Legal Question in Banking Law in India

my question reveled some serious controversial, kindly give me proper solution:
i have more than 1 Million american dollar, is it possible to convert those money to Indian currency without submitting the supporting document and whether it is possible to avoid the tax? is their any possible way to covert those money to Indian currency?

Asked on 11/19/09, 6:13 am

3 Answers from Attorneys

J. Radhakrishnan independent Practice

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I presume u r in India. If so there is no legal way to convert the same to Indian currency except through a bank or authorised forex dealer. They will certainly require you to submit documents as to the source of that amount. Tax part of it will come later

If you go to some unauthorized forex dealers, you will be courting trouble and have to get the same converted at your own risk..

Answered on 11/19/09, 6:22 am

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Seshadri Srinivasan www.lawconcern.com

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You have to state to lawyer the source of this money and its present place of custody. Then you can ask for advice on how to convert to INR and possibly tax plan.

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Answered on 11/19/09, 8:34 am

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