seejaybeekay

I am a new member, so apologies if answers have already been given. Previous posts do not seem to cover our situation. We are British Citizens who inherited land, bank accounts and investments when an uncle [an Indian National] died in India. We recently sold the land and closed the bank accounts, accepting bank drafts in rupees for the proceeds.
Our bank has refused to 'collect' the funds from India, and a conversation with a member of staff in an Indian branch of a UK bank has said that we need to complete various forms before the funds can be repatriated. I cannot find anything in the [Indian] Foreign Exchange Management Act 1999which refers to such forms, my reading of the Act and subsequent RBI notices, is that - as long as the funds resulted from an inheritance from an Indian National, up to USD 1m can be remitted. I have been referred to a CA, but am wary of involving them, primarily because they can confuse the issue, and 'do their own thing'.
Any thoughts? Thank you

bakedbean

Hello there and welcome to the forum

As your question is quite specific to India, I'm going to shift your thread from the Welcome Inn into the India section of this forum. That way, you'll reach those who are currently in India or visit there frequently.

Hope everything gets sorted out.

pennylessinindia

I think your bank is correct. Your CA will advice you. It is very complex but not impossible to do - you will need a CA to file forms to show that the correct tax has been paid. Certainly will sale of property this is the case so imagine land sale etc is the same. Not sure which bank you use HSBC were very helpful.

a_f_d

I agree, you need a CA in India. The rules* for remitting money from India are very clear in the case of Indian Residents but less clear for non-resident foreigners. I also think it would be easier to 'push' the money from India than 'pull' it from the UK. It will definitely help if you have PIO/ OCI cards.
* practice may be more complicated!

AndyD 8-)₹