New York, Michigan, California, Florida, Illinois, New Jersey, Texas, Virginia, Pennsylvania, Georgia, Maryland
Country: United States
Globalization has indeed reduced the physical distance among individuals and the nations altogether. Technology has further supported the concept of globalization by providing the requisite wings to such transactions happening globally. Such global transactions, however, do not merely restrict it to interactions among global people. Workflows across national borders and ideas and creativity too knows no boundaries these days. When such interactions happen across the borders, it is inevitable that even money circulates across the border easily. However, such financial transactions are governed by certain restrictions and limitations to such transactions. While some countries restrict the amount which can be freely transacted, some other imposes different tax brackets which have to be followed while transacting financially across the globe.
In India, such financial transactions are governed under the Foreign Exchange Management Act. Under the recent amendment to the Act in 2015, any individual can avail the facility of foreign exchange up to a limit of USD 25000 in any specific financial year (April to March) only for the following purposes, beyond which they need prior permission from the Reserve Bank of India. Transfer on these funds for these specific purposes would not attract any further tax as these amounts have already been applied suitable tax rates. The purposes for which such limits of transfers are applicable include:
Such transactions of sending money from India to any other country including USA is usually done through a recognized bank in India where the person transacting has an account. This follows the KYC or Know Your Customer norms standardized by the Reserve Bank of India. Money being transferred from India can either be transferred via a wire transfer or a specific foreign currency demand draft. A wire transfer is usually considered to be a safe, easy, and a faster mode of transferring money. Funds being transferred from India to any other county can be done in any currencies including US Dollars, British Sterling Pounds, Euro, and Singapore Dollars by following the required mandatory procedures.
Indian Government allows a free remittance of UD 250000 each financial year (April to March) to any individual resident of India, including the minors, for making any capital or current account transaction or a combination of both such accounts under the Liberalized Remittance Scheme (LRS). In case a minor is the remitter of the amount, the form of remittance needs to be countersigned by the natural guardian of the minor.
Though there is no specific limitation or restriction to the frequency of remittances or money transfers from India to the USA, however, the amount of purchasing of foreign exchanges purchased needs to be restricted within the cumulative limit of USD 250000, under the LRS scheme, from all sources for a specific financial year for any resident Indian.
Business & Finance
Entertainment & Food
Immigration & Visa
Return to India
US eases rules for foreign students; Indian pupils stand to benefit - Economic Times
Indian IT manager in US convicted of sexually assaulting sleeping woman on flight - Times of India
Indian-origin surgeon finds contact lens stuck in patient's eye for 28 years in UK - Times of India
Sikh man stabbed to death in his store in US - Times of India
Indians among over 100 people apprehended in US - Times of India
How Much Money Can Be Transferred from India to USA
How to Get Passport Details from Passport Number
PAN Card Download By Name And Date Of Birth
How to Link PAN Card with Aadhar
How To Check Domicile Certificate Status
How to Get Aadhar Card for NRI
How To Renew Indian Passport In USA
5 Most Famous Hindu Temples in USA
How To Apply PAN Card for NRI
OCI Tax Implications
4th Conference on Palliative Care and Hospice Nursing
2018-08-27 To 2018-08-28
Yoga & Music Festival
Sukhava Bodhe Yoga & Music Festival 2018
2018-08-31 To 2018-09-03
Dussehra & Deepavali Celebrations
Dussehra And Deepavali Celebrations
2018-10-27 To 2018-10-27
Palliative Care Conference - Hospice Conference
2018-09-17 To 2018-09-18
Disclaimer - The content on this site is for informational purposes only.
Copyright © 2018 Videshi.com
Please login to make this action
You can save this page with current page title or you can create new page title.