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imh1b
08-14-2013, 10:23 AM
Under new RBI guidelines, it seems transfer of rupees to dollar from India to US has been made difficult.

Instead of a $2Lakh limit per year, it is now $75K limit per year.

So if you are planning to sell expensive property and bring money here, it will not be easy.

krishmunn
08-14-2013, 10:27 AM
Does anyone have experience transferring Rupee to $ ? Even with the earlier limit, I believe it is too much hassle to do this. Would appreciate any first hand experience

ramaonline
08-15-2013, 10:16 AM
Not done it before but the process is simple if repatriating from NRE / NRO accounts

For NRO accounts, you need to get a CA certificate

ICICI Bank Outward Remittance: Send money to your loved ones abroad (http://www.icicibank.com/Personal-Banking/account-deposit/Outward-Remittance/faqs.html)

imh1b
08-15-2013, 10:29 AM
Not done it before but the process is simple if repatriating from NRE / NRO accounts

For NRO accounts, you need to get a CA certificate

ICICI Bank Outward Remittance: Send money to your loved ones abroad (http://www.icicibank.com/Personal-Banking/account-deposit/Outward-Remittance/faqs.html)

Not everyone opens NRE/NRO accounts. Its not good too. The interest rates are low and not useful to transfer big amounts.

What if you sell a property in India and want that big amount to USA?
It is simply impossible. Now with new restrictions there will be more problems. Governments likes NRIs sending dollars to India and the process is easy. But anytime some dollars go out of the country, they frown. So all those of us who are investing a lot in India and happy that money there is growing faster, will have it hard to bring that money back in USA.

if any of us become citizens in USA and we have old bank accounts in India with money we want here. It is not easy. As a citizen I have heard you should not be operating those account. You should be opening NRE/NRO accounts instead. Tax issues are another problem if you become settled here and earn money outside the country. It is another discussion people are completely unaware.

snthampi
08-15-2013, 01:12 PM
It is funny that politicians are able to take billions and billions of Rupees and stash it in foreign banks, but common people have stricter limits. By the way, why the hell the govt should have any right to tell me where I can send/transfer my money, especially it is legally earned and taxed money and I am not sending to some banned entity?

katta
08-15-2013, 04:07 PM
It is funny that politicians are able to take billions and billions of Rupees and stash it in foreign banks, but common people have stricter limits. By the way, why the hell the govt should have any right to tell me where I can send/transfer my money, especially it is legally earned and taxed money and I am not sending to some banned entity?

I agree with you that RBI should not restrict. They are happy to welcome $ but frown if you take ur money back in $.

INR is managed ie it's value is some what based on free market but not completely based on free market. RBI puts restrictions to curb speculations like crude oil and other thing is INR is not strong. Rather than making Indian market strong Indian Govt controls the INR value with these restrictions.

Everyone is saying money is growing fast India but there is no real economic value generated like engineering products like US or Germany or manufacturing like China. Its all service and the value appreciation is just transaction between people. Indian market will make correction ie bubble burst.