Q.922 Question on repatriation...

I recently bought your book and it is a great source of information and is easy to understand. I have built a house in India with funds transfered from Canada to India. Some were deposited in my NRE account and others transferred directly to contractor account. Can I repatriate back all these amounts back from my NRO account after the sale of my property. What documentation will I need to show in this case. Note on page 173 you only talks about money received inward remittance to NRE account. In my case it is both NRE and trades. Please get back to me asap. Thnks Brian Answer: Inward remittance refers to money sent to India from abroad. Any money coming in to India is inward remittance, regardless of whether an individual sends the money to their bank account in India or for example to a builder/contractor to construct a house etc. All amount you sent, can be repatriated. Documentation for repatriation of funds that is required is clearly stated in step by step format starting from Page 175 of my book. Additional documentation that you may need would be simply proof of payment sent to the contractor. This could be for example a bank draft receipt used to remit funds to contractor. The contractor may have even issued a receipt and this could be used if required.

Banks in India love deposits not

withdrawals

Under the one million US$ transfer per financial year allowed by the government of India, repatriation has become easier. Banks in India I think, only emphasize to their employees the importance of taking in deposits from clients, however when it comes to transactions such as repatriation of an account holders money, I believe some bank employees may either not be aware of relaxed rules of repatriation or simply are not upfront about helping clients when it comes to large withdrawals of money. Bank branch employees in India are perhaps rewarded based on the amount of deposits they have generated from clients.