New Delhi, Jan. 29 -- When Ram learnt that his parents were attempting to transfer Rs.10 lakh to his US bank account after selling a plot of land in India, he was not particularly pleased. The computer engineer working in the US knew that the simple gesture could turn into a logistical nightmare.

Transferring money from India to a foreign account can be cumbersome. Additionally, if the payment exceeds Rs.7 lakh, tax collected at source (TCS) would be deducted, which could be claimed later. Ram felt that the whole process was too complicated for his retired parents to handle.

Fortunately, a solution came from a banker friend who, like Ram, is an overseas citizen of India (OCI) and holds a foreign passport. He had faced a similar situatio...