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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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    I don't understand. How can they refuse that?
    – glglgl
    Sep 14, 2020 at 8:26
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    This 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.
    – TTT
    Sep 15, 2020 at 2:57

1 Answer 1

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My approach here would be -

  1. Take advice from an accountant/banker on this issue.
  2. If the accountant is certain that this is legal, and the bank ignores the written advice, open a complaint with RBI's Banking Ombudsman.

https://rbi.org.in/Scripts/Complaints.aspx

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