Carrying Forex out of India

[Canada1985PR]

Hello all,

I am a Canadian PR holder presently living in Ontario for the last 2 years and I'd like to know what is the limit of Forex that I can carry with my out of India. I plan on travelling to India soon and I would like to bring around $210,000 CAD with me when I return to Canada. I understand that I would have to declare the amount while leaving India and on entering Canada but is there a maximum limit on the amount I can carry (all financial instruments put together)?

I have an option of remitting the amount to Canada directly (through ICICI bank) but the TCS deducted would be nearly 6lakh INR which I would like to avoid paying if there is another way.

Looking forward to your advice.
Regards,
RV

 

[KRP]

Hello all,

I am a Canadian PR holder presently living in Ontario for the last 2 years and I'd like to know what is the limit of Forex that I can carry with my out of India. I plan on travelling to India soon and I would like to bring around $210,000 CAD with me when I return to Canada. I understand that I would have to declare the amount while leaving India and on entering Canada but is there a maximum limit on the amount I can carry (all financial instruments put together)?

I have an option of remitting the amount to Canada directly (through ICICI bank) but the TCS deducted would be nearly 6lakh INR which I would like to avoid paying if there is another way.

Looking forward to your advice.
Regards,
RV

Google keywords ............... FINTRAC.................. Form E677 .
Best is open NRO account with your bank in india. Next contact a CA for form 15 ca and cb. Then after CA fills in data your banks foreign exchange dept will transfer to your account in Canada.
But you will need and have to provide source of funds. Also will need to pay advance tax on the amount.
Next year you will also have to file Indian income tax and any difference against advance tax will have to be paid . For instance any property sold and you got Capital gains . Source of $ 210,000 need to be provided.