{"id":7975,"date":"2025-01-10T05:00:15","date_gmt":"2025-01-09T23:30:15","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=7975"},"modified":"2024-12-28T10:45:50","modified_gmt":"2024-12-28T05:15:50","slug":"sending-money-abroad-nris-and-the-risks-of-hawala","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/sending-money-abroad-nris-and-the-risks-of-hawala\/","title":{"rendered":"Sending Money Abroad: NRIs and the Risks of Hawala"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/sending-money-abroad-nris-and-the-risks-of-hawala\/#Introduction\" title=\"Introduction\">Introduction<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/sending-money-abroad-nris-and-the-risks-of-hawala\/#What_is_Hawala\" title=\"What is Hawala?\">What is Hawala?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/sending-money-abroad-nris-and-the-risks-of-hawala\/#An_Example_of_How_Hawala_Works\" title=\"An Example of How Hawala Works\">An Example of How Hawala Works<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/sending-money-abroad-nris-and-the-risks-of-hawala\/#Why_Hawala_is_Risky\" title=\"Why Hawala is Risky\">Why Hawala is Risky<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/sending-money-abroad-nris-and-the-risks-of-hawala\/#Using_hawala_may_seem_convenient_but_it_comes_with_serious_dangers\" title=\"Using hawala may seem convenient, but it comes with serious dangers:\">Using hawala may seem convenient, but it comes with serious dangers:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/sending-money-abroad-nris-and-the-risks-of-hawala\/#1_Links_to_Illegal_Activities\" title=\"1. Links to Illegal Activities\">1. Links to Illegal Activities<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/sending-money-abroad-nris-and-the-risks-of-hawala\/#2_No_Paper_Trail\" title=\"2. No Paper Trail\">2. No Paper Trail<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/aktassociates.com\/blog\/sending-money-abroad-nris-and-the-risks-of-hawala\/#A_Common_Problem_for_NRIs\" title=\"A Common Problem for NRIs\">A Common Problem for NRIs<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/aktassociates.com\/blog\/sending-money-abroad-nris-and-the-risks-of-hawala\/#3_Legal_Consequences\" title=\"3. Legal Consequences\">3. Legal Consequences<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/aktassociates.com\/blog\/sending-money-abroad-nris-and-the-risks-of-hawala\/#4_Digital_Hawala_is_Even_Riskier\" title=\"4. Digital Hawala is Even Riskier\">4. Digital Hawala is Even Riskier<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/aktassociates.com\/blog\/sending-money-abroad-nris-and-the-risks-of-hawala\/#How_NRIs_Can_Legally_Send_Money_Abroad\" title=\"How NRIs Can Legally Send Money Abroad\">How NRIs Can Legally Send Money Abroad<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/aktassociates.com\/blog\/sending-money-abroad-nris-and-the-risks-of-hawala\/#1_Selling_Property_as_an_NRI\" title=\"1. Selling Property as an NRI\">1. Selling Property as an NRI<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/aktassociates.com\/blog\/sending-money-abroad-nris-and-the-risks-of-hawala\/#Already_Paid_Taxes_No_Extra_TDS_Required\" title=\"Already Paid Taxes? No Extra TDS Required\">Already Paid Taxes? No Extra TDS Required<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/aktassociates.com\/blog\/sending-money-abroad-nris-and-the-risks-of-hawala\/#Steps_to_Transfer_Funds\" title=\"Steps to Transfer Funds\">Steps to Transfer Funds<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/aktassociates.com\/blog\/sending-money-abroad-nris-and-the-risks-of-hawala\/#2_Sending_Money_to_Relatives\" title=\"2. Sending Money to Relatives\">2. Sending Money to Relatives<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/aktassociates.com\/blog\/sending-money-abroad-nris-and-the-risks-of-hawala\/#3_Bank_Wire_Transfers\" title=\"3. Bank Wire Transfers\">3. Bank Wire Transfers<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/aktassociates.com\/blog\/sending-money-abroad-nris-and-the-risks-of-hawala\/#Why_Use_Bank_Transfers\" title=\"Why Use Bank Transfers?\">Why Use Bank Transfers?<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/aktassociates.com\/blog\/sending-money-abroad-nris-and-the-risks-of-hawala\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Introduction\"><\/span><b>Introduction<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Sending money abroad from India often feels like a complicated process. Whether you\u2019re an NRI, have sold property, or want to send money to relatives overseas, the maze of paperwork, declarations, and the dreaded 20% TDS (Tax Deducted at Source) can be overwhelming.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In such situations, you might hear about a quicker option: hawala. On the surface, it may seem like an easy way out. But here\u2019s the truth: hawala is risky and illegal.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this guide, we\u2019ll break down what hawala is, why you should avoid it, and the safer, legal ways NRIs and others can send money abroad.<\/span><\/p>\n<p><b>Don\u2019t let reading hold you back, Watch our video instead<\/b><br \/>\n<iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/zWhw3qQ_9-8?si=Da7uGJvQL3CTm9Ql\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_Hawala\"><\/span><b>What is Hawala?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Hawala is an informal money transfer system often used to send money between countries without involving banks or official channels. Here\u2019s how it works:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You give cash to a hawala operator in India.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The operator provides you with a code or password.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You share this code with the recipient in another country.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The recipient uses the code to collect the money from the hawala operator\u2019s counterpart abroad (minus a fee).<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">The key point? No money physically crosses borders. Instead, hawala operators balance their accounts by settling debts among themselves.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-7977 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/11\/Untitled-design-15.png\" alt=\"Sending Money Abroad\" width=\"500\" height=\"300\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"An_Example_of_How_Hawala_Works\"><\/span><b>An Example of How Hawala Works<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Imagine someone in India sends Indian rupees to a hawala operator. The operator\u2019s counterpart abroad sends an equivalent amount in foreign currency to someone else in India. Over time, the operators reconcile these accounts.<\/span><\/p>\n<p><a href=\"https:\/\/pages.razorpay.com\/akt-nri-tax-consulting\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5246 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/06\/Consult-CA-Arun-Tiwari-2.png\" alt=\"\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/06\/Consult-CA-Arun-Tiwari-2.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/06\/Consult-CA-Arun-Tiwari-2-300x64.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_Hawala_is_Risky\"><\/span><b>Why Hawala is Risky<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h4><span class=\"ez-toc-section\" id=\"Using_hawala_may_seem_convenient_but_it_comes_with_serious_dangers\"><\/span><b><\/b><span style=\"font-weight: 400;\">Using hawala may seem convenient, but it comes with serious dangers:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h3><span class=\"ez-toc-section\" id=\"1_Links_to_Illegal_Activities\"><\/span><b>1. Links to Illegal Activities<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Hawala networks are often tied to illegal operations like money laundering, drug trafficking, or terror financing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If a hawala operator you used gets caught, your name may show up during investigations. Even if your intentions were innocent, you\u2019ll have a tough time explaining your involvement.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_No_Paper_Trail\"><\/span><b>2. No Paper Trail<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Hawala transactions leave no official record. If questioned about the money\u2019s source, you won\u2019t have proof to show where it came from or where it went.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-7978 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/11\/Untitled-design-16.png\" alt=\"Hawala Transaction\" width=\"500\" height=\"300\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"A_Common_Problem_for_NRIs\"><\/span><b>A Common Problem for NRIs<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Many NRIs selling property in India receive part of the payment in cash, thinking it\u2019s normal. But when authorities investigate, the lack of documentation can make it look like you\u2019re involved in illegal activities.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Legal_Consequences\"><\/span><b>3. Legal Consequences<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Being linked to hawala transactions can land you in deep trouble, both in India and abroad. You could face:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Frozen bank accounts.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Legal action under anti-money laundering laws.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Restrictions on future financial transactions.<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"4_Digital_Hawala_is_Even_Riskier\"><\/span><b>4. Digital Hawala is Even Riskier<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Hawala has gone digital, with operators using cryptocurrencies for anonymous transactions. This makes tracing funds harder and draws even more attention from law enforcement.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_NRIs_Can_Legally_Send_Money_Abroad\"><\/span><b>How NRIs Can Legally Send Money Abroad<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Thankfully, sending money abroad legally isn\u2019t as complicated as it seems. Here are the best ways to do it:<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Selling_Property_as_an_NRI\"><\/span><b>1. Selling Property as an NRI<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If you\u2019ve sold property in India, transferring the proceeds abroad is straightforward.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Already_Paid_Taxes_No_Extra_TDS_Required\"><\/span><b>Already Paid Taxes? No Extra TDS Required<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">If you\u2019ve cleared your taxes through a lower TDS rate or income tax filing, you don\u2019t need to pay the additional 20% TDS to transfer the funds.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Steps_to_Transfer_Funds\"><\/span><b>Steps to Transfer Funds<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Visit your bank and request the transfer.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Complete the required forms and declare the source of the funds.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Obtain a 15CA\/15CB certificate from a chartered accountant. This confirms your tax compliance.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">These steps ensure your transfer is transparent and compliant with Indian laws.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-7979 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/11\/Untitled-design-17.png\" alt=\"Bank Wire Transfer\" width=\"500\" height=\"300\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Sending_Money_to_Relatives\"><\/span><b>2. Sending Money to Relatives<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">When sending money abroad to relatives:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Amounts up to \u20b97 Lakh:<\/b><span style=\"font-weight: 400;\"> No TDS applies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Amounts above \u20b97 Lakh:<\/b><span style=\"font-weight: 400;\"> A 20% TDS is deducted. However, this amount is treated as an advance tax and can be reclaimed when filing your income tax return.<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"3_Bank_Wire_Transfers\"><\/span><b>3. Bank Wire Transfers<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A bank wire transfer is the safest and most reliable way to send money abroad.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Why_Use_Bank_Transfers\"><\/span><b>Why Use Bank Transfers?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Transparency:<\/b><span style=\"font-weight: 400;\"> Every step of the transaction is documented.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Security:<\/b><span style=\"font-weight: 400;\"> It\u2019s compliant with legal requirements.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Peace of Mind:<\/b><span style=\"font-weight: 400;\"> Authorities won\u2019t question these transfers.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Although banks may charge a small fee, the safety and clarity they offer are worth it.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><b>Conclusion<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Hawala may look like an easy option, but the risks far outweigh the benefits. From criminal investigations to frozen accounts, the consequences can be devastating.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, legitimate channels like bank transfers might involve a little paperwork but guarantee transparency and safety.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re an NRI or need to send money abroad, always choose the legal route. It might take more effort upfront, but it ensures your money\u2014and your reputation\u2014are protected.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction Sending money abroad from India often feels like a complicated process. Whether you\u2019re an NRI, have sold property, or &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Sending Money Abroad: NRIs and the Risks of Hawala\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/sending-money-abroad-nris-and-the-risks-of-hawala\/#more-7975\">Read more<span class=\"screen-reader-text\">Sending Money Abroad: NRIs and the Risks of Hawala<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":7981,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[107],"tags":[1598,1599,1597,1601],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sending Money Abroad: NRIs and the Risks of Hawala | AKT Associates<\/title>\n<meta name=\"description\" content=\"Discover why hawala is risky for NRIs and how to send money abroad legally. 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