I am a US citizen with OCI (overseas citizenship of India). I took a loan for 14 lakhs from my bank in India for some emergency purposes but never utilized for those purposes. Now can I convert the money to USD and bring it with me to the USA? Or can I send a wire transfer to my bank in USA? What are the procedures to convert the Indian Rs to USD. It's less than $20,000 in USD.

  • Duplicate question: money.stackexchange.com/questions/98860/… – Bob Baerker Apr 29 '19 at 19:20
  • I don't believe that this question is a duplicate of the one that @BobBaerker suggests, but a new one that deserves an answer after some clarification by the OP. 1) Do you have any intention of repaying the loan to the Indian bank? 2) Is the money in an NRO account or in an ordinary savings account in India (which as a noncitizen of India you are not entitled to hold as per Indian law? 3) Regardless of what kind of account the money is in, as a US citizen, have you been declaring the existence of these accounts to the US Treasury (FINCEN) and the earniings (interest) on your tax return? – Dilip Sarwate Apr 29 '19 at 19:37

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