Distance should never dim the sparkle of Diwali, a festival that embodies the warmth of togetherness, joy, and the exchange of heartfelt gifts. For NRIs (Non-Resident Indians), being physically distant from family and friends during this auspicious time can be bittersweet. However, modern technology has blessed us with a seamless way to bridge the gap – sending money online. Let’s explore how you can send money as a Diwali Gift by NRI and bless your family with a great Diwali gift.
Why should you send gifts to your family this Diwali?
Sending gifts to your loved ones is a very thoughtful way of letting them know you are there apart from that customary video call. But, there can be doubts: What to give? What is the most secure and personalized gift out there for your family? Sending money online is a tangible gesture to express affection and support, contributing to the festive spirit.
Also read: 5 Financial Lessons From Diwali for NRIs
6 Reasons why NRIs should send money as a gift in Diwali
- The Essence of Diwali, Beyond Borders
Diwali is more than just a festival. It’s a celebration of culture, traditions, and the love shared among families. NRIs often miss the jovial ambiance and the intimate moments spent with loved ones during this time. Sending money online is a tangible gesture to express affection and support, contributing to the festive spirit.
- The Gift of Choice and Flexibility
One of the most remarkable aspects of sending money online is the freedom it provides. Rather than a traditional physical gift, this allows your loved ones to choose what they desire most. Whether it’s fulfilling a long-held wish, purchasing essentials, or contributing to a celebration, this gift offers utmost flexibility.
- Instant and Secure Transfers
Online money transfers ensure a swift and secure transaction process. With the SBNRI app, the transfer can happen within moments, making your gift reach your dear ones just in time for their Diwali celebrations. The assurance of secure transactions adds peace of mind to both sender and receiver.
- Fostering Financial Support and Well-Being
Financial support often goes a long way, especially during festive times. Sending money online allows you to aid your loved ones in managing expenses, fulfilling aspirations, or even investing for their future, aligning with Diwali’s spirit of prosperity.
- Personal Touch Amidst Distance
While physical presence might not be feasible, the personal touch remains intact through this thoughtful gesture. A heartfelt note accompanying the online transfer can convey your love, blessings, and the significance of the gift during this festive occasion.
- Embracing Change and Tradition
In a rapidly changing world, traditions evolve. Embracing the digital mode of gifting signifies adaptation to modern methods while holding onto the essence of tradition. It’s an innovative way to keep the Diwali spirit alive, albeit from a distance.
Also read: Diwali Celebrations for NRIs 2023
Is Diwali Gift by NRI taxable in India?
Taxation on Gifts sent and received by NRIs is well defined under the Income Tax Act. Also, there have been recent amendments in the definition of NRI as per Income Tax.
These points will help you be restless on the taxation front:
- Gift from NRI Relative to a Resident Indian is exempt from tax in India for both giver and receiver
- Gifts to Resident Indians from NRIs (non-relative) within Rs.50,000/- are exempt from tax for both giver and receiver
- On gifts to Resident Indians from NRIs (non-relative) exceeding Rs. 50,000/-, gift-tax is applicable to be paid by the receiver. (The amount is added to the total income of the receiver and taxed as per their income tax slab)
- Gifts to Resident Indians from NRIs (irrespective of relation) for marriage or through will is exempted from tax in India for both giver and receiver
Also Read: Gift by NRI to Resident Indian or Vice-Versa: Taxation and more
What to look for before sending money online?
There are some factors that need to be considered to avoid spending extra in the form of fees and charges on your remittances to India. Sending a gift should mean that most of it is received by your loved ones. Let’s tell you how you can avoid paying a chunk of your gifts to the banks or other providers and make the most out of your remittances to India.
There are 3 basic factors to consider:
- Exchange Rate: While explaining the concept of Transfer Fee VS Exchange Rate we concluded that most of the transfer operators don’t charge any transfer fee and it all crops up to the exchange rates that they provide. Make sure you check the final amount that will be received by your family and friends and compare the figure on multiple channels to select the best one out of the lot.
- Transfer Speed/ Urgency: Another factor to weigh in would be how much time you have. If you are planning well ahead and have ample amount of time, you can avoid the extra fee that various operators charge on the name of instant transfers. Sudden plans can cost you some extra bucks.
- Offers & Deals: Since it’s Diwali. Don’t forget to check out the extra discounts in the form of deals and offers by various service providers.
Sending Money Online to India this Diwali: The Perfect Diwali Gift by NRI
This Diwali, as an NRI, you have the power to brighten the festival for your family and friends through the simplicity of an online money transfer. Let your gift echo the values of togetherness, prosperity, and love, no matter the miles that separate you. Celebrate Diwali, not just as a festival, but as a connection of hearts, bound by the precious gift of giving.
SBNRI has made it easier for you by evaluating every factor and creating the perfect channel for all your remittances to make this Diwali brighter and happier than ever. Click on the button below to instantly remit money to your loved ones and gift them the happiness they are waiting for. Visit our blog and Youtube Channel for more NRI-specific solutions.
