I would like to know what are the custom duties that need to be paid while bringin $10,000 in cash into the country by a Resident Indian who has worked for a few months abroad?
What would be the Income Tax liabilities on the same amount as the Individual is not an NRI but earned that amount while being Onsite for a few months in a different country?
Is there a better alternative to bringing the amount in Cash?
for what purpose you like to bring cash $, after all any one bringing anything shd have a meaningful purpose; if no purpose just ask your banker he would give you most prudential mechanism.
The individual has been working there for a few months and he is returning back to India. The money is his savings.
Dear Ram.
In my view there is no limit to bring foreign exchange in India from the US. However, as [per the Indian Customs Act1962 the aggregate value of foreign currency notes in excess of USD 5000 or equivalent and the aggregate value of foreign exchange in the form of currency notes, bank notes or traveller’s cheques in excess of USD 10,000 or its equivalent must be declared to the customs.
The limit for foreign currency notes is USD 3,000 and must be declare by filing CDF (Currency Declaration Form) if it exceeds the limit.
CAclubindia
