Q.871 Sending money from India to UK - Remit funds abroad from India

Question: Hi, My in laws want to transfer an amount of 7 lakhs to me from India. I have a NRO/NRE account with HSBC. How can this be done and what will be the charges? Regards, Rajib [March 31, 2016] Answer: Indian residents can now legally send money from their bank accounts across the world without the requirement of any special permission from the RBI. Money can be sent abroad from India for various purposes such as to pay for educational costs of children, maintenance of relatives/family members, gift etc. Your in laws need to approach their bank where they have the funds in and complete the paperwork formality. Most banks will have their own set of form to fill out and service charges, fee for transfer would depend on the mode chosen for transferring the money from India, such as wire transfer etc. For more information in this regard, check this article: How to Send money from India to a foreign country legally >>

Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com