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Message started by Gill on 16. May 2005 at 02:29

Title: Quick and Urgent Question about Rupees
Post by Gill on 16. May 2005 at 02:29

I have a quick but urgent question about Rupees currency.

1. How many Rupees are there to a Lakh?

2. How many Rupees are there to a Croad? (if that is spelt right)?


Title: Re: Quick and Urgent Question about Rupees
Post by H Singh on 16. May 2005 at 05:14

1 lakh = Rs 100,000 (Hundred thousand)
1 crore= Rs10,000,000 (10 million)

Title: Re: Quick and Urgent Question about Rupees
Post by Gill on 16. May 2005 at 06:18


H Singh wrote:
1 lakh = Rs 100,000 (Hundred thousand)
1 crore= Rs10,000,000 (10 million)


Thanks H. Singh for you assistance. Much appreciated.

Just wondering if you know about holding Rupee Account in India and how to bring that money out of India to the UK? Welcome any information or information sources.

I am also looking for information on the benefits of being  PIO (Person of Indian Orgin) versus not being one - and if there are benefits to being a PIO when holding property in the Punjab Area.

Lots of questions here, just feel free to answer what you know.

All the best...   8)

Title: Re: Quick and Urgent Question about Rupees
Post by H Singh on 17. May 2005 at 04:08

Best option i can think of is opening an account with citibank or icici bank.  You can deposit money here and can open a joint account with ur relatives in India. It is easy for two way transfer and is free. So if you need to send money to India just deposit in that account by online transfer, cheque or credit/debit card and ur people can take it out or you can ask citibank to send them bank draft which is again free. And in similar way your joint account holder can deposit money in indian account which you can take out by debit card issued by citibank in your country. Same goes with icici.

And rest about NRI (Non relaible Indians) or PIO's case, it was good to have NRI account when Indian govt was running short of foreign exchange and those accounts were paying higher interest rates but now you won't get extra ordinary interest rate.

You need not pay any tax on money deposited in India. And about property in India, i don't think you will get extra benefit other than inner satisfication of being connected to your country. And yes you can invest in India as India is a growing economy. Investing in India will pay you much higher returns than buying property of fixed assets.

Think of any big multinational company, it has invested in India. From Microsoft to Glaxo. From TESCO to FEDEX everyone is investing in India.

Feel free to ask questions directly, if i know the answers i will definately answer them.

Harpreet.singh@ed.ac.uk



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