Yes. Axis Bank in India deals with foreign currency transactions. You can both deposit and withdraw currencies that are not the Indian Rupee. All you need is proof that you either earned an income in foreign currency or are in need of foreign currency due to a legitimate reason. Let us say you are going for a trip to USA and need dollars, you can deposit rupees with the bank and ask them to issue you US dollars which they will do so.
advantages & disadvantages of foreign banks in India
Yes. Citibank is a Scheduled foreign bank in India that is approved by the RBI to provide banking services in India. It is one of the largest foreign banks in India in terms of branches and ATMs and has branches in all major cities in India.
Yes. Royal Bank of Scotland is a Scheduled Foreign Bank in India that is approved by the RBI to provide banking services in India. It is a comparatively new bank with only a few branches in India because it is still growing
$ 302.6 billion as of March 2011
if they have a branch in Indian
Yes
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Visit the bankRequest the customer care officer that you need to make a foreign currency transactionThe bank will ask for proof that you either earned an income in foreign currency or are in need of foreign currency due to a legitimate reasonThey will ask you to fill up some formsOnce done, you will be able to transact in foreign currency.
not possible.
oh it is very simple just go through the book you will automatically get the answer.
If the $ transferred is after-tax $, then there is no tax liability. However, banks in India will require a currency declaration form for amount 5000 USD and above. I think the limit is 10,000 USD and above in case of travelers checks. Best place to check is website of banks like State Bank of India, Citibank, ICICI Bank etc. India charges a foreign conversion fee and a service tax for each transaction. This is automatically calculated and deducted from the transaction amount by the bank involved in transaction.
advantages & disadvantages of foreign banks in India
As per Reserve Bank Of India Transaction Authorisation Code in respect of a Demand Draft is 16.
India has the maximum amount of foreign trade with China.
J. N. Dixit has written: 'Assignment Colombo' 'India's Foreign Policy Challenge of Terrorism' 'India and regional developments' -- subject(s): Foreign relations 'An Afghan diary' -- subject(s): Foreign relations, Diaries, Politics and government, Foreign ministers 'Makers of India's foreign policy' -- subject(s): Foreign relations 'Assignment Colombo' -- subject(s): Foreign relations, India, India. 1987 July 29, Politics and government 'Liberation and beyond' -- subject(s): Foreign relations, History
You can buy foreign lottery tickets from lottery agents like, 'the lottery', 'online lotto shop' etc. But legally speaking, buying foreign lotteries through whatever means is illegal in India. Although there is no specific laws in regard to this, the FEMA rules prohibits remittance through gambling activities. Thus your winning can't be transferred to you through any legal channel. if you do illegal channel, the chance of getting caught is very high.
Yes it is possible. You can both deposit and withdraw currencies that are not the Indian Rupee. All you need is proof that you either earned an income in foreign currency or are in need of foreign currency due to a legitimate reason. Let us say you are going for a trip to USA and need dollars, you can deposit rupees with the bank and ask them to issue you US dollars which they will do so.