Dubai: Most expatriates send money to India from abroad. It is because of their hard work that their relatives and others are living well. This money is the backbone of Kerala. Migrant money coming to India every month is crores.
But have you ever wondered how to send money abroad from India? If you ask how much money can be sent, there is a definite answer. But it only has its limits. Know the details…
Expats abroad sometimes require large sums of money. This would be the case for starting business ventures abroad. There will be money in the local NRO account. But it may not be possible to collect money from abroad. At this stage it is possible to send local money abroad.
Many foreigners have assets in India. There are hoteliers and other businessmen. Many Gulf royals have assets worth crores in India. There are many people who try to raise money by selling these. Recently, the media was full of controversy regarding the Kuwaiti royal family’s hotel in Mumbai.
The limit of money that Indians can send abroad from India is going to be explained. It is possible to send up to 10 lakh dollars. This amount can be remitted in one financial year. Legal experts suggest that it cannot be sent to different bank accounts. The same criteria applies to sending money to the UAE.
According to media reports, the same rule applies to foreigners of Indian origin. The proceeds from the sale of inherited property or otherwise may be remitted abroad in a similar manner. Remittance should be done through RBI approved financial institutions.
It is possible to send money abroad from India more than once. But the money should be sent through the same authorized dealer. The money in the local account can be sent in this way. If the money is borrowed from more than one person and transferred abroad in this way, FEMA will face legal action. The bottom line is that everything needs an accurate record.