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Old 29th April 2009, 19:50   #16
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Yes this is a point which is debated around. I still have no clear answers from anyone. I keep my account active until I get a clear answer to this, because once its closed, I will never be able to open it again.
The answer is yes you can! I have posted a link from RBI, there is no ambiguity about this. Here is the link once again. Reserve Bank of India Read points 30 & 34. Even a resident can open a foreign account.

+1 to Steeroids post

Regarding freedom, I was born in Dubai and my family has been there for generations. Once I lived in India I couldnt live in Dubai anymore. The gulf isnt really a good barometer for freedom.Though I feel North America does a pretty good job of equality and I feel perfectly at home here as much as I would in India.

Last edited by Raj1008 : 29th April 2009 at 19:57.
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Old 30th April 2009, 19:58   #17
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I spoke to few CA personal who are in profession over 10 years. They have different opinions. I will try to speak to an RBI official through my club. I think lot of changes, alterations, additions in the rules and regulations of RBI are not known to many employees themselves. Its a world to find everything on your own. Thats where forums come to help.
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Old 30th April 2009, 21:47   #18
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Originally Posted by shajufx View Post
I spoke to few CA personal who are in profession over 10 years. They have different opinions. I will try to speak to an RBI official through my club. I think lot of changes, alterations, additions in the rules and regulations of RBI are not known to many employees themselves. Its a world to find everything on your own. Thats where forums come to help.
I completely agree. Be very careful with any foreign exchange related matter. Many of the regulations are not known to even RBI officials, but that doesn't absolve you. So when we break a rule due to lack of knowledge or lack of instructions from RBI or CA, RBI will gladly declare you guilty. In other words you are guilty until proven otherwise. And it is very difficult to convince your innocence.
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Old 30th April 2009, 22:13   #19
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Hi Shaju,
I am not a NRI and have no experience as such so will leave that for others to discuss. Interesting inputs till now.
Liked the happy ending of your story and hope success and happiness for your whole family.
Cheers!
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Old 30th April 2009, 22:38   #20
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Until one goes out of the country and feels the difference, its tough to understand the full meaning of this freedom people enjoy here.
Well said, Shaju! This realization also has other ramifications which I observed during my stay in the US, which I detailed here: ~* I d e a s f o r L i f e *~: Desi Acknowledgement

Cheers!
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Old 1st May 2009, 09:11   #21
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I spoke to few CA personal who are in profession over 10 years. They have different opinions. I will try to speak to an RBI official through my club. I think lot of changes, alterations, additions in the rules and regulations of RBI are not known to many employees themselves. Its a world to find everything on your own. Thats where forums come to help.
I totally understand your apprehensions. The single best way to do it is to get the RBI notifications and read them yourself. I think Taxprint in Bombay sells them. It cant get any surefire than that. Wish you luck with your move!
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Old 1st May 2009, 17:06   #22
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Its very interesting to hear what a contradicting suggestions different CAs make about related things. It makes it very clear that many of them have no clue about such things. But they will never prefer to tell you, "Oh sorry, I need to check more details about your doubt and enlighten you".

Has anyone thought of India as a tax-free country ? Dont be surprised, 1000s of things that you see functioning around will stop forever. Only difference is, major portion of the tax collected goes to the drain as corruption. Not a single department in our country which can be titled as 'non-corrupted'.

About the investments that I was hinting in the first post. Its not about starting something of my own. Its venturing into nourishing the Indian Economy by contributing its growth with foreign funds. We are talking about a starting figure of 10 million USD upwards. I did a lot of cross-checking, discussions, case-studies after coming back. There are 100s of RBI approved projects. But provisions on the profit sharing, transfering and distribution has certain locks which discourage a Non-Indian investor.

Lets forget all that big talks. Take a simple example of starting a fully automated car wash (which is very common all around mid east) with German machines imported. Estimated cost of setting up a full-fledged Car wash was figured to be around half a million USD to start with. A single funder is enough to launch this and I can ask one of my previous clients to do that, which I am sure, is not tough to execute. But...there comes a huge list of 'Dos and Donts' right from the fund receiving, inspections, approvals, registration, bank accounts, articles of association, the list never ends.

If you seriously plan to do something similar, you find a long list of professionals who 'assist' you and 'help' you but secure their family for another 10 years with the fee you are paying them for their 'help'. Thats when the idea is in your brain and before anything comes as a written plan. This is just an example. There are many things related to this subject and much complicated than it can be explained in simplicity.

I am not blaming our system by any chance. Please dont misunderstand my post. Our system is very good, but we sadly lack any human touch to many things atleast to check and see if something is proposed or planned for the betterment of our place.

I am paying 'Khatha' for my property this week, as it was not done when we registered it in the beginning of 2008. Actual amount for a simple receipt paper called "khatha" is below Rs.4000/-. But if you dont throw Rs.5000/- under the table (higher figures for other areas in the city), you will never see that paper in your life !! I mentioned this naked truth here just to simplify the complication involved in a bigger project or plan that can run through your mind.

So, lucky are people who started their ventures years back. You didnt have to shell out unaccounted payments. If you want to start something over a 3 crore project, that too involving foreign investors, better you think it 10 times even before consulting someone. To summarise: I still get calls offering discounted 'consultations' and 'helps' from various places. But sadly, we have put our plans on hold until the recession settles.
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Old 1st July 2009, 09:19   #23
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guys which bank is best to open a NRE account in?
I have been eyeing HSBC...

Any thoughts or comments?
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Old 1st July 2009, 11:28   #24
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Depends on what are your needs. I used to have NRE and NRO accs with HDFC for almost 5 years, never had any issues. If online transactions are a priority, I think ICICI gives better options like activating & registering of payees, transfers etc all online without having to visit the branch anytime. HDFC has many things not possible online (means visiting a branch will be a must). HSBC is good too. Remember to check the difference of minimum quarterly account balance requirement in each bank.
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Old 1st July 2009, 11:31   #25
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HSBC is good, no doubt. Internet banking is a breeze with HSBC. Customer service is not bad either, but I did encounter some issues, but these were mostly because of dumbassess manning the customer support.
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Old 1st July 2009, 12:42   #26
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Originally Posted by shajufx View Post
Depends on what are your needs. I used to have NRE and NRO accs with HDFC for almost 5 years, never had any issues. If online transactions are a priority, I think ICICI gives better options like activating & registering of payees, transfers etc all online without having to visit the branch anytime. HDFC has many things not possible online (means visiting a branch will be a must). HSBC is good too. Remember to check the difference of minimum quarterly account balance requirement in each bank.
Thanks. One of the main requirements is internet banking. Will definitely check out ICICI.

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HSBC is good, no doubt. Internet banking is a breeze with HSBC. Customer service is not bad either, but I did encounter some issues, but these were mostly because of dumbassess manning the customer support.
Thanks. Good to know that internet banking is smooth with HSBC.
If possible please share some of the issues you faced with their customer support.

How is SBI? or Axis?

cheers
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Old 1st July 2009, 12:55   #27
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I am paying 'Khatha' for my property this week, as it was not done when we registered it in the beginning of 2008. Actual amount for a simple receipt paper called "khatha" is below Rs.4000/-. But if you dont throw Rs.5000/- under the table (higher figures for other areas in the city), you will never see that paper in your life !! I mentioned this naked truth here just to simplify the complication involved in a bigger project or plan that can run through your mind.
Forget big projects. Even getting a property registered is very difficult unless you pay bribe for every forms and attestations. The evil of bribe is deep rooted in our society, aided by a complex system.
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Old 1st July 2009, 15:21   #28
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We all hope all this corruption and related things will come to an end when more youngsters take up responsibilities. Aged govt babus will never change.

Last week I had to get a termination of hypothecation (actual charge Rs.100/) and a clearance certificate to another RTO in the same city (free of charge) both for my wagonR that was sold 10 days back. I really didnt take a chance to do it directly over the counter, knowing the difficulties of following it up few times before I get the papers at an uncertain day and time. So, ended up paying Rs.1000/- to the agent who is in the same RTO building. He has done many works for me so far, and knows my face and name so well, and the figure quoted was discounted due to familiarity. To make sure that he gave me a discount I called up another driving school agent and got a quote for Rs.1400/-. I was atleast happy I paid less.

If govt departments become transparent to the public through online and telphone methods, corruption will end, but then we will have many families (of brokers/agents) who will struggle to survive !
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Old 1st July 2009, 16:15   #29
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Originally Posted by shajufx View Post
Last week I had to get a termination of hypothecation (actual charge Rs.100/) and a clearance certificate to another RTO in the same city (free of charge) both for my wagonR that was sold 10 days back. I really didnt take a chance to do it directly over the counter, knowing the difficulties of following it up few times before I get the papers at an uncertain day and time. So, ended up paying Rs.1000/- to the agent who is in the same RTO building.
We can end corruption only we ourself stop giving out bribes!

For my bike & car, I got the hypothecation cancelled on my own.
Went to the RTO in the morning with all the required documents, paid the fees at the cash counter, submitted the docs at the specific counter.
I got the updated RC book same day evening for the Bike and for Car after 2 days.
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Old 1st July 2009, 16:24   #30
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We can end corruption only we ourself stop giving out bribes!

For my bike & car, I got the hypothecation cancelled on my own.
Very Good, now try that in Registrar's office for registering your site or home.
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