Showing posts with label Remit Money From India. Show all posts
Showing posts with label Remit Money From India. Show all posts

Friday, February 1, 2008

Options to Receive money From India

There are plenty of services available for sending money to India. I was wondering what are the rules and what kind of services are available for reverse, i.e. for sending money from India to US.

I checked the RBI web site and found following link http://www.rbi.org.in/scripts/FAQView.aspx?Id=66 which explains all the rules. As per this Indians can send $2oo,000 overseas without RBI approval. This money can be used for buying property, debt, stock or you can just keep in a foreign bank account.

This $200,000 limit is per year.

Regarding how to transfer money, I couldn't find any services. But I guess local Indian bank will transfer money to your overseas account by charging some commission.

I found one thing interesting about this $200000 limit. It is set in dollar, so with Rupee appreciating rapidly, this limit is decreasing in rupees. I wonder why RBI is not setting the limit in Rupees.