USC - Transferring INR to USD

[IluvInd]

Friends,

I had transferred money from USA between years 2004-2007 using my NRE account. This money was used for real estate, mutual fund and FD investments. I lived in India for 10 years (2007 to 2017) and I am living in America now.

I have monies in rupees (combinations of my salary, mutual fund sales done 3-4 years back and rent). Is there any way I can transfer my rupees to USD using legal channels?

Thanks

[Desi]

Friends,

I had transferred money from USA between years 2004-2007 using my NRE account. This money was used for real estate, mutual fund and FD investments. I lived in India for 10 years (2007 to 2017) and I am living in America now.

I have monies in rupees (combinations of my salary, mutual fund sales done 3-4 years back and rent). Is there any way I can transfer my rupees to USD using legal channels?

Thanks

Contact Rajesh Dhruva http://www.femaonline.com/aboutus.php

[dbs]

Friends,.....I have monies in rupees (combinations of my salary, mutual fund sales done 3-4 years back and rent). Is there any way I can transfer my rupees to USD using legal channels?

Hi,
I had transferred about Rs 1200000 to UK around 2015 from my ord account. But as you know I was living in India at that time.
I had just gone to the bank and told them that I need to transfer this amount.
They filled out some forms and asked me to sign. The only point of contention was the reason for this remittance. After some arguments they accepted 'family maintenence'.
The money was in the UK account within 3 days.
So far I have not been questioned by anybody. IT returns have been processed and accepted.
But I was in India at that time.

How are you doing? I shall be going to NJ again next June.

[coolman]

Hi,
I had transferred about Rs 1200000 to UK around 2015 from my ord account. But as you know I was living in India at that time.
I had just gone to the bank and told them that I need to transfer this amount.
They filled out some forms and asked me to sign. The only point of contention was the reason for this remittance. After some arguments they accepted 'family maintenence'.
The money was in the UK account within 3 days.
So far I have not been questioned by anybody. IT returns have been processed and accepted.
But I was in India at that time.

How are you doing? I shall be going to NJ again next June.

Thanks for the responses. I currently live in USA. Looks like, as an Indian resident you can transfer upto $1m. I am in USA for last one year. Another related point that I am unable to find an answer is, whether one is allowed to transfer money in INR (earned in India as salary) to your own foreign bank account.

[Kay S]

You can transfer INR from any NRO account to US bank account or to your NRE account as long as the taxes have been paid in India. You can do this through your bank. They will ask you to show proof of source of funds. You can get get forms 15CA/CB through a Chartered accountant in India.

[Raj_India]

If you are indian citizen (holding Indian passport) then I think you can use Liberalized Transfer very easily. I believe that money transfer can be done online with many banks. I think LRS (Liberalized Remittance Scheme) needs very little to none paperwork. I do not recall LRS limit but it is different than NRI limit. I think it is less than NRI transfer (non-LRS) but still substantial.

If you are NOT Indian citizen, then you cannot avail LRS. Then you need CA to fill out forms 15CA, 15CB and most banks require that you physically present them one of those forms + their own forms in the branch where you have your money. You need to go to your bank's website and check for NRI remittance. You can move INR to your US bank - but your US bank may take longer to get you that money and currency rate may not be that favourable. You can transfer up to $1 mil annually. If you move the money from your NRO account to your NRE, then most banks allow you to schedule transfers when you need it - rather than doing it in bulk. As I mentioned, you do need CA for this type of transfer.

Regarding the ways to transfer from NRE to US bank, see the thread below just this one.

Friends,

I had transferred money from USA between years 2004-2007 using my NRE account. This money was used for real estate, mutual fund and FD investments. I lived in India for 10 years (2007 to 2017) and I am living in America now.

I have monies in rupees (combinations of my salary, mutual fund sales done 3-4 years back and rent). Is there any way I can transfer my rupees to USD using legal channels?

Thanks

[IluvInd]

If you are indian citizen (holding Indian passport) then I think you can use Liberalized Transfer very easily. I believe that money transfer can be done online with many banks. I think LRS (Liberalized Remittance Scheme) needs very little to none paperwork. I do not recall LRS limit but it is different than NRI limit. I think it is less than NRI transfer (non-LRS) but still substantial.

If you are NOT Indian citizen, then you cannot avail LRS. Then you need CA to fill out forms 15CA, 15CB and most banks require that you physically present them one of those forms + their own forms in the branch where you have your money. You need to go to your bank's website and check for NRI remittance. You can move INR to your US bank - but your US bank may take longer to get you that money and currency rate may not be that favourable. You can transfer up to $1 mil annually. If you move the money from your NRO account to your NRE, then most banks allow you to schedule transfers when you need it - rather than doing it in bulk. As I mentioned, you do need CA for this type of transfer.

Regarding the ways to transfer from NRE to US bank, see the thread below just this one.

Thanks for the response. Please can you paste the link?