Fera fena
This query is : Resolved
11 July 2015
If a person transfers fund up to 750000 USD from his son AC in USA to his account in India with just a narration as family loan settlement. What penalties or legal obligations it can attract.
11 July 2015
The remittance will be treated as gift to his father, no penalty will arise. As per rules RBI has to be informed of the remittance.
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