Shaurya 16 January 2016

Foreign currency draft

Hello,

I owe money to a person in India and I want to pay back the money. Since the case is in court I have to pay in draft. I am living abroad and I can't get draft made in Indian rupees. Does the court accept drafts made in US dollars or Canadian Dollars?

Once I pay the loan and the case is settled, do I need to apply for recall of NBW or would it be cancelled automatically? If have to apply for NBW, do I need to come in person, since the case is closed? I won't be getting leave for sometime, so I won't be able to be present physically.

Any advice is helpful.

Thank you,

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2 Replies

Vijay Raj Mahajan (Advocate) 16 January 2016

Bank draft payable in India in US currency can be made of the equallant amount in Indian currency and got deposited in the court, the Indian bank will pay the account holder in Indian currency.

NBW can be got canelled if the criminal complaint is got dismissed by the court and all proceedings relating to it will automatically cancelled.But legal representative with the Vakaltannama be present on behalf of the accused in the court to mark his presence and to get the matter resolved amicably in absence of the accused person.

I have represented clients with there power of attorney against whom NBW were issued and criminal complaint/FIR was got quashed/dismissed through High Court.

Dr Katta Venkata Rama Krishna (Retd Sr Director Govt of India/ Advocate) 16 January 2016

1) International inward remittances can be obtained through the FEMA approved vendors like Western Union, MoneyGram or any registered bank in India. Typically, the inward currency is converted on the current day exchange rate and paid to the recipient after deducting the charges which in total normally ranges from 1-2% of the total transaction value.

2) If money is transacting through FEMA approved vendors like Western Union, account details of the sender or receiver are not required. The deposit and withdrawal happens through the nearest branch of the vendor on sharing the identity credentials.

3) For more complete information, visit the Reserve Bank of India (RBI) website which clearly states the rules and regulations as well as complete information on the operational technicalities for remittances.

4) Money can be received in India up to a maximum of 2,500 USD or equivalent per transaction.

5) Cash pay out in India up to a maximum of Rs. 50,000/- per transaction. Any amount above this has to be paid through local cheque or pay order.