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Money transfer to India inform Bundesbank

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Money transfer to India inform Bundesbank
Answer
10/4/13 8:10 PM
Is this true that if the transfer of money to India exceed 12500 euro per year then we have to inform the Bundesbank otherwise we will have to pay a fine of 25000

I think its normal for us to use ICICI money2india to transfer money but i never saw such clause and now i am worried as i never declared it with Bundesbank of transfer over 12500 euros.
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RE: Money transfer to India inform Bundesbank
Answer
10/11/13 12:04 PM as a reply to Shreedhar Kumar.
Hi Shreedhar,

Bundesbank says if a transaction exceeds 12500€ then it has to be informed, other wise there is no said limit in a year. So they only count per transaction not per annum. 

I guess there is a limit for NRI's remittances to India set by GOI, but iam not sure about that.

Hope this answers your question about the limit.

Thanks & Regards
Karthik
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RE: Money transfer to India inform Bundesbank
Answer
10/11/13 6:11 PM as a reply to Karthik.
There is no limit set by GOI on inward remitance. RBI will keep a watch on any money laundering.
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