Currency to keep my savings in India
Posted: Thu Mar 15, 2007 12:57 am
I currently live in USA (US citizen) and plan to R2I in the near future. The questions I have are as follows:
1) I plan to sell my house, car and other assets and transfer the proceeds into my bank account in India. My religious beliefs do not allow me to get interest from the banks so I will just keep my savings that I transfer from here into a non-interest bearing account. Now the question is should I immediately convert the savings (let's say $200K) into rupees and keep rupees in the account or should I keep it as a dollar account and keep dollars or should I convert them into UK pounds and hold them. I am not that knowledgeable on the long-term prospects on which currency is better to hold. Would be interested in knowing how others have handled this matter as well.
2) If I convert into rupees and keep it in a repatriable rupee account, can I repatriate later on as dollars if I decide to come back to US?
I sincerely thank all the people who have contributed to this forum. Great work!!!
Meelak
1) I plan to sell my house, car and other assets and transfer the proceeds into my bank account in India. My religious beliefs do not allow me to get interest from the banks so I will just keep my savings that I transfer from here into a non-interest bearing account. Now the question is should I immediately convert the savings (let's say $200K) into rupees and keep rupees in the account or should I keep it as a dollar account and keep dollars or should I convert them into UK pounds and hold them. I am not that knowledgeable on the long-term prospects on which currency is better to hold. Would be interested in knowing how others have handled this matter as well.
2) If I convert into rupees and keep it in a repatriable rupee account, can I repatriate later on as dollars if I decide to come back to US?
I sincerely thank all the people who have contributed to this forum. Great work!!!
Meelak