Demonetization for NRIs cash
It would sincerely help if the govt would extend till March 2017, for NRIs to send the old notes to Indian as we are not travelling to India in the near future and have to find someone to assist. more
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Sonya ji, no more exchange facility now, you can only deposit the old notes in your bank account. NRI's when they land in india, can deposit the cash in their account and get new currency either from foreign currency or from banks using their debit/ATM cards at the airports. more
Dec 15
NRI don't want to get into any mess and keep their accounts clean ,so am sure for such small amounts as cash an easy way would be to allow NRI to exchange at arrival within 72 hours (if they arrive on Friday evening) at their banks till Nov 2017 upto the allowed amount.10,000. Or allow them to use the SBI Indian banks over sea's to collect and DCr to their Indian accounts . It's a simple transaction more
Dec 15
Thanks Bhatia ji for clarification. My comment was wrt to your information that the relative of NRI can deposit any amount in NRI's account in India with simply an authority letter. it is not so - if it is small amount upto Rs 10000 or so, the banks may not ask for proof of the NRI being in India or depending upon the relationship of the bank manager with the person and that is what is happening these days in some of the banks. But if the amount is large, self attested copy of PAN card, copy of landing date page of passport would be required along with deposit slip. There are many ( majority) of NRI's who are not paying tax in India except that what is being automatically deducted from their NRO account deposits or interest payments. more
Dec 15
Dear Mr.Brij Gupta. Please note that there is no circular that NRI can not deposit the money to RBI. The only question is that the Govt.of India is free to may queries for the amount deposited with RBI before 31st March,2017. I discussed the same with my Tax consultants. NRIs are also paying the Income Tax whose accounts are in Indian Banks as per Income Tax rules and investing in India in various schemes i.e. equity shares,fixed deposits,mutual funds,etc. I hope the above clarifications shall be in order. more
Dec 14
Dear Bhatia ji, from where you got this information that the relative in India can deposit any amount in account of the NRI by just getting a authority letter? My dear, if true, then you will be converting your black money into white. For depositing money in account of NRI, you need authority letter as well as proof of landing in India ( copy of passport of the page which has landing stamp in India). So , NRI's be careful, if found depositing money in the account like this, it will be subject to scrutiny and will come under the perview of black money. more
Dec 14
