Hi Guys,
I wanted to know about moving money earned by Intra day trading in India to a foreign country -
If someone lives abroad (NRI) and does Intra day trading in NSE uisng say Zerodha or some other trading account, what are regulations for sending money abroad ? Could you give a general idea about this and also answer below questions specifically
1} What is the limit on the amount we can transfer per year?
2} What account do we use ? - I read that we can use NRO account - is this correct ? Can we move money from our regular Indian bank account to NRO account and then from NRO to our foreign bank account ?
3} Can we use NRE account in a similar way as NRO account (described above )
4} What other avenues are there for transferring money earned by Intraday trading in India and overall how much can we send abroad ?
5} I read we need to provide reason for sending money. Is this correct ? If we need it to purchase a house abroad can we do it and what reason should we give ? Also if we want to use it for expenses can we send to our foreign account ?
Thank you
Tradeforce1
I wanted to know about moving money earned by Intra day trading in India to a foreign country -
If someone lives abroad (NRI) and does Intra day trading in NSE uisng say Zerodha or some other trading account, what are regulations for sending money abroad ? Could you give a general idea about this and also answer below questions specifically
1} What is the limit on the amount we can transfer per year?
2} What account do we use ? - I read that we can use NRO account - is this correct ? Can we move money from our regular Indian bank account to NRO account and then from NRO to our foreign bank account ?
3} Can we use NRE account in a similar way as NRO account (described above )
4} What other avenues are there for transferring money earned by Intraday trading in India and overall how much can we send abroad ?
5} I read we need to provide reason for sending money. Is this correct ? If we need it to purchase a house abroad can we do it and what reason should we give ? Also if we want to use it for expenses can we send to our foreign account ?
Thank you
Tradeforce1
