How to transfer money to Dubai from India for personal use?

Question

I would like to transfer 5 lakhs to Dubai. I checked with bank they allow maximum US$ 5000 one time in a year as a gift. Is there any other way to transfer the money? Please help

Answer 1

Dear Mr. Tejas,

Your Bankers are right in informing you that you can give only USD 5,000 per year as a gift to any person residing Abroad.

But if you are sending the amount for any business purpose ( say buying some product / s ) then you can send any amount. But you have to provide the  " Proforma Invoice " to bank.

You can also send money to a person for his Education purpose, for which you have to send the College demand notice for fee. Similarly Medical expenses also.

If the reason is genuine, then you can approach the Reserve Bank of India and can get the permission.

I do not know " other " way to send money Abroad. " Other " people may give you good ideas.

Good luck.