75.1 today according to XE - but that's the mid price; the bank were actually giving 74.17, but that's still better than it's been for a while.

AndyD 8-)#

If anyone has Rups available in India, please pm me. I'd be happy to buy at a mutually convenient rate in Sterling

(There is a system running internationally called Hawala which works on a trust basis - pay money to a broker in one country and it reappears in another country in another currency. Wiki says it's been made illegal in some US states 'cos it's a form of money laundering. Not sure about India? Wouldn't use it myself anyway - don't think I would want to get mixed up in that scene)

Maybe informally it's something this forum would be good for - putting those with excess rups in India in touch with those wanting to buy?

Although I registered in this forum some time ago, I have not used the forum pages until now. I have a property to sell in South Goa. I hold a PIO card. It is advertised at the moment. When I bought and built the property, I transferred money via an Indian Bank in Manchester to its Branch in Goa using NRE account. Obivously, the property is now worth a lot more than the money I have spent on it.

My questions:

1. Would I be able to repatriate the money I have transferred from UK to Goa without getting permission from the Reserve Bank of India?

2. How do I repatriate rest of the money?

3. Would it be better if I sell my property to a NRI so that all the money transaction can be done outside of India?

I am worried that if I sell my property to someone who pays me with Indian Rupees, I may not be able to repatriate my money to UK.

Any suggestion by PM would be very welcome.

What are they paying per £1 in rupees on the street at the moment Andy?
Thanks.

With nothing much open in calangute and Candolim and my favoured exchange places not yet open its difficult.
Have to pass thro" the strip" tomorrow so will stop at a couple of places and get rates.
The paper is still quoting 76rs.

Just hope it stays til october 17th, knowing my luck it will sink before then,, oh well.

... and so are a couple of places in Calangute - but that's the teaser rate, when they say "£=Rs76" they are actually quoting their selling price for £'s - their buying price will be lower and there may also be commission.
ICICI Banks guaranteed transfer rate was 75.54 for 1st/2nd Oct.

AndyD 8-)#

Stopped at 3 places and they are all saying 74.5.

Thanks got just over 75 when transferred last week. Bet it will go up now

I hope so (sorry)

Bet it will, but thought it was too good a rate to miss. A bird in the hand ... and all that.

Hi Mark, speak to your bank but you can return funds to the UK equivalent to that which you sent to India for buying a property. You should have Inward Remittance Certificates from the bank. It is not always easy even though it sounds like it should be. All the best Chris

Remember about 2 years ago a guy was arrested in Dabolim with £60K on him which he said was to purchase a property - does anybody know what happened to him? Did he loose all the money?

... and if you (or a trusted relative?) are resident in India as per FEMA you can remit up to $500,000 (last time I checked) every year for any purpose.

That's what RBI say anyway!

A capital gain on property is taxable in India and or UK, in either case at your highest marginal tax rate for the current year.

AndyD 8-)#

I don't think it will go up - I think it will go down due to a combination of the latest round of quantititative (spelling?) easing (£75 BILLION being pumped in to the UK economy) and interest rates remaining at 0.5% again.

Regards

H.