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Lets assume I want to send huge amount of money (in millions) from India to other country say United States and vice-versa and to be specific transferring online.

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Check on the answers to my recent question, and probably more on the way. Dheer is right: as an individual the RBI requires you to fill a few forms that explicitly state your limitations (somwhere around $100k/yr). However, that can be waived through "special permission", or through a business/forex trade. –  f1StudentInUS Jan 22 '12 at 20:43
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Transfer of Millions of USD in and out is not possible for Individuals. There are limits on how much money an individual Indian Ordinary Citizen can send or receive.

If an corporate wants to send money, depending on the services offered, they would have to initiate a SWIFT transaction. It typically takes 2-3 days for settlement of International wire.

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Bitcoin

  • Find someone in India to sell you Bitcoin
  • Send Bitcoin to country X
  • Find someone in country X to buy Bitcoin

Well, the market cap is still way too low to transfer "huge" amounts of money, but that's hopefully a temporary problem.

See also Bitcoin Stackexchange for further questions.

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