OCI and Forex


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yellowknife   
Member since: Sep 04
Posts: 447
Location: Mississauga

Post ID: #PID Posted on: 18-02-09 14:17:35

Does anyone know if it is possible to go to a bank in India and get forex (convert Rupees to foreign currency) once you become an OCI. If so, what documents do you show the bank (if any) ?

Obviously with an Indian passport, this is not a problem.



pratickm   
Member since: Feb 04
Posts: 2831
Location: Toronto

Post ID: #PID Posted on: 18-02-09 16:52:57

Quote:
Originally posted by yellowknife
Obviously with an Indian passport, this is not a problem.

I'm not so sure.
During my previous two trips to India, both times banks have refused to give me foreign currency in exchange of Indian rupees.
According to them, once you are a non resident (regardless of passport type), you can only obtain INR in exchange of foreign currency and not the other way around.
The same story has been told to me independently by bank, Thomas Cook and a couple of major travel agencies that deal with currencies.

So now, I simply carry along some CAD or USD that I might need on my return journey instead of obtaining foreign currency in India.


-----------------------------------------------------------------
"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"


cdn_dude   
Member since: Dec 05
Posts: 942
Location:

Post ID: #PID Posted on: 18-02-09 17:31:29

I was always able to get the foreign money in exchange of INR at the airport, on my way back to Canada or the US - they never asked my resident status, just noted my passport details. But I have never tried this with my Cdn passport.

Quote:
Originally posted by pratickm

Quote:
Originally posted by yellowknife
Obviously with an Indian passport, this is not a problem.

I'm not so sure.
During my previous two trips to India, both times banks have refused to give me foreign currency in exchange of Indian rupees.
According to them, once you are a non resident (regardless of passport type), you can only obtain INR in exchange of foreign currency and not the other way around.
The same story has been told to me independently by bank, Thomas Cook and a couple of major travel agencies that deal with currencies.

So now, I simply carry along some CAD or USD that I might need on my return journey instead of obtaining foreign currency in India.



yellowknife   
Member since: Sep 04
Posts: 447
Location: Mississauga

Post ID: #PID Posted on: 19-02-09 10:10:15

Thanks for the responses guys. I have had instances (both at banks and at forex places at the airport or other places in India) where they don't even ask to look at your Indian passport sometimes. But in most cases they do ask to look at your passport.

I was just trying to find out if anybody had been able to buy forex in India using their OCI card/paper or whatever they provide. I guess the answer is NO.

Thanks



chandresh   
Member since: Mar 03
Posts: 2606
Location: Toronto

Post ID: #PID Posted on: 19-02-09 15:19:54

One should be able to get foreign currency if he/she is using the money lying in a bank account since he became a foreign national.

One is also able to get foreign currency if he is able to show a documentary proof that he had originally converted foreign currency in to Indian rupees earlier to meet his expenses or what so ever.


-----------------------------------------------------------------
Chandresh

Advice is free – lessons I charge for!!


vondesiong   
Member since: Nov 20
Posts: 6
Location: New York

Post ID: #PID Posted on: 17-02-21 17:32:32

Do you think ladies have chance to achieve success in Forex trading? I am reading feedback from active traders, and these are normally males. Check admiral markets forex review https://tradersunion.com/brokers/forex/view/admiral_markets_uk/ . But I am really good at mathematics, so I decided to test my skills too. Anyway, I am not going to invest much.



Full House   
Member since: Oct 12
Posts: 2677
Location:

Post ID: #PID Posted on: 23-02-21 06:21:20


I wouldn't invest a dollar into it VONDESIONG. But I will give you a Dollar of mine for you to get started. Do you see any "0"s running on your kitchen floors? all you need is to collect SIX of them. I know you don't want to bend down to pick them and collect. So, I will be able to direct you and show you how you do it.

Since you say that you are good at Math, you will have no PROBLEMO. Please get one more person and then drop me a note. I will find someone who will help you.

1st of Jan., 2022 please leave Canada. I will help you with a Travel Agent, but please get your Moderna Vaccine shot before departure.

You have a great future.

FH.




Quote:
Originally posted by vondesiong

Do you think ladies have chance to achieve success in Forex trading? I am reading feedback from active traders, and these are normally males. Check admiral markets forex review https://tradersunion.com/brokers/forex/view/admiral_markets_uk/ . But I am really good at mathematics, so I decided to test my skills too. Anyway, I am not going to invest much.







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