There is no limit on the amount that can be transferred to India by NRIs. There are certain criteria for being an NRI so it is important to check whether you are considered to be NRI or not. For further details, read through the details ahead.
With 62.7 billion dollars in 2016, 65.3 billion dollars in 2017, and a staggering 78.6 billion dollars in 2018, India is the world’s largest remittance receiving country. In addition, India has signed a Double Taxation Avoidance Agreement with 85 countries, including the United States (USA).
Who are considered to be NRIs?
- as per various criteria, individuals who have spent less than 182 days in India during the prior financial year.
- A person who has left India or is staying outside India to conduct business or pursue a career path,
- who has left India or is staying outside India for the purpose of work, or
- Individual who has left India or is staying outside of India for another reason, suggesting that he/she intends to stay there indefinitely.
Minimum amount of money that can be transferred:
There are no limitations on the amount that can be transferred from any other foreign country to India, but it is necessary to keep in mind the tax implication that can be levied depending upon the reason of sending the amount and also the amount of money that an NRI is sending.