Go Back   Team-BHP > Around the Corner > Shifting gears


Reply
 
Thread Tools Search this Thread
Old 27th December 2013, 21:30   #1
Senior - BHPian
 
vnabhi's Avatar
 
Join Date: May 2007
Location: DC -> DC
Posts: 5,204
Thanked: 1,195 Times
Default Limit for carrying $$$ to the US?

Guys

I searched this forum for this topic and found none. My question to you is whether there is a dollar limit for money to be carried to the US from India.

My uncle is under the impression that there is a 10 K USD limit per person. But I am not sure if one can carry more by declaring the reason, especially when they are bonafide.

For instance, my uncle is selling a flat that he bought in Goa, after some ancestral property was sold at our home town in 2009. From whatever money he got, he opened an NRI and an NRE account with HSBC, and also invested part of the money in purchasing a flat at Goa. He migrated to US in 1981 and has become a US citizen in 2008.

He is now selling the flat at Goa, but is planning to visit India with his son, so that more money can be carried per person to the US. Earlier, he was planning to give his friend a power of attorney for the sale, which is a far cheaper option. I somehow feel that there must be a provision for carrying more money to the US, if the reasons are genuine. So can anyone chip in with advice on this topic?

Thanks in advance.
vnabhi is online now   Reply With Quote
Old 27th December 2013, 21:40   #2
Team-BHP Support
 
theMAG's Avatar
 
Join Date: May 2006
Location: Long Island, NY
Posts: 6,992
Thanked: 1,419 Times
Default re: Limit for carrying $$$ to the US?

On a recent trip to Japan, I did remember the same limit mentioned in the immigration form - $ 10K USD. You might want to get it confirmed through other channels as well.
theMAG is offline   Reply With Quote
Old 27th December 2013, 21:47   #3
Senior - BHPian
 
vnabhi's Avatar
 
Join Date: May 2007
Location: DC -> DC
Posts: 5,204
Thanked: 1,195 Times
Default re: Limit for carrying $$$ to the US?

Quote:
Originally Posted by theMAG View Post
On a recent trip to Japan, I did remember the same limit mentioned in the immigration form - $ 10K USD. You might want to get it confirmed through other channels as well.
Yes, I will. But going my past experience, this is the best place to elicit advice on such matters. Thanks for your suggestion.
vnabhi is online now   Reply With Quote
Old 27th December 2013, 22:03   #4
Senior - BHPian
 
ecosport rules's Avatar
 
Join Date: Jun 2013
Location: Hyderabad
Posts: 1,073
Thanked: 1,336 Times
Infractions: 0/1 (4)
Default re: Limit for carrying $$$ to the US?

Quote:
Originally Posted by theMAG View Post
On a recent trip to Japan, I did remember the same limit mentioned in the immigration form - $ 10K USD. You might want to get it confirmed through other channels as well.
I travelled to japan in the year 2011 and the limit is 10K USD.
ecosport rules is offline   Reply With Quote
Old 27th December 2013, 22:13   #5
BHPian
 
Join Date: Jan 2012
Location: Phoenix, AZ
Posts: 252
Thanked: 153 Times
Default

Quote:
Originally Posted by vnabhi View Post
Guys I searched this forum for this topic and found none. My question to you is whether there is a dollar limit for money to be carried to the US from India. My uncle is under the impression that there is a 10 K USD limit per person. .
10 K is the limit for individuals , but please check this RBI link http://www.rbi.org.in/scripts/FAQView.aspx?Id=53 for a proper understanding as I gather that your uncle is a US citizen, just out of curiosity, why not transfer the money?
mazda4life is online now   Reply With Quote
Old 28th December 2013, 00:01   #6
HPP
BHPian
 
Join Date: Mar 2008
Location: Minneapolis, MN/Hyderabad
Posts: 232
Thanked: 2 Times
Default re: Limit for carrying $$$ to the US?

10k is right. Even then he'll have to declare it in customs.

He can transfer more etc, but there will be tax implications.
HPP is offline   Reply With Quote
Old 28th December 2013, 11:44   #7
Newbie
 
Join Date: Dec 2013
Location: Pune
Posts: 7
Thanked: 3 Times
Default re: Limit for carrying $$$ to the US?

Be advised that the $10K that can be taken into US is for a FAMILY traveling together. If they are on the same plane, the family is entitled to $10K altogether! That includes cash and T/Cs etc.

Also, unless there are recent changes, A person can carry only up to $5K each out of India. At least a while back, the $5K had sub-limits of $2K in cash, and the rest in T/Cs.
udaji is offline   Reply With Quote
Old 28th December 2013, 16:13   #8
Senior - BHPian
 
khoj's Avatar
 
Join Date: Sep 2008
Location: Dilli
Posts: 2,722
Thanked: 1,250 Times
Default re: Limit for carrying $$$ to the US?

Yes, your uncle has it correct, there is a dollar limit of $10,000/- per person for money to be carried from India irrespective of the destination.

In case one has a business visa the limit is $25,000/-

However in your uncle's case the above may or may not apply as he is no longer an Indian Citizen but maybe holding the PIO card, this has to be looked in to.

Anyhow in cases such as your uncle's, if the money remittance is bonafide then the following is applicable

● In the event of sale of immovable property, other than agricultural land / farm house / plantation property in India, by a person resident outside India who is a citizen of India / PIO, the repatriation of sale proceeds is restricted to not more than two residential properties subject to certain conditions.

● If the property was acquired out of Rupee sources, NRI or PIO may remit an amount up to USD one million per financial year out of the balances held in the NRO account (inclusive of sale proceeds of assets acquired by way of inheritance or settlement), for all the bonafide purposes to the satisfaction of the Authorized Dealer bank and subject to tax compliance.


Do remember that on the flip side there is a limit to the amount of cash that can be brought in to the United States by any individual whether he is a US citizen or an alien. Any amount beyond that necessitates declaration at US Customs and the IRS(in case of US citizens) is in the loop with this system.

Going by the book this is what applies as per the US customs and border protection site

What items must I declare when entering the United States?

Upon entering the United States you must declare:

· All monetary instruments such as traveler's checks, cash, gold coins, negotiable checks, money orders, promissory notes, and securities or stocks.

While the above is practically not applied to each and every individual, however the amount that is generally not frowned upon in case of self declaration or as a result of search and seizure is not much different from the limits that apply here, anything beyond that could be trouble.

Your uncle is better placed to find out the exact amount that he will be allowed to carry into the US, which I think should be of greater concern.


Quote:
Originally Posted by vnabhi View Post
My question to you is whether there is a dollar limit for money to be carried to the US from India.

My uncle is under the impression that there is a 10 K USD limit per person. But I am not sure if one can carry more by declaring the reason, especially when they are bonafide.
khoj is offline   Reply With Quote
Old 28th December 2013, 16:52   #9
Senior - BHPian
 
vnabhi's Avatar
 
Join Date: May 2007
Location: DC -> DC
Posts: 5,204
Thanked: 1,195 Times
Default re: Limit for carrying $$$ to the US?

Thanks guys, really helps.

@khoj--my uncle's concern was the amount allowed by US Customs, not the amount allowed by Govt of India. And yes, he does have a PIO card. So I guess, Indians living in the US might be in a better position to clarify.

I was wondering how people who've taken up US citizenship or Green Cards manage to move proceeds of their immovable property sold in India. A limit of 10 K USD really sucks!

And yes, depending on your declaration, US customs do check sometimes. In his trip back this month, my uncle declared that he'd got some gold bangles worth 1500 USD with him. He'd actually exchanged some very old ornaments for new ones at Hyderabad, and had a receipt for that. An Indian working for US Customs subjected him to lots of questions and wanted to make sure that he was not carrying out gold imports.
vnabhi is online now   Reply With Quote
Old 28th December 2013, 21:19   #10
BHPian
 
Join Date: Jun 2008
Location: Bombay
Posts: 176
Thanked: 98 Times
Default re: Limit for carrying $$$ to the US?

Quote:
Originally Posted by vnabhi View Post

I was wondering how people who've taken up US citizenship or Green Cards manage to move proceeds of their immovable property sold in India. A limit of 10 K USD really sucks!
Through the official banking channels. You will need an Income Tax Clearance Certificate. Ask a CA.

It is not advisable for a USA Citizen to carry any amount of cash.
lapsi is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
Trailers for carrying jeeps & farm purposes - What, How in India trammway Commercial Vehicles 77 17th May 2017 21:10
Carrying Fuel... How? ramkya1 Technical Stuff 26 28th June 2015 07:41
Carrying medicines to Dubai Bass&Trouble Shifting gears 33 29th April 2009 10:41


All times are GMT +5.5. The time now is 14:51.

Copyright ©2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks