Aditya (Student CA Final ) (136 Points)
08 April 2013Mr. A , a NRI, is relative of Mr.B , India Resident.
Mr. A wants to remit money in USD to Mr. B. Is there any limit to the amount he can send to Mr. B under FEMA act or other relevant act.
Also, can Mr. B , in any way, invest on behalf of Mr. A in India the amount that is sent.
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 08 April 2013
for what purpose does A wants to remti money to B. there are different limits for different types of remittances. E.g. for donations, gifts, business journery etc.. there are various types of limits that either require approval of the Cent Govt or the RBI.
Aditya
(Student CA Final )
(136 Points)
Replied 08 April 2013
I would like to know in two cases.
1)as a gift
2)for investment, relative being an intermediary (if doing so is possible)
If possible, please quote the section number of the act.
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 08 April 2013
If gift exceeds USD5000 per F.Y. then approval of RBI is required.
Aditya
(Student CA Final )
(136 Points)
Replied 09 April 2013
Thanks.
It will be appreciated if you will refer me to some link about such limit for information purpose.
CAclubindia
