Posts: 2873
Location: Western Hemisphere
Posted on: 07-05-10 20:14:09
Location: Western Hemisphere
Posted on: 07-05-10 20:14:09
There has been prior discussion on repatriating money from India; however, I did not find the answer I am looking for. Hence, I am trying this thread.
If a Cdn citizen (with OCI) is employed in India full time for the entire year, say for the next couple of years, and earns in Rs, how can this individual send the money from Rs to $ to Canada to pay for certain monthly expenses of his/her dependant(s) living in Canada?
Would the solution be through a NRO account? Any limits, restrictions? Thanks very much.
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Dimple2001
Quote:
Originally posted by dimple2001
There has been prior discussion on repatriating money from India; however, I did not find the answer I am looking for. Hence, I am trying this thread.
If a Cdn citizen (with OCI) is employed in India full time for the entire year, say for the next couple of years, and earns in Rs, how can this individual send the money from Rs to $ to Canada to pay for certain monthly expenses of his/her dependant(s) living in Canada?
Would the solution be through a NRO account? Any limits, restrictions? Thanks very much.
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Reserve Bank of India does permit the remittances to Family and kith and kin abroad with the Dollars, after determining that you are an NRI and the local Banker where you do the daily transactions will be in a position to help you with the sum needed out of your Indian earnings there. Mention that it is for their day to day expenses.
You can see the RBI web site under the NRI Remittances. Also find a good Auditor or an accountant to help you with these remittances and TAXES at BOTH ends.
Freddie.
1) http://www.rbi.org.in/scripts/FAQView.aspx?Id=52
2) http://www.rbi.org.in/scripts/FAQView.aspx?Id=66
Posts: 2873
Location: Western Hemisphere
Posted on: 08-05-10 13:36:51
Location: Western Hemisphere
Posted on: 08-05-10 13:36:51
Thank you Freddie.
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Dimple2001
