Why is it so G*damn difficult to move money out of India
My father passed away a few years back, and I went to India recently to sell his house. Total proceeds after sale of house and liquidation of his bank accounts, as well as taxes and bribes(you know how it is) was approximately 1 CR, which is roughly 120k. I've finally managed to get everything in one bank account under my name and I've had such a rough time trying to move the money to my U.S. accounts. I'm an NRI, and I have no plans of living in India ever again but its so frustrating. All I want to do is move MY money back to the U.S. but there's always some roadblock. First it was the tax writeup, which I've done after speaking to a CA (chartered accountant). It's been over 2 weeks since I came back, and now my bank is giving me the fucking runaround. This entire process could be done stateside the opposite way in less than 30 minutes. Any advice would be really appreciated TC: 120K
Revolut is the answer
what could Revolut do in this situation?
transfer to revolut app in rupees, swap to usd with very low fees transfer out to usd bank account you can do the same with crypto as well, using stablecoins, attractive because of the unlimited sums as opposed to arbitrary limits
Which bank is it? What type of account is it?
Axisbank, its an NRO/NRE account
Axis bank is a piece of crap.
1 CR in bribes. I heard Modi government is clean and corrupt free India. Sad š¢
Foreal. When I was sending my dad money they were super fast and efficient, but the opposite way, oh no god forbid
Read carefully, after all bribes and taxes, the proceeds was 1CR, not the bribes.
It is by design. No government wants wealth generated in their country to go out of the country and be used in the other country for their benefit. Except perhaps Japan.
Have you seen what most H1bs do with the money? Send it back home. In the billions. Not sure what youāre talking about.
You can send money from America to most countries outside of North Korea and Russia super quickly. But yes I get your meaning
I'm sorry to hear about your loss. There is no easy way . Have you considered doing this in phases, such as transferring the allowed amount to yourself and your wife instead of all at once? While your remaining capital waits in India. enjoy the interest in some fixed income security instruments.
No, i'm done going back to india. I had to go back 4 or 5 times for 2 week periods just so I could sell the fucking house. I'm done using my vacation days just so I can get the runaround by 30 different bureaucrats
On sale of property, there are capital gains taxes applicable which are complex from a NRI standpoint as Govt knows that once the money is repatriated, itāll not come back. Your CA will be in the best position to help in this matter. Bank will release money only after they know that taxes due have been deposited.
Taxes have been submitted and i spent a week submitting the 15CA/CB
If it is in an NRE account and your chartered accountant has given a 15CA/CB account you can move the money online. If you try to move the money in one go you will have to submit quite a bit of paperwork but you can move up to 25k a day without any issues online. This is what I did with State bank
Taxes have been submitted and i spent a week submitting the 15CA/CB
Since you have submitted the 15 CA/CB you have complied with the tax regulations and paid all the tax. The money is also in the NRE account which means it is available for repatriation. Now it all depends on the bank if they want to make it difficult for you to move the money. As I mentioned you can transfer up to 25 k by using the repatriation online option on a daily basis. This way you should be able to transfer all the money within a week.
Go for hawala Wait for elections to be over and it will be done easily I hope you have bank transfer rights from USA Let me know if you need help there
I tried, but the money amounts are too large and there's too big a risk that I could have just lost everything. Besides I don't wanna end up on a U.S. Government list. I work tangentially with U.S. Government agencies and I could get my security clearance revoked
You will get the cash in USA . No need to worry about losing all money . There are genuine player in market. Let me know if you want to go that way. We can talk more
Bitcoin?
That was my first Idea, I am a big fan of bitcoin in general, but there aren't any legitimate ways to purchase bitcoin in India that I had access to. I was traveling at the time and bitcoin isn't illegal but they make it so difficult to buy crypto it might as well have been
Modi hai toh munkin hai Aayega toh Modi hi
Gobi hai toh pumpkin hai
I don't understand, how Modi is related into this?? What if this guy has tax implications? As transfer of wealth is subjected to tax. Anything