I have won a story-writing contest based in the US and the company has transferred $1000 minus taxes, so $695 to Kotak Mahindra Bank's Nostro account. I have submitted FEMA declaration at the bank and provided the necessary details but now the bank says they will not credit the money as it is a prize. How can I get my money?
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7I don't understand. How can they refuse that?– glglglCommented Sep 14, 2020 at 8:26
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1This is hard to believe! I think the bank might be mistaken about the rules for "prize money". I would make sure they understand this isn't a lottery (or whatever they seem to have an issue with). If you win a sanctioned cricket tournament I assume you are allowed to bring home your winnings. Or, I wonder if it would help if the US company agreed to "purchase your story" from you for $1000? Then would they release it? Maybe they just need to re-word the form? Lastly, if the bank still won't budge, perhaps tell them to send the money back and maybe you can try a different bank.– TTTCommented Sep 15, 2020 at 2:57
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1 Answer
My approach here would be -
- Take advice from an accountant/banker on this issue.
- If the accountant is certain that this is legal, and the bank ignores the written advice, open a complaint with RBI's Banking Ombudsman.