HI,
I am a NRI in australia and my parents are planning to sell some agricultural lands which they have in thier name and send money to me in australia for starting a business around 2.5 crore.What restirctions they have in sending and me in recieving and also how to transfer money from india to australia with best competitive rates.
Thanks
Read more
Reply
7 Replies
Sort by :Filter by :
  • US$200,000 in one FY

    According to Govt. rules any persons residing in India cannot remit outwards currency greater than US$200k in 1 FY. However both in their individual names can send same amount therefore doubling it to US$400k. For more info http://www.khaleejtimes.com/DisplayNRILetters.asp?valid=3§ion=NRI&strpath=April2008

    Hope this helps....






    Originally Posted by harry1979
    HI,
    I am a NRI in australia and my parents are planning to sell some agricultural lands which they have in thier name and send money to me in australia for starting a business around 2.5 crore.What restirctions they have in sending and me in recieving and also how to transfer money from india to australia with best competitive rates.
    Thanks
    CommentQuote
  • NRI sending money from india to australia through selling property

    Can anyone let me know if they have transfered 80n to 90 lakh from india to australia by selling parents property. It would be a great help
    Regards
    CommentQuote
  • Hi There,

    Did you ever find out the best way to transfer the money from India to Australia? How much I know, RBI doesn't like if lot of money goes out of the country for an individual.

    Let me know the means you used.
    Thanks
    CommentQuote
  • you can use the services of western union which your parents can find anywhere in india. However you can face issues if you get cash from the land sale as that is considered illegal and you cant really send that money anywhere electronically.
    CommentQuote
  • just realised that his is a old post so maybe harry1979 you can tell us how you managed to do it.
    CommentQuote
  • subscribing to any replies
    CommentQuote
  • Can you just make a Demand Draft in India in your own name (in INR) and deposit in your overseas account?

    That seems simple, but can you do it? Legalities?
    CommentQuote