How to Convert Indian Rupees to CAD


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jigz787   
Member since: Aug 04
Posts: 773
Location: Toronto

Post ID: #PID Posted on: 01-12-04 11:05:44

Hi There...!!
I have Indian rupees here in Canada ....
I want to exchange them for Canadian Dollar...
What will be the best source where I get good rates...
Any suggestions will be appriciated....



DiogenestheCynic   
Member since: Oct 04
Posts: 859
Location: At my desk

Post ID: #PID Posted on: 01-12-04 11:41:01

I don't think you can do that. Except by the "hawala" route, and that is illegal.
But that is AFAIK.


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Diogenes
====================
The Cynic


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

Post ID: #PID Posted on: 01-12-04 12:14:14

India requires you to surrender/convert all Indian currency before leaving India.

However, this rule is not enforced abroad.

I know that it is possible to convert INR to USD at any US Airport.
It is another matter that you will get the worst possible conversion rate :o

Try converting at an airport.

However, I would suggest you save it for your next India trip :D


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"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"


aryan49   
Member since: Nov 04
Posts: 8
Location: Halifax

Post ID: #PID Posted on: 01-12-04 16:36:55

why you not ask this to icici or statebank of india in canada.they are able to help you
.
addresses
search :google.ca



Daks   
Member since: Mar 04
Posts: 157
Location: Toronto

Post ID: #PID Posted on: 01-12-04 17:08:53

Quote:
Orginally posted by pratickm

India requires you to surrender/convert all Indian currency before leaving India.




Maybe amounts upto Rs.5,000 can be taken out and brought back into India. Refer the FAQ below:
http://www.geocities.com/indiancustoms/baggagerule/rbifaq.htm

Just to substantiate the Rs.5,000 limit per person I read up both the documentation on RBI as well as the above site address which I gave above.

At the end of it I am no wiser. An Indian Resident going abroad temporarily is allowed to take upto Rs.5,000 out of the country. But, RBI is silent on whether an NRI or a Foreigner can bring Indian currency from outside India. The presumption seems to be NRI's and Foreigners would bring in only USD.

Daks



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

Post ID: #PID Posted on: 01-12-04 20:49:55

I remember that many years back when I flew out of the Mumbai (then Bombay) airport, there was a sign after the customs checkpoint saying that no Rupees allowed beyond this point.
There was also a counter where you could convert any left-over INR to any of the major currencies (USD, GBP, etc.)

At the same time, I remember visting India after living abroad for a year and was going to go back to the US, travel agencies refused to give me USD in exchange of INR because they said I am an "NRI".

As for being an NRI, my understanding is that as soon as a person leaves India for an "indefinite" period of time he/she becomes an NRI.
So anyone leaving on a work permit (like I did) would become an NRI the moment they leave, whereas someone going abroad on a fixed-length tourist visa won't.

Clear as mud ? :D


-----------------------------------------------------------------
"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"


Manasvi   
Member since: Sep 03
Posts: 733
Location: Bahrain

Post ID: #PID Posted on: 02-12-04 01:54:42

How does an NRI get INR 20 lacs out of India in foreign currency ??

Kindly share legitimate as well as Hawala route . Also is it possible by converting it to gold ??


Manasvi



Contributors: pratickm(6) DiogenestheCynic(4) jigz787(3) jago_desi(3) Manasvi(1) chandresh(1) deepcb(1) maxim(1) aryan49(1) vrk_appu(1) Daks(1)



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