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

[@Drganguli]

Very useful information for students studying abroad and their parents

[@umeshrr4469]

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

[@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?

[@mathewkl9011]

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

[@spreadgoodness1]

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

[@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.

[@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..

[@sitarampal6753]

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

[@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 .

[@prasadhonnavara875]

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

[@vijayanpillai3800]

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

[@kannada080665]

Beautifully Explained, Your effort to simplify rules is praise wothy

[@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 ?

[@rambaskaran1729]

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

[@jatinkumarbarot6984]

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

[@leg875]

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

[@sarvesondurai9319]

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

[@sumitdesai9265]

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

[@potatolover6340]

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

[@tincyannehot]

One very common topic touched. Great job!

[@utube460]

Very appropriate & this makes the matter crystal clear !

[@karuppiahp235]

VERY very useful information explained in detail, depth in a easily understandable way by both -CA & Mr Chandrakanth - the questions asked by CK are very relevant and required for those who donot have much awareness about FX ! Great effort. A must watch video. Thanks a lot to both.

[@kkavadhani4580]

Useful.

[@nirmalaarote9566]

EXCELLENT INFORMATION.THANKS TO BOTH SIRS.

[@sreedharanmenokey3488]

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

[@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??

[@cedricdias8764]

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

[@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…

[@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

[@SkiNett]

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

[@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.

[@rambond7539]

Very good information, learned new thing about TCS. Thanks. Can you make a video of transferring funds from NRO to NRE account?

[@NRIMoneyClinic]

This video is already there on the channel

[@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

[@ranisrikumar5735]

Very good presentation and guidance, without wasting time 🎉🙏

[@sureshprasadsharma3125]

Current regulations are slightly different from the earlier one.

[@AaravXBrijith]

No wonder Hawala exists why are they making it so complex

[@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

[@ramanremella8418]

The best on the subject. Thank you

[@kkrishnamoorthy8213]

A good service by NRI Money Clinic.

[@bluevaruns]

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

[@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!

[@seetha913]

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

[@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.

[@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.

[@raviarcot3145]

Many such chartered accountancy related topics r Wellcome!

[@bornagainhuman7581]

Awesome content. Liked the detailed explanation.

[@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…

[@srinivasantv5863]

Very useful information. Thanks to both. Great.

[@sanketjoshi6620]

Very coherent and succinctly provided information.

[@poonamleekha9591]

Sir please make videos in Hindi as well so that our parents can also listen.

[@1974xaviers]

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

[@raghavansourirajan7243]

Thanks for advising on such important issue

[@hiralalshishoo9895]

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

[@nagabhushana1150]

Very useful discussion. Thank you.

[@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?

[@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

[@sairajeev7495]

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

[@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

[@pankajkumar-nq2ve]

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

[@ragininigam4280]

Very well explained. Thank you very much. It's a big help for us.

[@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

[@712anup1]

Done Great Job!!

[@kkrishnamoorthy8213]

I am a pensioner in India and live in the USA as a green card holder. I have filed my ITR as an NRI. To transfers funds for my personal expenses from the accumulated pension amount do I need Form 15 CA & 15 CB or can I straight away use Form A2?

[@sriramrao2514]

In my Opinion, Form 15CA-Part D would suffice and no requirement for Form 15CB in this specific scenario... Please consult your banker in this regard for confirmation from them...

[@manjitsinghkahlon3792]

This is very informative pl let us know the rate of sending money which is very complicate and let of people facing of over paying for sending the money outside india

[@loveearthly]

Very well made instructional video. Saved the 5% levy on txns for the last 5 mins. 😄🙏🏻

[@jijeesh1000]

Can you help me ?

[@chinyasouvik9050]

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

[@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 ?

[@jawaharbhalla9759]

Very very useful information. Thanks

[@haiderrangwala7052]

Excellent interview.

[@manjuarnikar5264]

I am an US citizen and have an NRO account in India. I have remitted Rs. 5 lakh in May 2024. I had submitted 15 ca form. I want to remit additional 2 lakh this year. Will I need to submit 15 ca form again? Is 15 cb also required?

[@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?

[@srinivasangopal4499]

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

[@bildarts8422]

Sir, rather all CA's and indviduals should come together to protest with govt against .Its so difficult to even tranfer my own money from India for self expenses. All is ok when we send money to India. So Sad and wrong.

[@rajanna86]

Very informative and educative. Thank you.

[@sushilpurushothaman4936]

If an NRI previously a resident needs to transfer funds from a sale of a family property in India to any foreign account belonging to the person what will be the right procedures. Hope you could shed some light

[@sriramrao2514]

Already there is video in this regard in this channel, NRO to NRE transfer.... kzbin.info/www/bejne/hHrJmJaHr9SEpsU

[@karthipal]

Thank you very much for all the details provided.

[@yettapunarayanareddy7284]

Good analysis

[@benedictsouza]

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

[@meghnadwarrier1227]

excellent video. very informative. thanks

[@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?

[@EVERGREENRULES]

Resident has opened PPF. After 10 years , He left India for Employment outside and Become NRI. How He can take the money outside India ? What is the process, pls guide. Regards

[@sriramrao2514]

Once its matured i.e. after 15 years, the same can be withdrawn...

[@B.V.1008]

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

[@shinedas2264]

Good subject and good attempt

[@GurmatGianGroup]

If an NRI sells a property in India and wants to send that amount abroad after paying the CGT, under which scheme he is supposed to do it if not under @/liberalisedremittancescheme.

[@NRIMoneyClinic]

There is a video on this channel by name " How To transfer funds from NRO to NRE " please be guided by the content

[@subhashkapoor2507]

I had transferred Rs.6 lacs to my son in Canada during 2022 as a gift. No TCS was deducted as it was below 7 lacs limit..Is this transaction required to be incorporated in my ITR for FY 2022-23..Kind reply.

[@kunal9657]

Very Informative Video.

[@umabhardwaj57]

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

[@shaiesunny]

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.

[@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.

[@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

[@jcs6148]

I want likely information. Do I need to pay consultation fee before calling. Please specify. Can 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? Regards

[@ramnamdeo2060]

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?

[@NRIMoneyClinic]

There is a video on taxation of gifts on this channel

[@ramnamdeo2060]

@@NRIMoneyClinic Thank you !

[@prakashdusane3443]

Highly Informative

[@rajeshbuch8281]

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

[@subhashkharat2592]

Very nicely explained.

[@rajani3131]

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 ?