How Indians can send money abroad?

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How Indians can send money abroad?

The Reserve Bank of India (RBI) allows Indian citizens to send money from India through a process called outward remittance which is directed by various foreign regulations. This outward remittance can be made through banks, post offices, and digital payment platforms.

Can I send money to my sister abroad?

Remittances outside India in the nature of gifts or for maintenance of close relatives abroad are permitted transactions under the LRS. Therefore, a gift of money to your daughter (who is your lineal descendant) will not be subject to tax in your hands or in the hands of your daughter in India.

Can I send money to my friend abroad from India?

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You can send money from India with the help of convenient money transfer platforms. The Reserve Bank of India (RBI) allows this process, known as outward remittance, based on certain foreign regulations. The RBI and the Foreign Exchange Management Act, 1999 (FEMA) regulate outward remittances.

How can I send my sister money?

Here are eight ways you can send money to family and friends fast.

  1. Zelle. Fees: None.
  2. Venmo. Fees: 3\% fee when using a credit card; other payment methods are free.
  3. PayPal. Fees: None for U.S. transfers funded by PayPal balance or a linked bank account.
  4. Cash App.
  5. Google Pay.
  6. Apple Pay.
  7. 7. Facebook Messenger.
  8. Western Union.

Can NRI send money to friend in India?

New Delhi: NRIs can sending money to their friends and family in India through social media like WhatsApp and e-mail. The sender needs to register on the remittance service application Money2India to transfer money to someone in India.

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Is it possible to send money from India through Western Union?

You can only send money to individuals and they must have a bank account to receive money from you. You must produce valid Know Your Customer (KYC) documents and must provide your Permanent Account Number (PAN) for all transactions.

How much gift money can I receive from India?

Gifts up to Rs 50,000 per annum are exempt from tax in India. In addition, gifts from specific relatives like parents, spouse and siblings are also exempt from tax. Gifts in other cases are taxable.