New Delhi Times

I am sorry to say I did no financial planning for my R2I move. For one thing, I had very little time. Second, i figured transferring money to India should be no problem. Well it is. A cursory research tells me that there is an “RFC” account that can be used by returning Indians to keep money in foreign currency. This account allows transferring foreign currency abroad without need of an RBI approval. So I will need to open an RFC account once I am in India. But before then, I will probably also need an FCNR account to be able to wire money from here to India. I am still researching this and will post my findings when I know more.
Apart from the money transfer, there is the whole 401k issue that needs to be taken care of. Withdrawing money from 401k account needs to be carefully planned to avoid penalties and extraneous taxes. The financial jargon is pretty overwhelming. I think I will talk to a tax consultant tomorrow.
Note to self: need to take time to understand financial matters more.
Note to prospective returnees: Plan plan plan your finances!