Legal Question in Business Law in India

What is the Inward Remittance (telegraphic transfer) Limit per transaction in India? And what are the documents that are required to be furnished to be bank in case if any?


Asked on 12/23/12, 7:04 am

2 Answers from Attorneys
Fca Prashant Chavan Expert Edge LLP

23.12.2012

Dear Sir / Madam,

There is no limit on the Inward Remittance of foreign currency into India. The amount is directly remitted from the overseas bank and credited to the account holder's local NRI (Non Resident Indian) A/c in India if he is an Indian citizen. An NRI account is automatically converted to an NRO (Non Resident Ordinary) A/c if the account holder resides in India for six months at a stretch.

Regards,

FCA Prashant Chavan

Mumbai

(You can mail me for any other on-line advice at [email protected])

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Answered on 12/23/12, 8:57 am
Aniruddha Pawse Aniruddha.P.Pawse Advocates

i agree with Mr Chavan

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Answered on 1/09/13, 1:00 am


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