Any person resident in India can remit upto US$5,000 in any one year as a gift to a person residing outside India or as donation to a charitable / educational / religious / cultural organisation outside India. Remittances exceeding the limit require prior permission from the Reserve Bank. The same can be sent / remitted based on a simple declaration from the customer in addition to an application form and Form A2.

Under the Foreign Exchange Management Act,1999 (FEMA), a person who is NOT a 'person resident in India' as defined under Section 2 (v) of the Act is considered a person resident outside India'. The most important change in definition (since FERA 1973) is that the citizenship of a person no longer has a bearing in determination of residential status.

For medical treatment abroad exchange can be released upto USD 100,000/- based on a simple declaration from the customer in addition to submission of an application form and Form A2 as per the recent liberalisation policy of The Reserve Bank of India.

In connection with private visits abroad, viz., for tourism purposes, etc., foreign exchange up to US$10,000, in any one calendar year may be obtained from an authorised dealer. The ceiling of US$10,000 is applicable in aggregate and foreign exchange may be obtained for one or more than one visits provided the aggregate foreign exchange availed of in one calendar year does not exceed the prescribed ceiling of US$10,000 {The facility was earlier called B.T.Q or F.T.S.}.

Unlimited foreign exchange is allowed .In case the total value of cash instruments – currency notes and travellers cheques - exceeds USD 10,000; a Currency Declaration Form has to be presented to the customs officials on arrival at the airport.

No. Under the Foreign Exchange Management Act, 1999, a foreign national of non-Indian origin resident outside India cannot buy any immovable property in India.

If your cheque is pre-printed with more than one name, we can send the receipt to anyone on the cheque. If your partner's name is not on the cheque, you should check with the Canada Customs and Revenue Agency about sharing your tax credit with your partner when you file your income tax returns. The 'About Donor Cards' topic under the 'Event Planning FAQ' lists all of the information you need to collect from a donor so that the Foundation can issue them tax receipts.

A.53 From FEMA angle, a person resident in India means a person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year (April-March) and who has come to or stays in India either for taking up employment, carrying on business or vocation in India or for any other purpose, that would indicate his intention to stay in India for an uncertain period.

Residents are permitted to hold foreign currency up to USD 2,000 or its equivalent or credit to their RFC(Domestic) Account without any limit provided the foreign exchange was - acquired by him while on a visit to any place outside India by way of payment for services not arising from any business in or anything done in India; or acquired by him, from any person not resident in India and who is on a visit to India, as honorarium or gift or for services rendered or in settlement of any lawful obl.

The permissible amount is the estimated expenditure given by the educational institution abroad or US$30,000 per academic year, whichever is higher.

Ans. It would normally take 10 working days. However, this time limit does not apply to cases where references are required to be made to authorities in India. ProcessApplications that are sent by post or through agents/couriers .

A resident Indian can maintain a Foreign Currency (Domestic) Account and deposit Foreign Exchange acquired from any of the sources approved by Reserve bank of India e.g. . Unspent BTQ, honorarium or gift / payment for services while on a visit outside India or received from a person not resident in India or who is on visit to India in settlement of a lawful obligation etc. Yes, a Non HDFC Bank Customer can take foreign exchange for any branch dealing in foreign exchange.

Foreign citizens, who are resident in India purely on account of their employment, profession or business with a valid employment/business visa, are treated as persons not permanently resident in India. Policies denominated in rupees may be issued to foreign nationals not permanently resident in India provided the premiums are paid out of foreign currency funds or from their income earned in India.

Yes, EEFC Accounts and RFC Accounts can be kept by resident Indians. In the EEFC account maintained with a bank, residents are allowed to keep 50% of foreign currency remittances received from abroad which can be used for current account transactions and approved capital account transactions as specified by the RBI. In the RFC Accounts, returning Indians (ex-NRIs), can hold and maintain foreign currency. These funds are free from restrictions on use outside India.

Yes. RBI permits on application such requests received from NRIs up to the value of Rs. 20,000 for such articles (other than those made of gold or silver or those banned for export).

Yes, as per Section 6 of the Foreign Exchange Management Act, 1999, if such assets were purchased, held or owned during their residence outside India or inherited from a person who was resident outside India.

Yes. For the purpose of determining ownership of holding, the first holder is taken into account. Hence, even though other joint holders may be persons resident in India, the sale proceeds of such securities can be repatriated in case the first holder is permitted to repatriate funds.

Yes. We believe that helping someone in a grave situation with a donation made under the name of a loved one is the kindness way to express your devotion to both your loved ones and the progress in Turkey. We recognize your efforts by extending an informational "Thank you" note to the address of the loved one you donate for. We further recognize this person in our publications and newsletters.

Foreign exchange will be released by banks in the form of foreign currency notes/coins up to U.S. $500 or its equivalent and the balance in the form of travelers cheques/demand draft/mail transfer/telegraphic transfer.

India has a strong dollar-rupee forward market with contracts being traded for one, two, .. six month expiration. Daily trading volume on this forward market is around $500 million a day. Indian users of hedging services are also allowed to buy derivatives involving other currencies on foreign markets. Outside India, there is a small market for cash-settled forward contracts on the dollar-rupee exchange rate.

NRI coming into India from abroad can bring with him foreign exchange without any limit provided if foreign currency notes, travellers cheques, Forexplus Card exceed US$ 10,000/- or its equivalent and/or the value of foreign currency exceeds US$ 5,000/- or its equivalent, it should be declared to the Customs Authorities at the Airport in the Currency Declaration Form (CDF), on arrival in India.

On return from a foreign trip travellers are required to surrender unspent foreign exchange held in the form of currency notes within 90days and travellers’ cheques within 180 days of return. However, they are free to retain foreign exchange upto USD 2,000, in the form of foreign currency notes or TCs for future use or credit to their RFC(Domestic) Account without any limit.

Yes. He can, however, retain foreign currency upto U.S. $ 2000/- or its equivalent (including foreign exchange, if any, already held by him) for personal purposes, under the general permission given to persons resident in India to hold foreign currency and surrender the balance to an authorized dealer or a money-changer against payment in rupees.

No. The Reserve Bank has granted general permission to incoming travelers to bring foreign currency into India from any place outside India without limit, provided they declare to the Customs authorities, on arrival at the airport/seaport, the particulars of all such foreign currency brought in on the Currency Declaration Form (CDF).

Yes. He can, however, retain foreign currency upto US $ 2000 or its equivalent (including foreign exchange, if any, already held by him) for personal purposes, under the general permission given to persons resident in India to hold foreign currency and surrender the balance to an authorised dealer or a money changer against payment in rupees.