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

[@MamtaSharma-qv7rf]

I request you to cover how a new immigrant can transfer their funds overseas

[@internetuser9956]

Exactly, Sir! The Definition of What's legal and what's not is constantly changing. Thank God! This channel is clarifying this and more.

[@sumit2000in]

This is the best video on FEMA and LRS on KZbin so far.

[@NRIMoneyClinic]

Thank you very much

[@ashpillai]

Dear Mr. Bhatt, would it be possible for a video about the proposed changes proposed in the 2023 union budget to outward remittance taxation. An increase to 20% from 5% on remittances above $8500 is definitely worth a discussion!

[@kalyan1213]

Hello Mr, Bhatt Can you please reply on this? What are the alternatives to transfer money from India to USA?

[@Ankur71284]

After seeing the title I thought they will talk about how NRI can bring his own money from India to USA 🇺🇸 .. why India make everything so hard I can send money to India 🇮🇳 from USA 🇺🇸 Xoom $50000 easily but not other way around ..

[@sir-cute]

True bro. Did you find the right and most economic way to do so ?

[@Ankur71284]

@@sir-cute not yet .. didn’t go India last year ..

[@inspirationalshortvideos247]

I agree. The answer is its a third world country.

[@satendramalhotra44]

good info. There are NRIs who were earlier RIs for long years and have funds earned and accumulated in INR in India. How do such NRIs remit such funds abroad fir their own use/ use off relatives etc

[@deepikaatkinson4111]

You are right, I just experienced this!! I have transferred funds to India many times from the US, but when I try to get my money back from india there is a restriction on how I can get to another country every year and I got disappointed.. Unless it is a business bank, I think you may transfer a lot more funds from India. Well, I will get to know about that too..

[@umeshrr4469]

Very simplify explanation Thanks you both. It will be very helpful if you cover NRI inr remittance to foreign

[@daredevil1079]

Siram tie brings back memories of my late father, he had one just like that for over 35 years .now I have it .

[@girishmenon4687]

No one cares about your tie. Did u even take anything else out of this?

[@adityasarma4425]

Dhanyawad ji for excellent and lucid presentation by SriRam ji and impressive anchoring subject u chose.

[@sitarampal6753]

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

[@Drganguli]

Very useful information for students studying abroad and their parents

[@kannada080665]

Beautifully Explained, Your effort to simplify rules is praise wothy

[@mathewkl9011]

Beautifully explained sir. Very useful to common people. Kudos to both sirs👍

[@utube460]

Very appropriate & this makes the matter crystal clear !

[@vijayanpillai3800]

A great information and that clears lots of doubt of common man. Thanks a lot.

[@anil_madan]

Dear Chandrakant, I found this video quite useful. Could you pls. inform how OCI card holders can transfer their INR funds to their overseas account ?

[@sureshprasadsharma3125]

Current regulations are slightly different from the earlier one.

[@leg875]

4:29 things are getting crystal clear only Chandrakanth sir explains :)

[@ganeshgarg8225]

Your spoken statement may be true,Sir. In practice the financial crooks are transferring the Indian funds to their overseas interests without following the rules with the connivance of the bank and government officials, see Neerav Modi , Vijaya Mallyayya and others to name a few .

[@nirmalaarote9566]

EXCELLENT INFORMATION.THANKS TO BOTH SIRS.

[@tincyannehot]

One very common topic touched. Great job!

[@spreadgoodness1]

Like all your videos this is also superb. Every information is authentic. What a great service! Be blessed always.

[@freedomforever8168]

what if a present US citizen, wants to sell a previously held property, before he emigrated-how can it be done now.

[@sriramrao2514]

He can sell... what is your exact query??

[@prasadhonnavara875]

Very good interview n good analysis by the anchor n the learned young CA.i am really enlightened.thank you.

[@sairajeev7495]

How about transferring money from my account in india to a foreign account under my name again. Do we have any restrictions?

[@rambaskaran1729]

Health Reasons! Any limit other than $250000? Great Financial matters advise and instructions! Thanks again!

[@mysorenataraj1378]

At one point your expert said even a loan given to a son by father comes under lrs? A child can be given any amount as a gift correct? How do you distinguish a loan with out interest from a gift?

[@sriramrao2514]

Very debatable issue… it all depends on execution of transactions & documents/evidences in that aspect…

[@sumitdesai9265]

Excellent content!!!! Great information!!!! Lengthy video but with lots of details and information. Thank you for making this video.

[@seetha913]

Please also add bank accounts ... Which bank account debited domestic/nro.... Which account the amount credited NRE/FCNR...etc...more helpful to us

[@reddevilblue666]

Hi, Thanks for the informative video. Please make a video on eRUPI and its benefits in making international payments online from India to other countries.

[@karthigeyan143]

Nice video sir, appreciate your preparation 👍

[@alexandergeorge8590]

As an OCI ... Can I money from my current account in India to my current account in the UK? And what is the process? Is LRS .... A2 form the process.

[@sriramrao2514]

Only if u are a resident under FEMA, then LRS would be applicable… however as you are an OCI, u most likely will not be a resident in India under FEMA and hence LRS would not apply… however such transfers can be done through normal routes if it does not violate FEMA and due taxes are discharged in India…

[@alexandergeorge8590]

@@sriramrao2514 thank you ... Is there a specific FEMA law re: OCI. I am registered for income tax purposes in India for earnings from assets and bank interest and do submit my accounts each year.

[@irfantv2739]

@@alexandergeorge8590 same here , iam an oci too earning rent from India and want to sent outside , hope it's same as NRI rules for us

[@potatolover6340]

Thanku very much sir..... This video cleared most of my doubts.... God bless u.... Keep making such informative videos 👍

[@sarvesondurai9319]

Very useful information. Details are explained in a lucid manner and cover all kinds of needs/requirements.

[@chinyasouvik9050]

Now What is the applicable TRC for NRO account for transfering funds abroad ?

[@shantisarup2034]

How to transfer money from one’s nro account to account in usa

[@jatinkumarbarot6984]

Good information, every person whose children at abroad should know about lrs.

[@ramanremella8418]

The best on the subject. Thank you

[@rameshkhajuria4810]

What about NRI transferring his own funds abroad.? Is there any provision for NRIs to transfer their own funds abroad?

[@rajanmathai]

Donot ask stupid question! It is your money can be transferred

[@lawrencedsouza8421]

@@rajanmathai It is a very relevant question and not stupid. Even though it is yr own money, it is in an Indian Bank and rules and regulation will apply.

[@madhavswamygayathri]

Yes even I have the same question. Whom to contact?

[@NRIMoneyClinic]

For NRIs there is a scheme called 1 million dollar scheme. There is a detailed video on this channel on this scheme . Please be guided

[@pankajkumar-nq2ve]

Remittances can be made to child studying abroad and recipient is resident

[@rrdkirori]

Sir, what is capital account for resident indian or when required to be opened by a resident indian

[@atul58]

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

[@NRIMoneyClinic]

Yes

[@atul58]

@@NRIMoneyClinic Thanks 🙏

[@AaravXBrijith]

No wonder Hawala exists why are they making it so complex

[@gracymachado2450]

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

[@SkiNett]

You people are doing a great Job, Please keep Educating, Thanks !

[@srinivasantv5863]

Very useful information. Thanks to both. Great.

[@sreedharanmenokey3488]

Excellent presentation Good pronunciation Thank you thank you thank you (Please make a reference to GST applicable to Foreign outward remittance)

[@ranisrikumar5735]

Very good presentation and guidance, without wasting time 🎉🙏

[@yettapunarayanareddy7284]

Good analysis

[@hiralalshishoo9895]

If a NRI, American citizen, sells property in India. How best can he transfer the proceeds to America.

[@raghavansourirajan7243]

Thanks for advising on such important issue

[@rajeshbuch8281]

Sir, can LRS be used fir the purpose of a cash gift to children or grand children residing abroad ???

[@srinivasangopal4499]

Can I transfer money electronically instead of going thro a forex dealer or a bank ? Pl clarify

[@dipti5381]

Hlo sir, who will signed on authorised dealer section in A2 form??? My bank is not doing this by saying that they are in rural area.So, what I have to do now????

[@shewakg]

Can a resident Indian open bank account in USA and transfer money to homself

[@1974xaviers]

Dr. Chandrkant your videos was helpful..thank you so much

[@harshavardhanaddanki7595]

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.

[@umabhardwaj57]

Can we transfer the funds to abroad from saving account held in India under Repatriation scheme.

[@rambaskaran1729]

How about Repatriation of money invested in India in Foreign currencies , the interst, profit, principal and inherited asset, Indian Rupee money? Sale money of Inherited Residential asset by diseased OCIs by heirs of diseased OCIs? Thanks!

[@cedricdias8764]

When you conduct a discussion like this both or all people should be visible in the frame.

[@tothegreatone]

I want to transfer money from my NRE account to my another account abroad, what is the best way to do without avoiding high bank exchange rate charges ?

[@bluevaruns]

Very informative. Thank you for a great session and sharing.

[@kkrishnamoorthy8213]

A good service by NRI Money Clinic.

[@manzoor9alamkhan238]

Very informative about an issue that is at the back of the minds of a lot of people but didn't know whom to ask.

[@arshS27]

TDS on gift from residnt indian ( not relative ) to NRI in canada ?

[@sanketjoshi6620]

Very coherent and succinctly provided information.

[@vkrishnatatavarthy6829]

What is residence & non residence you have to explain to under a lay man like me

[@nagabhushana1150]

Very useful discussion. Thank you.

[@benedictsouza]

This is now outdated. Can you update based on latest Budget of infamous 2024 Budget

[@Sylvia-EdwardDsouza]

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 What is the tax policy in this case

[@FarooqAhmad-en1so]

Very aptly put.This is an year old video.DR Sahab does the information still hold good?Have the rules changed?Thank you again.

[@NRIMoneyClinic]

Very much valid

[@kartikpadmanabhan9719]

I recall watching in another video with CA Sriram that an NRI who sells ancestral property in India can remit the proceeds abroad under LRS. But in this video, it is being said that LRS can be utilized only by Residents and this is not available to NRIs. Pls amplify.

[@NRIMoneyClinic]

There is another video by name 1 Million dollar repatriation scheme for NRIs . You can repatriate under that scheme. This video is available on this channel

[@taposhisarker7680]

@@NRIMoneyClinic I am an OCI in USA. I want to wire $10000 from my property selling money from India to USA… do I need Chartered Accountsnt Certification for that ?

[@NRIMoneyClinic]

You need to check it with a chartered accountant and your bank

[@jawaharbhalla9759]

Very very useful information. Thanks

[@ap71284]

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.

[@raviarcot3145]

Many such chartered accountancy related topics r Wellcome!

[@kunal9657]

Very Informative Video.

[@prashanthtalla]

Under LRS, what I understand is that the limit is $250k USD. Can the same Resident transfer to multiple NRIs, each equivalent to $250USD. Say, for example, one Resident wants to send money to 2 NRIs so in a given year, this resident can send $250k USD in total to these 2 NRIs or to each one of them equalling $500k USD?

[@sriramrao2514]

No, $250k limit is for a remitter for a year in aggregate of all remittances irrespective of the recipient

[@prashanthtalla]

@@sriramrao2514 Ok, thank you, Sriram.

[@tamiltholaikatchi]

@@sriramrao2514 For joint account will it be $500k for both?

[@sumeetarora6552]

Pls explain how we transfer from abroad to india ..n whatis limit in nre acct in one financial year

[@B.V.1008]

Plz don't forgot send to vedio USA to INDIA. Very easy way & very chif cost.

[@mythilisundar8012]

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.

[@manoharansubramaniam8595]

Father wants to gift his amount from selling the property to his sons who are NRI, what is the maximum amount gifted to each one of them and are there any tax to be paid?

[@Surender_B]

Sir how can NRI transfer income on immovable property( in India) it it taxable or can transfer as self remittance

[@Sylvia-EdwardDsouza]

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.

[@bornagainhuman7581]

Awesome content. Liked the detailed explanation.

[@VSMenon-um2et]

Can an NRI send money from his NRO account in India to his overseas account under LRS?

[@sriramrao2514]

Yes possible, but not under LRS.. watch this video kzbin.info/www/bejne/hHrJmJaHr9SEpsU

[@pradipkumarsaxena]

Thanks to both of u sirs for excellent presentation. Just wanted to know whether I can remit funds, say 10L to my daughter-in-law abroad as GIFT under LRS? Is daughter-in-law is listed beneficiary under COMPANY ACT also, to whom GIFT can be made under LRS? This confusion arose as pointed out nicely in ur presentation. Thanks

[@ranjitdesai6050]

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?

[@Kechu62]

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

[@thulasireddy8265]

Did you manage to do this txn ? Let me know

[@sriramrao2514]

Ans to Q1, 3 & 4 - yes, and be transferred without any restrictions, formalities and documentation. Ans to Q2 - there is already a video in this channel on ‘transfer from NRO to NRE’ and also ‘remittance by NRI under $1 million scheme…

[@sir-cute]

Sir, what if and NRI wants to transfer his own indian assets as money to abroad - say if he us going to settle there ? This LRS only covered scenarios where resident is transferring to nri.

[@NRIMoneyClinic]

There is another scheme called 1 million dollar scheme for NRIs . There is a detailed video on this channel on this subject. Please watch and be guided

[@rudys3649]

Will the remitted amount be taxed in foreign country?

[@praseninamdar4743]

What about remitting money from my own NRE and NRO account in India to my local UAE account or any other foreign account? Is there a limit?..Was it not discussed as it is more direct and simpler..any inputs?

[@manishkukreja4040]

Yes you can. NRE is freely repatriable. You can also repatriate through NRO basis supporting documents as directed by the AD/Bank.

[@sriramrao2514]

Watch this video for Transfer of funds from NRO to NRE or foreign bank outside of India kzbin.info/www/bejne/hHrJmJaHr9SEpsU Funds can be freely from NRE to foreign bank is freely allowed…

[@prakashdusane3443]

Highly Informative

[@subramanianvenkatasubban7017]

How about gifting money to Children who are NRI? How to transfer by a resident to NRI Children?

[@NRIMoneyClinic]

You can transfer money under LRS scheme

[@VivekSharma-cz7xp]

What if an OCI bring money from overseas and live in India for a few years and then want to return back to overseas again but before that he wants to send his money from his resident Indian bank account to his active overseas bank account. Please suggest?

[@sriramrao2514]

LRS would apply under those situations

[@VivekSharma-cz7xp]

@@sriramrao2514 , Thanks 😊

[@nairsn1469]

Very useful information. Highly appreciated. Would appreciate if you could explain the tax implications also for transfer up to INR 7 lakhs.

[@khajuriaarun8874]

UpTo 7 lacs per financial year by the same remitter there will be no TCS amount exceeding seven lacs will face 5% TCS

[@meghnadwarrier1227]

excellent video. very informative. thanks

[@Nuron666]

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? Can anyone help, thanks.

[@kamymehta]

Sir Good information. One clarity required - Is this limit of LRS or USD 2.5 lac also applies for the resident transfer to Non resident in its NRO account?

[@712anup1]

Done Great Job!!

[@sridharsubramanyam1364]

Can I transfer funds to buy property outside

[@PriyaPriya-hu9gj]

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