I am wondering if anyone can provide any guidance in this matter. My cousin will be coming to US after about a year from now for further studies. To help him with his expenses while studying, my uncle wants to start sending funds from India to US. He wants me to bring the funds in the form of Travelers' Checks from India and deposit in my and my wife's accounts till the time my cousin moves to US and starts his studies.I wanted to check if this is legal and if there are any tax liabilities I will have if I do this. I am also wondering what kind of declarations I may have to make in US when I bring these funds to US e.g. FinCen, etc.My uncle says there is no issue but I am for some reason, a little uncomfortable doing this without knowing the consequences/implications of this.
I didn't find the right solution from the Internet.