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Repatriation of funds

Repatriation of funds

Old Dec 2nd 2008, 2:41 pm
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Default Repatriation of funds

Hi everyone, been lurking for a couple of years now, and finally we now have had enough.
To cut a very long story short, in 2005 we purchased a villa in Nerul (sales agreement) by way of bank transfer and hoped to form a business to validate the sale. Our sales agreement stated that we would have possession by Aug 2006, to this date occupancy certificates have not been issued (for whatever reason)and we have now asked for our monies to be repatriated.
In Oct the developer agreed to return our monies plus a percentage, but as of yet we have not heard anything.
Can anyone assist in the correct method for obtaining RBI permission?

Thanks in advance

Boyd
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Old Dec 2nd 2008, 4:22 pm
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Default Re: Repatriation of funds

Many long termers will know much more than me, as i only
have rented, but lived many years with Indians, first working in the
Gulf with them, and have lived on and off in Goa for the past 10 years.
I wish you luck, but not always easy to get your money back.
Not sure how you stand Legal, but nothing is always as it seems
in Asia.
Good luck.
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Old Dec 2nd 2008, 6:54 pm
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Default Re: Repatriation of funds

Hi

We've been trying to repatriate our funds from ICICI bank for 2 years now, seems to be impossible!!!

Good Luck
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Old Dec 2nd 2008, 11:13 pm
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Default Re: Repatriation of funds

Due to the complications getting official permission, many folk have been forced to use more 'informal' methods, which involves the risk of having your cash confiscated.
To get anywhere with the RBI it is important to have obtained a FIRC (Foreign Investment Remittance Certificate) from your Bank on transfer of the monies.
They are very difficult to obtain retrospectively.
Good Luck
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Old Dec 3rd 2008, 4:46 am
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Default Re: Repatriation of funds

Originally Posted by enfield951 View Post
Due to the complications getting official permission, many folk have been forced to use more 'informal' methods, which involves the risk of having your cash confiscated.
To get anywhere with the RBI it is important to have obtained a FIRC (Foreign Investment Remittance Certificate) from your Bank on transfer of the monies.
They are very difficult to obtain retrospectively.
Good Luck
... or if you transferred the money directly to the builder's account ask the builder to get the FIRC (or the builder might be able to refund directly to your account because returned real-estate deposits are allowed to be repatriated.
Check the RBI website, they have issued detailled instructions to banks etc. about foreign remittances and it may well be that they do not get involved themselves (just like FEMA compliance).

AndyD 8-)#
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Old Dec 4th 2008, 10:29 am
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Default Re: Repatriation of funds

Originally Posted by boyd View Post
Hi everyone, been lurking for a couple of years now, and finally we now have had enough.
To cut a very long story short, in 2005 we purchased a villa in Nerul (sales agreement) by way of bank transfer and hoped to form a business to validate the sale. Our sales agreement stated that we would have possession by Aug 2006, to this date occupancy certificates have not been issued (for whatever reason)and we have now asked for our monies to be repatriated.
In Oct the developer agreed to return our monies plus a percentage, but as of yet we have not heard anything.
Can anyone assist in the correct method for obtaining RBI permission?

Thanks in advance

Boyd

Hi Welcome to the site - have you moved into your villa?
When the builder buys it back off you will you have to pay him a few laks like other people, or will you make some profit?
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Old Dec 4th 2008, 5:01 pm
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Default Re: Repatriation of funds

Originally Posted by boyd View Post
Hi everyone, been lurking for a couple of years now, and finally we now have had enough.
To cut a very long story short, in 2005 we purchased a villa in Nerul (sales agreement) by way of bank transfer and hoped to form a business to validate the sale. Our sales agreement stated that we would have possession by Aug 2006, to this date occupancy certificates have not been issued (for whatever reason)and we have now asked for our monies to be repatriated.
In Oct the developer agreed to return our monies plus a percentage, but as of yet we have not heard anything.
Can anyone assist in the correct method for obtaining RBI permission?

Thanks in advance

Boyd
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Old Dec 4th 2008, 6:46 pm
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Default Re: Repatriation of funds

Originally Posted by morse View Post
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only for residents (hah!), NRI's and PIO's afaik

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Old Dec 4th 2008, 8:33 pm
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Default Re: Repatriation of funds

I suppose it depends how much cash you are talking about and what percentage that is of your net
As the Bank of England reduced the base rate to 2% yesterday is it worth repatriating it,unless you are washing your hands of country altogether?
You can still get 10.5 % on fixed bonds out here, and if you have a 'good' manager get 10.2% rate of tax. Try that in blighty !
You could also take £ 3/4000 home per year in cash.A lot does depend on how much you are talking about.The other way is to 'sell' it to UK holiday makers and friends i.e take their cheque in the UK and give them Rupees out here .at a rate slightly above the 'Street Rate'.

One for the ' baby boomers' :- I had variuos mortgages from 1971 until
2001.
From January 1975 until September 1991 the interest rate was mainly in double figures and peaked at 16% in July 1980.
Since I paid of my last mortgage and decided to invest in savings in the same year it has never risen above 5.75%.It's now at just 2%.
Lesson, what do I know , or was I ,and many others just unfortunate ?
For all that it's a great life, particularly when you consider the alternative !
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Old Dec 5th 2008, 12:41 am
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Default Re: Repatriation of funds

Originally Posted by enfield951 View Post
I suppose it depends how much cash you are talking about and what percentage that is of your net
As the Bank of England reduced the base rate to 2% yesterday is it worth repatriating it,unless you are washing your hands of country altogether?
You can still get 10.5 % on fixed bonds out here, and if you have a 'good' manager get 10.2% rate of tax. Try that in blighty !
You could also take £ 3/4000 home per year in cash.A lot does depend on how much you are talking about.The other way is to 'sell' it to UK holiday makers and friends i.e take their cheque in the UK and give them Rupees out here .at a rate slightly above the 'Street Rate'.

One for the ' baby boomers' :- I had variuos mortgages from 1971 until
2001.
From January 1975 until September 1991 the interest rate was mainly in double figures and peaked at 16% in July 1980.
Since I paid of my last mortgage and decided to invest in savings in the same year it has never risen above 5.75%.It's now at just 2%.
Lesson, what do I know , or was I ,and many others just unfortunate ?
For all that it's a great life, particularly when you consider the alternative !

Would be a bit worried about the stability of the Banks at home at least we are covered - here would it be FN's and whities down the pan first.
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Old Dec 5th 2008, 10:03 am
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Default Re: Repatriation of funds

If we are talking about 'risk' I am afraid that started the moment pen was put to paper,and monies were handed over.
As always in these matters each must make their own decision.
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Old Dec 5th 2008, 5:26 pm
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Default Re: Repatriation of funds

Originally Posted by enfield951 View Post
If we are talking about 'risk' I am afraid that started the moment pen was put to paper,and monies were handed over.
As always in these matters each must make their own decision.
to clarify, with the debit card worldwide you can only withdraw £5000 per annum (£10,000) if you are a couple with a joint account, apparently the RBI would get involved if it exceeded that amount. Whether they would pick it up or not I am unsure but that was the advice given by the manager of the SBI and the Centurion. We used this method but then it depends on the amount you have and how soon you need it. Good luck
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Old Dec 8th 2008, 6:40 pm
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Default Re: Repatriation of funds

Thanks everyone for the replies, to clarify, we have not taken possession,and not moved into the villa due to the lack of occupancy certificates.

The Villa was paid by bank transfer from our acc direct to the Developers Acc, and we haven't had the funds back yet from the developer.

The Developer has agreed to refund us plus a percentage, but has said that they must first obtain the RBI's consent.

Hope that makes sense.

Warm Regds
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