I am an NRI living in gulf, construction of my house is in progress and I usually transfer money to my mom's account so that she could spend it on her regular expenses. But,she usually keep some buffer of money at home 5 - 6 lahkhs. After demonitization these currencies (1000 and 500) become invalid and need to deposit back to the bank. I have an NRO account and planning to deposit in the same. My indian friend told me that there will be 200% tax etc..
Mar. 18, 2018