subject: NRI Money Transfer – Options Open to You [print this page] NRI are encouraged to open up NRE accounts to bring in non resident Indian's income back home. With this you enjoy tax exemptions on the income earned through rental income, mutual fund profits, shares and debentures. It allows for money transfer in any foreign currency such as EUR, JPY, GBP, USD. Since, NRE accounts are on repatriation basis, it allows an NRI to transfer abroad, money earned in India. These allow you to enjoy higher interest rate on your savings account besides providing you tax exemptions on your income attained.
Banks also help you out in money transfer. This is allowed if you and your spouse or your parents hold an account in the same bank. Remittances through your own bank is considered the most secured and convenient mode of remittance.
There are authorized money transfer agencies which can help you transfer money back home. These agents will facilitate remittances in your hometown. These agents will charge a minimum fee for transfer of funds. Thus, you get better rates on conversion of foreign currency.
Few websites also offer this facility, but credibility and security of your money over internet is questionable. However, if you know about the website and trust them, you can go ahead as these are quick in transferring your money.
By encouraging non resident Indians to invest in the hometown, it helps to boost the incomes of receiving countries. Indian IT and paramedical professionals are working overseas and hence it is important to offer them bank accounts with tax exemptions so that we pump back NRI money to our hometown. Investment in bank deposits and company deposits may be made by NRIs. They are subject to different rules; investments with and without repatriation facilities are permitted under the schemes. As of now, NRIs are permitted to make direct investment in partnership and proprietorship firms in the country.
NRI Money Transfer Options Open to You
By: Kirthy Shetty
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