Transferring $ to India

idli-vadai · Post by **idli-vadai** » Mon May 10, 2010 10:52 am

I am looking to transfer $10k to my parents over the next 6 months in 3-4 tranches. Is there a dollar amount beyond which any money transferred to India might additional scrutiny by the powers that be? This money is for their personal use.

sanjosedesi · Post by **sanjosedesi** » Mon May 10, 2010 5:52 pm

idli-vadai;287107I am looking to transfer $10k to my parents over the next 6 months in 3-4 tranches. Is there a dollar amount beyond which any money transferred to India might additional scrutiny by the powers that be? This money is for their personal use.

There is no issue. 10K - no one is going to ask anything.
In the old days, I would have advised you to do it one shot rather than the tranches so as to get a good rate, but with the dollar-rupee swinging wildly - you never know.

sanjosedesi · Post by **sanjosedesi** » Mon May 10, 2010 5:55 pm

Any scrutiny usually comes in when you "deposit" more than 10K USD into a bank account - either in US or India.
Bigger amounts - wire transfer takes care of all government reporting.
Smaller amounts - absolutely no scrutiny (Note that I am in no way inside the government to know anything, just hearsay).

Desi · Post by **Desi** » Mon May 10, 2010 7:25 pm

idli-vadai;287107I am looking to transfer $10k to my parents over the next 6 months in 3-4 tranches. Is there a dollar amount beyond which any money transferred to India might additional scrutiny by the powers that be? This money is for their personal use.

I presume you are transferring money that you have legitmately earned, paid taxes on the income and sending for legitimate purposes. If that is the case, why even worry about any scrutiny. Generally, there is no scrutiny on these transfers even if 10K, but such scrutiny should not deter you from transferring legitiamate amounts.

sanjosedesi · Post by **sanjosedesi** » Mon May 10, 2010 8:11 pm

Desi;287184I presume you are transferring money that you have legitmately earned, paid taxes on the income and sending for legitimate purposes. If that is the case, why even worry about any scrutiny. Generally, there is no scrutiny on these transfers even if 10K, but such scrutiny should not deter you from transferring legitiamate amounts.

I think "scrutiny" in this context implies un-necessary hassle. If parents need to go explain to some Babu in IT department, it does not matter whether the income is legit. It is a trip wasted, and the folks bothered when they should not be.

Desi · Post by **Desi** » Mon May 10, 2010 8:33 pm

Whenever you send a sum of money to India, it is always a good idea to print out the transaction record. Jot down the date, amount, banks, how transmitted, any check #s, ACH record, deposit advice and record, etc and keep copies. It is also a good idea to send a dated letter with details of transmission or via an email and print and save the copy of email record. In most cases the money is parental support and a gift. But having and keeping such a record is a good idea.

idli-vadai · Post by **idli-vadai** » Tue May 11, 2010 11:07 am

This is my share of the moolah from Modi's IPL :p

Seriously, the question re: scrutiny was because I don't want my parents to end up spending time/effort in answering/clarifying questions. As you can tell, I have not done this before ... hence the queries.

Desi;287184I presume you are transferring money that you have legitmately earned, paid taxes on the income and sending for legitimate purposes. If that is the case, why even worry about any scrutiny. Generally, there is no scrutiny on these transfers even if 10K, but such scrutiny should not deter you from transferring legitiamate amounts.