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How to transfer money from indian band to a UK account
07-Jun-2023 (In Banking / Finance Law)
My parents were Indian citizens and moved to the UK in 1974. My dad did not take British citizenship but my mum did. My dad had a 'bond' in a bank which transferred to my mum + brother when he passed away. My mum said that when she passed away, she wished the India bond money to be split between my brother and I. My mum passed away unexpectedly. However, brother is saying that it is not possible to transfer money from India to the UK. My brother is a UK citizen, as am I. Is it really impossible to transfer money from an Indian Bond to a UK account?
While a specific answer would require more details, however, since you and your brother have come into possession (atleast your brother did by way of nomination I suppose?) by inheritance/ succession (lot would depend on the existence of a will or succession certificate) I dont believe that the amount cannot be transferred out of India but there may be stipulations on limit of the amount per year and the mode in which you would be able to to route the money out formally. Do let me know if you need further help.
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Adv. Joydeep Nath
Delhi | 100+ Answers
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According to FEMA ACT 1999 The person can send the money upto $200000 in one financial year with the prior permission of Central Governemnt. There is no such restriction to sell the BOND , EQUITY SHARES, CERTIFICATE OF DEPOSITS in the Indian Market and tranfer that fund to the another country. You only have to fulfill all the compliances of FEMA Act 1999.
As per your case you have to sold out your BONDS in India whether in Dematerialised form or by Bank sale , and forward that amount with the permission of Central Government under "Realisaton and Reptriation of Foreign Exchange". While this process you are totally authenticated to sell their bond in Indian Market and moved that money to United Kingdom.
Regards
Adv Rajul Jain
Karkardoma court
As per your case you have to sold out your BONDS in India whether in Dematerialised form or by Bank sale , and forward that amount with the permission of Central Government under "Realisaton and Reptriation of Foreign Exchange". While this process you are totally authenticated to sell their bond in Indian Market and moved that money to United Kingdom.
Regards
Adv Rajul Jain
Karkardoma court
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Adv. Rajul Jain
Delhi | 25+ Answers
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