06 September 2008
I want to receive USD 5000 or equivalent Indian Rupee as a gift from my brother living in USA, who is at present on Green Card Status i.e. Non-Resident Indian. My questions are: (i) Is there any Monetary Limit fixed by the RBI or any other government body on such remittances? (ii) Whether any permissions has to be obtained for the above from anybody? (iii) If yes, what is the preocedure and what are the documentation? (iv) Is any procedure or documentation is to be done after receipt of the remittance? (v) Is any Gift Tax or any other Tax is to be levied on such remittance? (vi) Is there any special procedure to be followed by the Govt. Employee for the above transaction? (vii) What if, my brother acquires Citizenship of USA before sending such remittance?
02 October 2008
There is no limit for remittance inwards. The remittance has to be through authorised dealer. They will in turn inform through the foreign remittances inwrads certificate to RBI.
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