Taxation on income

There is no income tax on this transaction.

Are you transferring these amounts to your regular savings account in India? How is the conversion happening since you will be transferring in AEDs (just curious).

Another option is to open Resident Foreign Currency account with an authorised dealer in India and transfer the money into this RFC. The money will be retained in fx and you use it for fx transactions again. (Save on frequent conversion charges). 

Dear Mr Ashok,

Can you please elaborate AED..

I do not want any further transactions to do with fx.. as I just want to use this money in India only..  So, is there any other use in opening the Resident Foreign Currency account ? 

AED is United Arab Emirates Dirhams.. You are transferring amounts from AEDs to INRs right.

You can open an RFC or an NRE account. In the latter the amounts are held in rupees. But otherwise has similar features to RFC. That is you can repatriate the amounts back when in need. Interest in an NRE account is tax exempt. You should consult your foreign bank for details.