Q. I have become a citizen of Canada. I want to bring the C$ equivalent of INR2.0Lakhs from India to Canada. Can I do it?
What is the limit on how much INR can be coverted into forex and moved to Canada? Is there a workaround.

Thanks.

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Diogenes
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The Cynic

thats about 6K cdn. You can get travellers cheque for that amount from India . No problem

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We will find a way or we will make one

Why not you are tansfering that INR amount to your close relative account and asking them to do a wire transfer?
I maintained a joint account with my father in law and last July,2004 he could send CDN $5000 via wire transfer from Bank of Baroda to BMO and bank charged about 1000 INR as processing fee.
I believe your relative can send you $5000 per year per person as gift without any supporting doc and for study/medical reason the limit is more.

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ani

DtC( and not DTC) ,

Congrats on your citizenship . Though this topic has been discussed a couple of times before but as a recap can we enlist the salient means and limitations of money that can be brought to Canada .

Thanks Ani for the input .

Wud others also give their inputs as per the following points as a starter ........

1. When a person enters Canada how much money can he bring above the prescribed limit .......... & do the Indian Authorities object ??

2. Is there any limit on money being brought on a PRs subsequent visits ?

3. When a spouse is being sponsored how much money can she bring ? Or othrer relatives as well.

4. If some relative in India wires or transfers money r their any limits in Canada as well as in India ??

Regards,
Manasvi

So, does it mean that someone can go to a bank in India that deals in forex and get a draft in Canadian dollars to be payable in Canada and send the draft in the mail? Is it that simple? I mean, I always thought that there were lot of hassles in converting INR to CS$ or US$. When did it change? Won't they ask the person who goes to get the forex, who it is meant for and what evidence is there that the person named in the draft is a Canadian citizen?
It can't be as simple as anyone walking into a bank and coming out with a draft in anyone's name for 5000 dollars. I think we are missing something.

Quote:

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Orginally posted by ani70

Why not you are tansfering that INR amount to your close relative account and asking them to do a wire transfer?
I maintained a joint account with my father in law and last July,2004 he could send CDN $5000 via wire transfer from Bank of Baroda to BMO and bank charged about 1000 INR as processing fee.

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Diogenes
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The Cynic

I believe if you have a joint account where your status as NRI, money can be wired to your account(out of India). For an Indian citizen it is not possible to buy $. You need some kind of visa or reason to purchase draft in $.

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Try overtaking child's imagination

I am not an expert on this. But what I know is Indian govt (RBI) has now liberalised the foreign exchange rules. So there won't be any problem from Indian Govt side if one wants to brings USD 25000 per year. No questions asked. HowEver u need to have PAN number if you are buying more than IRs. 50000.

I am not sure how the canadian govt treats I guess one has to declare in the income, pay the tax for the money they have outside the country and against that they can bring the money in.