10,000 or slightly below that at a time.


 
Post ID: 237053 14-05-18 12:32:41
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Full House
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Member since: Oct 12




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These CBSA agents are sticky and they quote the rules as Canadian and want the sum to be in Canadian Dollars. It is worth noting the write up on their website, if you are carrying it in person.

Today as it stands, the fair exchange is Rs.80lacs for $40K CAD, is the fair exchange. You can certainly add for the exchange and commission to take advantage. Any other figure is slightly out of my gourd.

FH.


 
Post ID: 237054 14-05-18 12:54:39
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sumjo
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Member since: Jun 04




Posts: 351
Location: Mississauga


Quote:
Originally posted by Bingo

Tx for replies I have surrendered FDS and cash is sitting in savings for now.These FDs were here before I migrated to Canada decade ago .
Other option is to get them converted to Cad Dollors thru currency dealers and bring cash with you ,I think family of 4 can bring in 40K without need of declaring it ,or may be bring in 80 K and declare it with proof of FD copies...?



My very recent experience while trying to take foreign currency with me from India to Canada:

If you are a foreign citizen (even with an OCI), you are not eligible to take out/or buy foreign currency in India......that is legally! You can only take back with you the foreign currency that you had declared to the customs when you landed in India, nothing more.
Off course you can always take the chance and buy forex from the black market and take it with you, but if you get caught at the security screening/customs, you might end up paying a hefty penalty OR forfeit of the total amount by the Indian authorities.

-----------------------------------------------------------------
sumjo

 
Post ID: 237055 14-05-18 14:12:09
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Fido
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Member since: Aug 06




Posts: 5274
Location: Canada


I learned from an RBI approved Forex dealer that the current annual limit of carrying FX is USD 250,000.

USD 3000 in currency and balance in TCs which you can deposit to your bank here.

This applies to both Indians and OCIs .

Where's the catch?

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Fido.

 
Post ID: 237063 16-05-18 16:33:53
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rajcanadaMember of Administrators
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Member since: Jul 03




Posts: 2711
Location: Kitchener, ON


As Sumjo said as a Canadian citizen in India, you will not be allowed to buy foreign currency, so those options of cash and TCs are ruled out if you want to transfer legally.

You will need to transfer the funds to NRO account and get form 15CA/CB filled by CA to make an outward remittance from India.

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Give free food http://www.thehungersite.com ||

 
Post ID: 237065 16-05-18 22:36:12
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sumjo
Senior Desi
Member since: Jun 04




Posts: 351
Location: Mississauga


Fido,

This forex amount is for Indian citizens only, not for Foreign PP holders/OCIs.
We, as OCIs with CAD PP can only bring into India up to USD $5000 without declaring it to customs. Anything above that has to be reported at the point of arrival in India.
While gong back, if questioned/searched, if you are carrying up to $5000, you should be ok, they cant penalize you. Anything above that, its at the discretion of the officer where bribe/penalty/forfeit of the extra amount comes into play.



Quote:
Originally posted by Fido

I learned from an RBI approved Forex dealer that the current annual limit of carrying FX is USD 250,000.

USD 3000 in currency and balance in TCs which you can deposit to your bank here.

This applies to both Indians and OCIs .

Where's the catch?




-----------------------------------------------------------------
sumjo

 
Post ID: 237066 17-05-18 12:49:23
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Contributors:
Bingo(2)  Fido(1)  Full House(2)  GlobalIndian(1)  MITRON(1)  rajcanada(1)  sumjo(2)  
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