Full House gave you the best advice, that is if you are not in a hurry to spend your dolla in India. First open an NRI bank account in India, ask them bank router info as well as swift code pertinent to their branch. It is better to send large sums using swift system (you pay a flat 40 dollars in fees) and it will guarantee you that the money will reach India safe and sound, and will leave a clear paper trail so in India they won't bug you about your money sources. I used swift system to send large amounts; if you got only a few thousand to send at a time, use remitly or Times of India (these charge no fees if you are sending 500 bucks or more, upto a limit of 10k); Western Union charges fees and their rates, if you are sending into NRE account as INR, are not good.

If you don't need to use your cash soon, you can park it in India in FCNR accounts. State Bank of Hyderabad gave me 3.24 APY on Loonie deposits. Try getting that here on GICs! FCNR is good if you don't need to convert your bucks into INR, since INR is losing value somewhat fast. You can try and look at the pace INR value loss over time and make your projections and calculate if there is or can be any real gain (rates for INR deposits are higher than for FX). Good luck.

Hi,
Thanks HF,GlobalIndian,RAJCANADA

I am going to invest all money to buy a house in india, immediately,
As u know ,in india when u buy a house u need to pay some white money for legal documents and remaining amount pay as a black money. I already pay white money to the seller , need to pay remaining amount immediately.
Thanks again
Manoj

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BE HAPPY KEEP HAPPY

Sir, Hawala is the best to pay.

Next will come Western union. If you send$ 500 or $ 1000 per time, then you need not provide proof of anything. Try to send it in multiples of $ 500 or $ 1000. Try different stores at different time.

I once received black money payment for a property that I sold. The buyer too me to his house and gave me money in a big suitcase. He wwas not willing to give in white. I have depoisted the money in a private bank in India which said that they will not report to IT dept.. I am not sure when I withdraw it, I have to pay tax or not.

As an NRI/OCI, you do have some concession while the IT Dept. deals with your pocession or income. That is what I heard from an US Citizen.

Murali

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I am a Gents and not a Ladies.

Quote:

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Originally posted by mrpandya

Hi
northyork_desi
I checked with ICICI and there rate is very low compare to other bank, so ICICI is not a good choice for example if current rate is rup 51.26 cent ICICI will give you rup 51.18 cent., I will check with SBI .

manoj

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Chandresh

Advice is free – lessons I charge for!!