Can I receive money from abroad in my bank account in India?

India has not sent any limits on receiving funds from abroad. However, the foreign country you are in might have regulations that limit the amount of money you can send abroad. If you are sending the money to your NRE/NRO account or to the bank account of your close relatives, then it is tax-free.

Is it mandatory to have NRE account for NRI?

By law, as we have mentioned before as well, being an NRI you cannot have ordinary resident savings, fixed deposits or recurring deposits accounts in banks. You necessarily need to have an NRO or NRE account or both, depending on the needs.

Is money transferred from overseas to India taxable?

Is foreign remittance is taxable in India? Money remitted outside India will be subject to a 5\% tax collected at the source (TCS). Needless to say, unless tax has already been deducted at source (TDS), every overseas transfer above Rs 7 lakh would be subject to a tax-collected-at-source (TCS).

Can you send money to India using Google Pay?

You can use Google Pay to send money to friends and family in India using your mobile device. You’ll need an internet connection, an Indian bank account and an Indian phone number. You can find people to send money to if they’re nearby or you can search for them by their: Bank Account and IFSC code.

How much money can you transfer to another country?

Financial institutions and money transfer providers are obligated to report international transfers that exceed $10,000. You can learn more about the Bank Secrecy Act from the Office of the Comptroller of the Currency. Generally, they won’t report transactions valued below that threshold.

Is it illegal for NRI to have savings?

As per the Foreign Exchange Management Act (FEMA) guidelines, an NRI cannot have a savings account in his or her name in India. You must convert all your savings (money earned abroad) to a Non-Resident External Account (NRE) or Non-Resident Ordinary (NRO) account.

Can an NRI have a resident savings account in India?

As you live outside India, you are an NRI and an NRI is not allowed to have a resident savings account. If you just tell your bank that now you are an NRI, and give proof (passport, visa and foreign address), the bank would re-designate your resident account as NRO.

Is NRO transfer from abroad taxable in India?

The amount you transfer is not taxable, neither in abroad nor in India, providing you already paid tax on that income in Abroad. But, the interest earned on NRO saving Account will be taxable (see here) and that will be considered as your income in India.

Can I send money from abroad to an Indian bank account?

In short, even though you can send money from abroad to a normal resident Indian saving account with any private or public banks e.g. ICICI, HDFC, SBI, Axis Bank or Bank of Baroda, when it comes to tax it totally depends upon whom you are transferring money to.

Can NRO account take remittances from outside India?

The NRO account can take remittances from outside India, certain cash amounts and transfers from other NRO accounts. The NRO account is subject to all applicable taxes in India.