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  #31 (permalink)  
Old 11-04-2007, 10:22 PM
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Simple...ask someone to make bank draft in dollars...mail or fedex here..

Quote:
Originally Posted by sands View Post
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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  #32 (permalink)  
Old 11-04-2007, 10:24 PM
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A bank wire from any bank in India is the simplest and cheapest way for you if you don;t have or need an nre/nro a/c. The limit has or is being raised to $200,000 from $100,000.

Also for tax purposes in USA, you can get a gift of $200,000 from your parents and upto $12000 anually from other people without a tax incident up here.(completely unrelated info to your current wire)
Also u can wire from any bank in India.

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
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  #33 (permalink)  
Old 11-04-2007, 10:27 PM
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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
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Quote:
Originally Posted by GCBy3000 View Post
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.
As I mentioned in my post, I had a resident Indian A/C - account that was opened when I was legally a resident Indian (salary a/c incidentally). No way it can be confused with one of N/RE/O accounts. I had INR in my account. It was wired over to my account here in the US, I got $s. Simple. If you look through the link that I posted, ICICI's instructions are quite clear - you can say family maintenance as a good reason.

As a couple of people commented in subsequent posts, it is straightforward to send money, INR to $.
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  #34 (permalink)  
Old 11-05-2007, 02:03 AM
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Quote:
Originally Posted by frankiesaysrelax View Post
As I mentioned in my post, I had a resident Indian A/C - account that was opened when I was legally a resident Indian (salary a/c incidentally). No way it can be confused with one of N/RE/O accounts. I had INR in my account. It was wired over to my account here in the US, I got $s. Simple. If you look through the link that I posted, ICICI's instructions are quite clear - you can say family maintenance as a good reason.

As a couple of people commented in subsequent posts, it is straightforward to send money, INR to $.
Can the wire transfer be requested online using ICICI's(or HDFC's) website ? Or do you need personnally do it from India ?
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  #35 (permalink)  
Old 11-05-2007, 02:05 AM
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Quote:
Originally Posted by aviko21 View Post
A bank wire from any bank in India is the simplest and cheapest way for you if you don;t have or need an nre/nro a/c. The limit has or is being raised to $200,000 from $100,000.

Also for tax purposes in USA, you can get a gift of $200,000 from your parents and upto $12000 anually from other people without a tax incident up here.(completely unrelated info to your current wire)
Also u can wire from any bank in India.
I don't think there is any tax liability if you get the money from India to USA. So it should not matter if you get the money from India as a gift or from your local savings account in India. Is it correct ?
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  #36 (permalink)  
Old 11-05-2007, 02:21 AM
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Default I dont know how....

I have read lot of articles on money transfer.....and all said money can come from India only if it is for education or medical reasons. ....... we need to show proof for the same too....

Anyway, whoever was able to do it.....good for him :-)

I found a guy here who is giving me his dollars in US in exchange of rate of Rs40=$1. I am losing some money in this transaction.....but I guess....I will have to take it

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  #37 (permalink)  
Old 11-05-2007, 09:16 AM
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Default Depositing NRE Mutual fund investment back to NRE account

Dear friend

It looks like you can show some light on my stuggle with ICICI bank to deposit money in My ICICI NRE account.

Story is like this, I went to India this summer deposited money to several mutual funds from my ICICI NRe account. One of the investment (in franklin ) was wrong by the mistake of my agent ( because US person can not invest in some of the US based mututal funds and frankln is US based fund) So I had to struggle to get money back from Franklin, as it was not proper investment ( wer mentioned NRE US based in forms, so they should have out right rejected investment, but they alloted it and then I have to fght back to get it returned)

Luckly due to my correct application I was able to get money back from franklin. they issued RS check, which I tried to deposit to my NRE account at ICICI bank. ICICI rejected check saying it is in RS. I tried to persue them it is REFUND FROM MUTUAL FUND (NRE INVESTMENT) from the same ICICI account but they still wants the proof that it NRE money. I have still this check bouncing back between me and ICCI bank. I also approached franklin to get letter. This time they have qouted some earlier RBI rule ( I have not read letter) and I am trying to redeposit that with check again.

Here in this My bigger question is we all are investing lot of Money from NRE account in Mutual funds and other investment options available to US in India as NRI. but when it comes to getting money back in our NRE account ( naturally all returns/refunds from India investment will be in RUPEES CHECKS ONLY) then we have big trouble like One I am facing right now.

SO DOES OUR INVESTMENT IS TRUELY REPRETRIABLE.
WE CAN GET OUR ORIGINAL INVESTMENT AS WELL AS GAINS ON THAT BACK TO NRE ACCOUNT OR NOT

IS IT THE ICICI BANK ONLY or ALL OTHER BANKS ARE GIVING TROUBLE wHEN WE TRY TO REDEPOSIT OUR MONEY ( in rupees) back to our NRE account.

Please explain your experiences in this regard.

If possible also provide links that talk in more details about REPRETRIABILITY OF NRE INVESTMENT

Also let me know which is best NRE bank to work with without any such hassles in India?
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  #38 (permalink)  
Old 11-05-2007, 09:06 PM
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Default

Can the wire transfer be requested online using ICICI's(or HDFC's) website ? Or do you need personnally do it from India ?
__________________
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  #39 (permalink)  
Old 11-05-2007, 11:23 PM
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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
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Quote:
Originally Posted by miththoo View Post
Can the wire transfer be requested online using ICICI's(or HDFC's) website ? Or do you need personnally do it from India ?

In my case, the request was processed at the local branch. I don't recall seeing an option on ICICI to do the wire transfer. But assuming there is, you should give that a shot. You might have better luck at the branch though .... RBI has the so called KYC - Know Your Customer rules for all banks and that may give you some leeway.
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  #40 (permalink)  
Old 11-05-2007, 11:25 PM
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Default ICICI Sucks

Quote:
Originally Posted by pmpforgc View Post
Dear friend

It looks like you can show some light on my stuggle with ICICI bank to deposit money in My ICICI NRE account.

Story is like this, I went to India this summer deposited money to several mutual funds from my ICICI NRe account. One of the investment (in franklin ) was wrong by the mistake of my agent ( because US person can not invest in some of the US based mututal funds and frankln is US based fund) So I had to struggle to get money back from Franklin, as it was not proper investment ( wer mentioned NRE US based in forms, so they should have out right rejected investment, but they alloted it and then I have to fght back to get it returned)

Luckly due to my correct application I was able to get money back from franklin. they issued RS check, which I tried to deposit to my NRE account at ICICI bank. ICICI rejected check saying it is in RS. I tried to persue them it is REFUND FROM MUTUAL FUND (NRE INVESTMENT) from the same ICICI account but they still wants the proof that it NRE money. I have still this check bouncing back between me and ICCI bank. I also approached franklin to get letter. This time they have qouted some earlier RBI rule ( I have not read letter) and I am trying to redeposit that with check again.

Here in this My bigger question is we all are investing lot of Money from NRE account in Mutual funds and other investment options available to US in India as NRI. but when it comes to getting money back in our NRE account ( naturally all returns/refunds from India investment will be in RUPEES CHECKS ONLY) then we have big trouble like One I am facing right now.

SO DOES OUR INVESTMENT IS TRUELY REPRETRIABLE.
WE CAN GET OUR ORIGINAL INVESTMENT AS WELL AS GAINS ON THAT BACK TO NRE ACCOUNT OR NOT

IS IT THE ICICI BANK ONLY or ALL OTHER BANKS ARE GIVING TROUBLE wHEN WE TRY TO REDEPOSIT OUR MONEY ( in rupees) back to our NRE account.

Please explain your experiences in this regard.

If possible also provide links that talk in more details about REPRETRIABILITY OF NRE INVESTMENT

Also let me know which is best NRE bank to work with without any such hassles in India?

Dude,
ICICI sucks......i hate those guys.....their claims are big but poor banking and customer service......personally i have found SBI to be best although they are little slow.

On the top of it....sending money for investment is a bad idea......I have already lost money in it....and now facing issues getting money back.

In the whole episode, I lost so much peace of mind that money that grew in India was not worth........I guess there is a limit to what we want but greed inside us still ask us to invest.....let it be hard way....but I have learnt a lesson....if I have to live in US....it is better that I find investment opportunities here and live a "peaceful life". At the end we all need peace !!!
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  #41 (permalink)  
Old 11-06-2007, 02:10 PM
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Default

Quote:
Originally Posted by frankiesaysrelax View Post
In my case, the request was processed at the local branch. I don't recall seeing an option on ICICI to do the wire transfer. But assuming there is, you should give that a shot. You might have better luck at the branch though .... RBI has the so called KYC - Know Your Customer rules for all banks and that may give you some leeway.
Did you mean the local ICICI branch ? I would appreciate if you could let me know the process that you followed to get the money from India.

Thanks,
Miththoo
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---------------------------------
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  #42 (permalink)  
Old 11-06-2007, 04:18 PM
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Default Wire transfer

My friend sent me through wire transfer. I think bank was HDFC.
He had't get RBI clearance or anything and he sent under maintenance category or something like not sure.

It was done in 2005 not sure rules are changed lately.

Hope this helps
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  #43 (permalink)  
Old 11-06-2007, 04:23 PM
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Default Restrictions imposed by USA for money transfer from India

Hello All,

All the above posts talk about issues / various means of transfering money from India. I want to know what are the restrictions from USA side ( the US bank side ) in transfering money and depositing same in terms of tax , fees , legality etc

thanks
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  #44 (permalink)  
Old 11-06-2007, 04:35 PM
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Default not legal?

Quote:
Originally Posted by frankiesaysrelax View Post
As I mentioned in my post, I had a resident Indian A/C - account that was opened when I was legally a resident Indian (salary a/c incidentally). No way it can be confused with one of N/RE/O accounts. I had INR in my account. It was wired over to my account here in the US, I got $s. Simple. If you look through the link that I posted, ICICI's instructions are quite clear - you can say family maintenance as a good reason.

As a couple of people commented in subsequent posts, it is straightforward to send money, INR to $.
I read somewhere that according to RBI rules an NRI is not supposed to maintain any regular account in INDIA. One can only ve NRO/NRE accounts.
You said yu got the money from the old account. Do you think it was all according to RBI regulations

here is the link
http://sify.com/finance/fullstory.php?id=14549040

Last edited by nikh; 11-06-2007 at 04:51 PM.
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  #45 (permalink)  
Old 11-06-2007, 04:43 PM
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I agree, It's not worth investing in India and going through all the legal hassles when it comes to getting it back.

I myself invested a small amount there 2 years ago, which has grown quite a bit but I'm not sure if and how I can get it here.

One thing I'm doing is that whenever myself or my family goes to India, We don't take much money with us from here. We just spend from whatever we already have in India. My brother is a joint account holder in my savings account with HDFC. I just sell some stocks and transfer that money to our HDFC account, he withdraws money and hands it over to us when we reach there.

Whatever you earn in India, spend in India
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