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How To Transfer Funds From India To Abroad ? CA Sriram Explains Liberalised Remittance Scheme

Frames How To Transfer Funds From India To Abroad ? CA Sriram Explains Liberalised Remittance Scheme

Description How To Transfer Funds From India To Abroad ? CA Sriram Explains Liberalised Remittance Scheme

Comments How To Transfer Funds From India To Abroad ? CA Sriram Explains Liberalised Remittance Scheme

To send money to India, I do it via Remitly it takes minutes to transfer money to India But when it comes to transfer money from India to Canada, life becomes hell Why are things so complicated, time consuming when it comes to India It looks like Indian Government don't value our time Even after so many rules we still have Money Laundering issue and people are hoarding money abroad It looks like the rules are for Middle and Upper Middle Class Population High networth indivudals can bypass these laws After listening to your interview for 10 minutes I started getting headache Life is not simple is India till date Comment from : AP

What is residence & non residence you have to explain to under a lay man like me Comment from : V KrishnaTatavarthy

What if an NRI transfers money to his/her account abroad Comment from : Basappa Kenga

Remittances can be made to child studying abroad and recipient is resident Comment from : pankaj kumar

I want likely information Do I need to pay consultation fee before calling Please specify brCan you advise me on phone and thereafter send me the summary of formalities needed for money transfer to a family member a resident outside India for paying his house loan?brRegards Comment from : J Cs

Sir Good information One clarity required - Is this limit of LRS or USD 25 lac also applies for the resident transfer to Non resident in its NRO account? Comment from : Kalpesh Mehta

Sir please make videos in Hindi as well so that our parents can also listen Comment from : POONAM Leekha

We are NRI , have to move to India due to termination of contract due to age When we settle in India we become residents We have applied for Australian emigration Our saving is in USD FD Which will become residentFE When we get the Australian emigration visa can we send all our saving brWhat is the tax policy in this case Comment from : Sylvia-Edward Dsouza

Can u pl be enlighten if we have in US dollar FD and want to transfer when we migrate permanently to australia ? Is only 250,000 allowed or all while migrating Comment from : Sylvia-Edward Dsouza

My bank provides online foreign outward remittance facility Can I use that facility to send money to a tour operator who is organizing a trip abroad for me rather than going to the bank? if I remit online, do I need to submit any A2 form to the bank? Comment from : Janhavi Kothari

I had transferred Rs6 lacs to my son in Canada during 2022 as a gift No TCS was deducted as it was below 7 lacs limitIs this transaction required to be incorporated in my ITR for FY 2022-23Kind reply Comment from : Subhash Kapoor

Can I transfer money electronically instead of going thro a forex dealer or a bank ? Pl clarify Comment from : Srinivasan Gopal

This should be revised , LRS scheme has changed Comment from : Sankardev Chowdhury

You make it sound like you can send money to non residents as family member only, why you keep bringing family member/relative link ?? brOr is that the case ? br A resident who is friend of non resident, can he send funds ? Comment from : Amarjit Singh

Please also explain how the debit and credit cards issued in INR, India, can be used overseas and the local currency of that country is dispenced Comment from : Harshavardhan Addanki

Hello Sir, How can an NRI transfer money from his NRO account in India to his child abroad for education? Why is it that only a resident can transfer funds? If I have been saving money in India, why am I not allowed to use it for my child ? Comment from : Rajani Srikumar

My sister is a citizen in canada, note the point she is a citizen and what if i wanted to transfer a 40 lakhs to her Comment from : krishnalal kl

Hii HDFC bank india se Dubai mai 150000 par 1000 lagta hai but mujhe yeh nhi pata ki yeh information shi h ya galat maine bank m pucha tha to yhi bataya tha Comment from : Priya Priya

Query:brIndividual had a salary account (Resident / Tax paid and returns filed) and later migrated to overseas (Non-Resident) ie Foreign bank account brOn transferring money for maintenance from own resident to foreign bank account, LRS is applicable right ? Limit states more than 7 lacs, there is 5 charges applicable Is there any way to file a return for this ? Comment from : Joji John Abraham

Sir, what is capital account for resident indian or when required to be opened by a resident indian Comment from : Raj RD Kirori

Funds transferred from NRE fixed deposits needs to fill Form A2 and declare FEMA not exceeded $250000 Is it for Residents or NRI? Comment from : Gracy Machado

What about ESPP transaction Comment from : Arul dilip

Nice Video👍brMy question is if I transfer money from abroad to Indian NRE account 10 cr and after 2 to 3 years I transfer amount from NRE account to abroad joint holding account (joint account is in my and my brother in law name) 8 crore Can I have to file form 15 CA while transferring from NRE to abroad joint holding account ?? Comment from : HADI PATEL

Thank you Sir 🙏 Comment from : mobilemjd

Thanku very much sir This video cleared most of my doubts God bless u Keep making such informative videos 👍 Comment from : Potato Lover

foreign remittances are taxed presently at 5New taxation law of 20 is it effective from 1st April or July 1st of2023and am I permitted to remit money upto July 1st at 5 Please clarify Comment from : Vadivelu Kosalram

MY SON WANTS TO BUY A HOUSE IN USAFOR DOWN PAYMENT CAN I TRANSFER MONEY FROM INDIA TO USA FOR THIS PURPOSE Comment from : Lakshmanan Sellappan

Sir , How can we send remittance to our own business account outside India? Please guide me Comment from : MOHAMMAD JAVED

4:29 things are getting crystal clear only Chandrakanth sir explains :) Comment from : E G

what is your address? Are you located in Ahmedabad? Comment from : Jay Brahmbhatt

No need to repeat the LRS rules 4-5 times Same for framing of the questions The information is very useful but fluffed up with a lot of repetition Comment from : Manish Tandon

No wonder Hawala exists why are they making it so complex Comment from : AaravXBrijith

Very good presentation and guidance, without wasting time 🎉🙏 Comment from : Rani Srikumar

Hallo Sir, would you pls let me know what is TCS now on LRS in new budget of 2023/2024brIs this 20 on amount exceeding 700000 INR or on whole amount , s update me brThanks in anticipation Comment from : Khajuria Arun

Can I Become Non resident after remitting money through LRS scheme Is it any non compliance of any law?brIs it defined under the act or in any FAQ's? Comment from : Lakshit Prajapat

Contact me to see what opportunities are there in USA for investment purposes Comment from : Rashid Fehmi

Their discussions are not applicable for everyone Comment from : Jose

I am an NRI and live in the UK and I invest my own earning in India Can I take back my own money to UK from my Indian bank account? Comment from : Jose

Dear Chandrakant,brbrI found this video quite useful brCould you pls inform how OCI card holders can transfer their INR funds to their overseas account ? Comment from : Anil Madan

Sorry to say, fema rules are not clear and vast majority of practicing ca's in tier -III cities and most of the towns are not clear with this rule These days every month thousands of Resident Indians working abroad on deputation may eventually changed their status to 'PR' holders OR 'Green Card holders' Nothing is mentioned as how they can take their hard earned savings in India can be taken to their new countries to buy a car / house Comment from : Vincy Mathew

I have got some options from a UK based company as compensation for providing consultancy services I need to exercise these options, for which I need to pay nominal exercise price However HDFC and ICICI Bank are not able to execute this outward remittance as they are not sure about correct purpose code This investment will be in equity shares Can someone guide for purpose code please UK based company do not have any subsidiary in India Please guide Comment from : atukaku123

My Question is Funded account allowed in India or not ? Because we r paid registration only after pass they given huge amount for trading That amount after profit they send to us It is legal or illegal? Comment from : True Value

Thanks Comment from : Radhakrishnan K

Valuable informations Comment from : Radhakrishnan K

It is very informative Thank you However, I would like to know if I can transfer money through LRS to my brother abroad from whom I have bought a real estate property Comment from : Thomas Eapen

Thank you It was very helpful I have a doubt Can a NRe transfer 10000 Euro from India from his NRE account to another NRE aboard Two persons both are NRE Is it allowed Comment from : RC

If transferred as Gift from Resident to Non Redident either thru forex or INR whether it will not attract gift tax to be paid by the receiver Comment from : Mythili Sundar

Very useful information Thanks to both Great Comment from : Srinivasan t v

How NRI can take his money from India to foreign country? Comment from : R K AGGARWAL

Good Comment from : Rajalakshmi sundaresan

Good analysis Comment from : Yettapu Narayana Reddy

One case is left Sir NRI have some fund in India, Can he send this fund to another relativ who is NRI staying in USA? Comment from : Ranjit Desai

can a NRI remit his money to NRI(SON) from India Comment from : Vijesh Bahadur Chaudhary

Dhanyawad ji for excellent and lucid presentation by SriRam ji and impressive anchoring subject u chose Comment from : Aditya Sarma

excellent video very informative thanks Comment from : Meghnad Warrier

Does a resident indian need prior permission to open a bank account abroad? Comment from : Farooq Ahmad

Very aptly putThis is an year old videoDR Sahab does the information still hold good?Have the rules changed?Thank you again Comment from : Farooq Ahmad

Found your presentation very informative Could you kindly advise the protocols for transfer of INR overseas by a NRI to a foreign national Thanks Comment from : kishore coelho

If someone wishes to gift an amount to his child who is now foreign citizen ( person of Indian origin) do the same rules apply ? Comment from : Atul Shah

Sir i had a LIC policy taken while living in Dubai I had to return to India due to my job change The last premium remains to be paid How can I make the payment to the Dubai Insurance company through transfer from India Comment from : Satyam Mishra

Very Informative Video Comment from : Kunal Wadhwani

The whole video defies what you said in the beginning of the video You said you cannot just go to the bank and say you want to send money abroad Liberalized Remittance Scheme is exactly that keyword being 'Liberalized' Upto USD 250000 can be remitted no questions asked in a year with a limit of USD 25000 per day Only the purpose has to be defined and KYC has to be in place No CA required Every bank and money transfer agent is equipped to handle this transaction Comment from : Kiki and Mademoiselle Paris

Under LRS can a resident gift his children into their NRE a/c? Comment from : Subramanian Venkatasubban

How about gifting money to Children who are NRI? How to transfer by a resident to NRI Children? Comment from : Subramanian Venkatasubban

Excellent information Comment from : BS P

I am OCI card holderbrI am resident in India and hold resident bank accounts in IndiabrbrCan I use LRS to transfer funds to USa under code S 0001 for global equity investment?brbrWill bank check first with Income tax Comment from : Vesi Niki

Very Helpful, my use case I am an NRI wanted to purchase a home and needed some fund from India Comment from : Sitaram Pal

Please also add bank accounts Which bank account debited domestic/nro Which account the amount credited NRE/FCNRetcmore helpful to us Comment from : SS

Hello Friend, How can a NON Resident who live in the UK that has a NRI account in India, transfer money from a SBI NRI account in India to the UK SBI?brCan anyone help, thanks Comment from : Nuron666

Will the remitted amount be taxed in foreign country? Comment from : rudy s

Can i transfer indian money from indian bank account to oman bank account Comment from : zareen ansari

Thank you so much for clarifying Is there a video explaining giving of money as a gift from a resident Indian to a NRI in Canada? Comment from : ram namdeo

Imagine A Indian citizen wants to sell his land or property in India and shift to another country Along with entire his family How is his money transferred to related countryso he can buy the assets in that country Comment from : Kiran Rana

I want to send money for imported goods which I will sell here, will that also comes under LRS? Comment from : Udipta Sarma

Very nicely explained Comment from : Subhash Kharat

sir how can i transfer my money from India to outside Im still resident on papers in India but I live and work outside india Comment from : coolchant

i took Personal loan from uae and i want to pay emi from India for 1-2lakh per month what form I need to fill Comment from : Gopal Roy

Can my father remitt money to me and I tranfer to his account though my Nro account ? Comment from : Jhon Alter

Highly Informative Comment from : Prakash Dusane

LRS has been there from 2004 Comment from : ashoke kumar sen

Very informative video, in simple language Can you please give information about the income-tax liabilities on gift given to a married daughter by father? Comment from : jayant dave

Great Video!br1 questionbrDoes any Govt body of India(IT,Banks etc) have any information about ny banks in Dubai(eg my transactions in Emirates NBD bank)? Comment from : rune1947

I am looking on information regarding an NRI having NRE and NRO Accounts in India:br(1) Whether Funds can be transferred from his NRE Account to his own account maintained abroad?br(2) Whether Funds can be transferred from his NRO Account to his own account maintained abroad?br(3) Whether Funds can be transferred from his NRE Account to a foreign third-party account?br(4) Whether Funds can be transferred from his NRE Account to a foreign third-party account?brbrWhat are the formalities, if any? Comment from : Ganesh CRV

there is a lack of confidence in CA he has undoubtedly through knowledge but lack of confidence is somewhere visibleas i am a also a CA student i appreciate his knowledgeand proud of it Comment from : atiq shaikh

EXCELLENT INFORMATIONTHANKS TO BOTH SIRS Comment from : Nirmala Arote

to hi pakad ke chalo!!! isko pkad liya to zindagi gai,,,, take out the video out of youtube Comment from : Sushila Kc

Fema dema guys your English is not good plz communicate in Hindi You break the sentences so many times it is hard to understand and it’s boring …what the heck Go to your indian bank and fill a form and you get money in your foreign account next day why everything is so so hard in India !!!! I transfer money from my US account to Indian account with just clicks on the app and the money was here in two days My problem is I am born in India and my relatives here If i were born in any foreign country India will not be in my visiting list Every where everything and everyone is so hard hot and cheater My goodness please how to trust humans here Comment from : Inspirational Short videos

Can a resident send funds to an Nri who is not related to the resident? Comment from : rams

thanks for educating me Comment from : nareshkumar S

I am an US citizen receive state pension in India my last remittance of Rs 500000/ out of India was on May 2021 Can I transfer funds in June 2022 without 15 cb from a ca ? Comment from : Manju Arnikar

What purpose code should we fill Comment from : Vikrant Dhaka

What is sriram no Comment from : ra Vi

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