repatriation of funds
cunicoindy
(Querist) 19 April 2011
This query is : Resolved
I am a person of Indian origin, a citizen and resident of US. My father has gifted me cash in Rupees. Is there a limit to how much currency can be repatriated in a fiscal year?
A V Vishal
(Expert) 19 April 2011
You can repartiate the entire amount, there is no limit
cunicoindy
(Querist) 19 April 2011
Mr. Vishal: BOI (Bank of India) where I have a Joint NRO account with my Dad (who is a citizen of India and I am a citizen of USA)is telling us that a maximum of 2 lakh dollars can be repatriated in the current fiscal year. Can you provide me with some back up material that I can use? Your help is immensely appreciated.
A V Vishal
(Expert) 20 April 2011
The problem is that you have a joint account wherein one is a resident and other is non resident. The bank is correct to the extent that since your father is a resident in India, he can remit only US$ 200,000 in a calender year. Please give complete details to advise further.
malipeddi jaggarao
(Expert) 22 April 2011
It is one million US Dollars not 200000 USD
Please be guided by the link.
http://www.femaonline.com/fema-act-regulation.php?id=29
A V Vishal
(Expert) 22 April 2011
Mr Jagga Rao
Refer the conditions for repartiation of 1 million dollars. The facts in the current case is different.
