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  #16 (permalink)  
Old 11-03-2007, 11:28 PM
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Default nre acct

are you sure one can fund an NRE account in Rs?

i've had an NRE account and the only way to put money is in $. you can then withdraw the money in $ or Rs, but i haven't heard of being able to fund it with Rs to start with.

i believe that students can also bring a much bigger chunk nowadays, maybe try that track.

also, if the $100K can be brought to the US each yr, why can't parents send it here as a gift, what is the deal with 30%, does someone know?

Quote:
Originally Posted by smisachu View Post
Check ICICI. I think it is called a NRE account. You can fund it in Dollars and Rupees and it could be repatriated in Dollars. So just open the account and have them deposit the monies India, you can draw it here. This kind of account is for NRI's who earn an income in India and want to access it here.
There is a limit I think but it must be like $25K..

Good Luck
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  #17 (permalink)  
Old 11-04-2007, 12:35 AM
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Default NRE and NRO Account

Folks,
For NRE account, you can easily send money to india and then repatriate it back. But in my case I have money to my NRE and bought an apartment. Now since i have sold that apartment, that money is in NRO account which is a one way account. You can only send money to NRO but you cannot get that money back in dollars from it.

Talking about getting money thru travellers check, you can do that only if you go to india and come back here in US with it....since you have to sign it at both places. Also there is a limit of $1500 for TC's when you come from India. Limitations....limitations....limitations.

If we send money to India for investment purposes.....all you will get is LOSS.

I started a business in India....lost lot of money in India becoz ppl in India do not want to trade honestly......bottomline......if you want to stay in US,,,,dont send your money anywhere....use in US and enjoy that money !!!
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  #18 (permalink)  
Old 11-04-2007, 01:12 AM
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ultimo will become famous soon enough ultimo will become famous soon enough
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all the options said here are the best & legal . but i will tell you one thing .
if u know any indian grocery near by they deal money also . u can pay the money to thier people in india & they will give it here taking 1 or 2% commission . but u should know the people , otherwise they will cheat
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  #19 (permalink)  
Old 11-04-2007, 01:06 AM
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Default RBI Permission

If you can provide a good medical reason like hospitalisation here in US, RBI will approve upto $100,000 to be sent to USA by your parents.Just get a letter from a desi doctor and ask your parents to approach RBI.good luck.
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  #20 (permalink)  
Old 11-04-2007, 01:18 AM
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Kumbakonam will become famous soon enough Kumbakonam will become famous soon enough
Default Hi

Quote:
Originally Posted by smisachu View Post
Check ICICI. I think it is called a NRE account. You can fund it in Dollars and Rupees and it could be repatriated in Dollars. So just open the account and have them deposit the monies India, you can draw it here. This kind of account is for NRI's who earn an income in India and want to access it here.
There is a limit I think but it must be like $25K..

Good Luck

If you have an NRE or NRO account, the money cannot be deposited into those accounts from India. This is my personal experience.
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  #21 (permalink)  
Old 11-04-2007, 06:42 AM
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I've had both kinds of accounts for years

NRE - you can only deposit funds from abroad, but cannot deposit funds into it from India. Havent repatriated back - so not so sure abt those rules

NRO - you can deposit funds from abroad & any money you receive in India - eg. if u get rent, or your PPF money etc. Bank will also deduct TDS on the interest you earn in this account. Not so with NRE. Legally, when you leave India, if you do not close your accounts, you shd change the status of ur existing a/c to NRO.

As far as the issue being faced by OP - dont know how much money we're talking abt here, but if your folks send u thru legal channels, they will have to explain why the money is being sent.



Quote:
Originally Posted by Kumbakonam View Post
If you have an NRE or NRO account, the money cannot be deposited into those accounts from India. This is my personal experience.
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  #22 (permalink)  
Old 11-04-2007, 10:20 AM
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frankiesaysrelax has a reputation beyond repute frankiesaysrelax has a reputation beyond repute frankiesaysrelax has a reputation beyond repute frankiesaysrelax has a reputation beyond repute frankiesaysrelax has a reputation beyond repute frankiesaysrelax has a reputation beyond repute frankiesaysrelax has a reputation beyond repute frankiesaysrelax has a reputation beyond repute frankiesaysrelax has a reputation beyond repute frankiesaysrelax has a reputation beyond repute frankiesaysrelax has a reputation beyond repute
Default

Quote:
Originally Posted by smisachu View Post
Check ICICI. I think it is called a NRE account. You can fund it in Dollars and Rupees and it could be repatriated in Dollars. So just open the account and have them deposit the monies India, you can draw it here. This kind of account is for NRI's who earn an income in India and want to access it here.
There is a limit I think but it must be like $25K..

Good Luck
Two years back the limit was $25,000 per year. It seems substantially higher now. I did it through a one stop process at ICICI. Not cumbersome at all.

I am not sure if it is as difficult as is everyone's impression in this thread.

http://www.icicibank.com/pfsuser/ici...remittance.htm

BTW, I repatriated money from a resident Indian account (account that I opened when I was a resident). I did not personally get an RBI clearance etc.

There were strict repatriation rules in the days when $s were in demand in India. These days RBI wishes there were less $s in the market. One of the reasons why the outflow is liberalized.

Good Luck.
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  #23 (permalink)  
Old 11-04-2007, 12:20 PM
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Default I send money everymonth to india

Quote:
Originally Posted by GCBy3000 View Post
I know this is not releated with Immigration. If you dont want to answer, that is fine. Just ignore this.

I have money crunch in US. I have accumulated huge debt in my CC. In past I have sent some money to India, but now when I ask my parents to send it here, they tell it is not possible without losing 30%. This is what they heard from my bank. Any Idea on how to get money from India from my own account to which I have sent from here.
I am in the other way round,Last year i bought a house in india and i keep sending money to india as soon as i get my salary deposited everymonth. Lot of my friends are in the same boat,we send all our savings to india. I send not less than $3 k /month to india and can try to help you.
Let me know how much you are planning to get here ,so that i can think of it. We can work on a mutual benefit way, if you are interested.

I live in Louisville,KY.
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  #24 (permalink)  
Old 11-04-2007, 01:17 PM
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aviko21 has a spectacular aura about aviko21 has a spectacular aura about
Default

One simple suggestion which is less comlicated than all those above.
BTW you don't need rbi clearance.
You can send an overseas wire from india through your bank a/c where the cost would be minimal( only exchange rate diff and cost of wire($25-50).

Your parents can safely gift you $100,000 a year. Your bank only would need a letter from them saying its a gift.

I have tried this to repatriate my assets and it works all the time.

No need to open nre or nro a/c or anything.
ps. don;t entertain any solicitation on this site for reverse hawala or anyhthing as you don;t know who will cheat you!
just my 2 cents
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  #25 (permalink)  
Old 11-04-2007, 01:58 PM
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Default i just callled

After reading your post, I just called the ICICI customer support and checked with them. They told me that I cannot get anything from my ICICI NRO account unless otherwise it is for education or for medical purpose.

I am not sure how you got your money from ICICI. May be you had put USD and got it back sometime later. Have you tried to bring back INR from ICICI account? If yes, let me know what you did.

Quote:
Originally Posted by frankiesaysrelax View Post
Two years back the limit was $25,000 per year. It seems substantially higher now. I did it through a one stop process at ICICI. Not cumbersome at all.

I am not sure if it is as difficult as is everyone's impression in this thread.

http://www.icicibank.com/pfsuser/ici...remittance.htm

BTW, I repatriated money from a resident Indian account (account that I opened when I was a resident). I did not personally get an RBI clearance etc.

There were strict repatriation rules in the days when $s were in demand in India. These days RBI wishes there were less $s in the market. One of the reasons why the outflow is liberalized.

Good Luck.
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Contributing 10 or 20 is always a pain when you have the option of getting it free.

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  #26 (permalink)  
Old 11-04-2007, 03:19 PM
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Quote:
Originally Posted by aviko21 View Post
One simple suggestion which is less comlicated than all those above.
BTW you don't need rbi clearance.
You can send an overseas wire from india through your bank a/c where the cost would be minimal( only exchange rate diff and cost of wire($25-50).

Your parents can safely gift you $100,000 a year. Your bank only would need a letter from them saying its a gift.

I have tried this to repatriate my assets and it works all the time.

No need to open nre or nro a/c or anything.
ps. don;t entertain any solicitation on this site for reverse hawala or anyhthing as you don;t know who will cheat you!
just my 2 cents
I know this is possible although I did not try this. I think you need to get a certified letter from CA. But can you give the money from your account and again have them gift you ? I mean wouldn't the bank check this is the same money that you gave to your parents previously.
Btw, you can get upto $100K from your NRE account without RBI's permission. Also you deposit your Rent, interest etc that you get in India, into the Repatriatable NRO account and repatriate here in USA.
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  #27 (permalink)  
Old 11-04-2007, 04:14 PM
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There is nothing to discuss on this. Just take the cash to any national bank SBI or ICICI or UTI and ask them i want to wire trasfer to US bank account. They ask you to fill up wire trasnfer form by giving US bank accout and routing numbers. They just do it by taking some fee for wire transfer. Thats it. You will get into your US bank account in a day. Thats for sure. I did this number of times. I don't know, you guys make it complex everything, by saying NRE/NRO/RBI etc. It just damn simple, do wire transfer.

Quote:
Originally Posted by miththoo View Post
I know this is possible although I did not try this. I think you need to get a certified letter from CA. But can you give the money from your account and again have them gift you ? I mean wouldn't the bank check this is the same money that you gave to your parents previously.
Btw, you can get upto $100K from your NRE account without RBI's permission. Also you deposit your Rent, interest etc that you get in India, into the Repatriatable NRO account and repatriate here in USA.
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  #28 (permalink)  
Old 11-04-2007, 07:03 PM
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Quote:
Originally Posted by dpp View Post
There is nothing to discuss on this. Just take the cash to any national bank SBI or ICICI or UTI and ask them i want to wire trasfer to US bank account. They ask you to fill up wire trasnfer form by giving US bank accout and routing numbers. They just do it by taking some fee for wire transfer. Thats it. You will get into your US bank account in a day. Thats for sure. I did this number of times. I don't know, you guys make it complex everything, by saying NRE/NRO/RBI etc. It just damn simple, do wire transfer.
Rupee is not yet fully convertible! So if its a big amount (dont remember the upper limit) you cannot wire... The only way you can do get it is for education or medical reasons. Lookig at the way the dollar is tanking I wouldnt be surprised if the rupee becomes fully convertible sooner that initially planned!
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  #29 (permalink)  
Old 11-04-2007, 07:15 PM
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Wink HDFC - BOfA

Recently transferred money from an HDFC acct in India to a Bank of America account. Abt $25 wiring charges. And you can transfer upto 100k.
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  #30 (permalink)  
Old 11-04-2007, 07:24 PM
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5K limit has been removed since long back,now its allowed upto 100,000 K dollars as gift from India but you have just have to prove that the amount doesn't have tax liability left on it.
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