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3 Responses to “do i have to pay tax if i exchange foreign currency after 1 year?”

1. geg Says:
   May 21st, 2010 at 9:23 am

   hi ,,no you do not have to pay tax if it is cash just take it to your nearest bank or currency exchange and change it their
   References :

2. SS Singh Says:
   May 21st, 2010 at 12:12 pm

   Hi Mahendra, I strongly suggest you transfer GBP into your NRI account which ICICI bank provides and you can keep GBP as the currency saving in ICICI - check with them - so that you can sell off at a higher rate, and if you are in a hurry then please transfer from UK to India so that atleast you will get a better rate here - but when you sell in India, you will be at a loss - as the buyer will not give you a good rate…..

   Note: No tax implications
   References :

3. sunil Says:
   May 22nd, 2010 at 2:18 am

   You are returning to India after three year,what ever foreign currency brought by you is your saving & of course your saving must be after UK Tax law.There will be no tax. Tax will be on your income if you give your money for FDR to bank and interest earned on this amount or made some investment in private companies and earned income-simply tax will be on income that too after you became Indian citizen after 181 day stay in India- and tax rate rate will be different when you are came under tax net.

   Another point is not clear how much foreign currency will you bring. Foreign currency exchange dealing normally done through bank or govt. approved agency,if amount is big then you case automatically go to FERA & they will inform you before dealing with you.
   References :

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