Remittance from India


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john26   
Member since: Jan 07
Posts: 167
Location: Calgary

Post ID: #PID Posted on: 23-07-10 08:03:19

This is from todays news in DNA

The actual Q/A can be read here.


http://www.dnaindia.com/money/column_nris-can-still-receive-indian-pension_1413310


Question
Recently I came across some communication from my bank in India informing me about a changed law related to repatriation and remittance from India. It was mentioned that some form has to be uploaded by the customer (me) online etc. The language was too technical and I could not follow much of this jargon. Could you throw some light on what has changed and how it affects any remittances I may need to make in the future?

Answer
The procedure for the remittance process has been modified from July 2009 as follows. First, you would need to provide the bank with a certificate from an Indian Chartered Accountant.This certificate is to be provided in prescribed Form 15CB. You would also need to fill out Form 15CA. This Form 15CA also known as the ‘undertaking’ requires the remitter to furnish certain specified details (like name of the bank to which the money is to be credited, etc) regarding the proposed remittance.

The information to be furnished in Form 15CA is to be filled using the information contained in Form 15CB (certificate). Form 15CA has to be then uploaded on http://www.tin-nsdl.com." rel="nofollow">LINK The remitter will then take a print out of this filled up Form 15CA (which will bear an acknowledgement number generated by the system) and sign it.

The duly signed Form 15CA (undertaking) and Form 15CB (certificate), has to be submitted to the bank who will in turn forward a copy the certificate and undertaking to the Assessing Officer concerned. Once this is done, the funds may be remitted abroad. Please note that though the procedure seems complicated at first glance, it basically amounts to filling out of two forms, one of which will be done by the chartered accountant concerned. The other one has to be filled online and then printed out with the system generated acknowledgement number.

Submission of both these documents is all that is needed to effect the remittance.



unitz   
Member since: Jun 10
Posts: 139
Location: Surrey, BC

Post ID: #PID Posted on: 23-07-10 12:37:54

http://www.icicibank.com/Personal-Banking/account-deposit/Outward-Remittance/faqs.html#1

14) When is the C.A. Certificate required for initiating outward remittance?

Based on the Reserve Bank of India guidelines, a certificate in prescribed forms (15CA & 15CB) need to be produced while making remittances for certain types of transactions which are not covered by the Liberalised Remittance Scheme or Small Value Remittances. Please consult your local ICICI Bank Branch for details if your transaction does not appear to fall under any of these categories.

The certificate is also required for all remittances from NRO account and for foreign nationals seeking repatriation.

The formats and submission details are available at the Tax Information Network website of the Income Tax Department, at http://www.tin-nsdl.com



charliez   
Member since: Jul 12
Posts: 1
Location:

Post ID: #PID Posted on: 09-07-12 15:19:16

I am sharing a most discouraging experience trying to pull proceeds from sale of inherited ancestral land in India ( inherited more than 10 years ago) to Canada where I live and work; I was only trying to access 5000,- Can $s worth from a total amount of more than 100,000-; despite submitting a never-ending number of documents, certifications, notarizations, tax documents, proof of this and that using Federal express, communicating with one incompetent bank official after the other (one of which lost our foreign currency cheque - that's right ; we deposited a foreign currency cheque in person November 2011 : by April this year the big Indian bank admitted to having \"lost\" the cheque)..............I am now ready to state ; don't bother going down this route. It may exist in theory but you will never succeed in practise. It is an excersize in utter futility. You are better off just taking the allowed amount of cash out when or if you are visiting India ( 10,000$s). It seems that this country will be mired in hopeless red tape and /or incompetence for the forseeable future. And we are talking about a big Indian bank and a big (one of the five ) Canadian banks.



jobrown   
Member since: Jul 12
Posts: 1
Location:

Post ID: #PID Posted on: 10-07-12 11:01:51

Hi if in future you wish to deal with something in india like property money or legal services contact me. I had some problem but was able to figure it out with the help of some company back in india , they just take minimal amount of money and do evrything for you. :)





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