gill 14 November 2016
My family is visiting canada and they are coming back in december and people want them to carry cash with them and deposit it into their nro accounts and others want to give it to their relatives.
When my family calculated that money, it came out to be around 3 lakh so can 2 people carry that much cash from canada to india and its mostly 1000rs notes.
If not, can nri people deposit their cash with proof after march 2017 if people are not visiting before that.
SIVARAMAPRASAD KAPPAGANTU (Retired Manager) 15 November 2016
In terms of extant FEMA guidelines, anybody coming into India either NRI or Resident Indian or Foreign National can bring into the country Indian Currency to the maximum of Rs.25,000- only. Please click the following link for the RBI master Circular on the matter.
IMPORT AND EXPORT OF INDIAN CURRENCY
Therefore, if anybody is trying to bring Indian Currency for more than Rs.25,000- have to declare the same and face concequences. If anybody try to bring by hiding or giving a wrong declaration, they are violating FEMA regulation and liable to be questioned and action taken against them under FEMA.
Please be careful. While trying to help someone, you should not get into trouble/problem. Please advise your relatives/friends, if they have Indian Currency (each individual cannot have more than Rs.25,000 as limit for taking out also is Rs.25,000 only) let them find out any bank who shall take INR and remit the same to India through some banking arrangement. If money is received through normal banking channesl (of course provided such INR remittance is more than Rs.25,000 the remitter has to explain how he/she has taken that much currency outside the country violating the stilulation of maximum 25,000) can be credited to NRO accounts. In terms of FEMA regulations Banks are under obligation to ensure that every credit coming into such NRO account is a legitimate due to the NRO in terms of FEMA.
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