payment from India..?

Question

Hi..Can I open an account in US in a branch of the bank in which I already have an account in India ?..taking my Indian account as reference..as a witness is needed..I've my account in PNB..so anyone of you who already have some foreign account..plz do let me know the procedure..I need it ...plz...its too important for me..

Answer 1

Opening accounts in the US is as problematic as opening brokerage accounts in India.

India does not allow brokerage accounts without a PAN card. US does not allow opening bank accounts without SSN and Drivers License or Passport with Green Card. Trading in the US for non-residents is a royal pain. All of this is thanks to our new laws that prevent money from being brought outside.

So, if you want to move money and trade from both places it is not possible.

If you want to transfer money to a brokerage house in the US, and deal with them sending 20% money back to your origin country due to tax settlement, then it can be done. But, how long does it take for your amount to be empty in your US brokerage account if you sell a stock and the brokerage house sends 20% to India!!!!! You then have to go back to India, and collect those funds after paying local taxes (which may be zero)!!!!!!

Good luck. This is what I know.

KKP

Answer 2

Presuming you being a resident Indian, you can open account under the liberalised scheme for remittances as per RBIs latest AP DIR circular No 24 of Dec 2006. This circular specifies a limit of $50000 per calendar year for any individual for remittances for any purpose (except cases specifically prohibited like gambling, lottery etc). You can open account abroad to make such payments. Contact the foreign exchange department of PNB and they would be able to help you. Rest assured your problem will be solved.

Answer 3

If its Not Accepting your Card Than Contact your Bank Account Maybe there is a Restriction on How Much you Can Spend on your Card There May Be Other Restrictions on your Card that you may Not Know About