1. What is the limit for making an outward remittance from my NRE account? NRE account balances are freely repatriable. There is no limit specified for outward remittances from such accounts.
2. I have registered a mandate-holder in my NRE account. Can he make an outward remittance from the account as well? Mandate holder in the NRE account can initiate an outward remittance, but only if the beneficiary of the remittance is the account holder himself
3. Can I make outward remittance from my NRO A/c? Outward remittances from NRO a/c are permissible subject to satisfying the documentation requirements
4. What is the process for making an outward remittance from my NRO account? For making an outward remittance from your NRO account, please walk into any ABank branch in India and initiate the outward remittance by filling up Retail Outward Remittance Application specifying the necessary details. In addition to this, you have to provide documentary proof of the source of the funds sought to be remitted and C.A. Certificate in Form 15CA and 15CB. The formats and submission details are available at the website of the Income Tax Department.
5. What is the process for obtaining C.A. Certificate? Form 15 CB needs to be certified by a Chartered Accountant. Form 15 CA has to be filled in online at the website of the Income Tax Department. The printout generated from this site has to then be signed by the remitter and submitted along with Form 15CB at the branch from where the remittance is being made. The detailed process of filling up the form is also available at the Income Tax Department website. The filled up form then needs to be produced along with the 15 CB to the branch.
6. What is the limitation for repatriating funds out of NRO account? Subject to a limitation of USD 1,000,000, you can repatriate your current income for the current financial year. Current year is the financial year in which the remittance is sought to be made. Balances in the NRO account arising out of capital receipts can also be repatriated upto the above limit.
7. Can a joint/mandate holder initiate remittances from NRO account? In case of NRO account, the joint holder may be resident or non-resident. In case the remittance is being initiated by the resident joint account-holder or the mandate holder, the beneficiary must be the account holder/s. Mandate holder can only repatriate the current income from the NRO account
8. What is the process for making an outward remittance from my NRE account? If you have access through Internet Banking to your NRE account you may initiate the outward remittance request through online channel. Just login to your internet banking account and follow navigation below: Outward Repatriation from NRE Savings Bank Account: Login > Customer Service > Service Request > Bank Accounts > Repatriation from NRE SB Outward Repatriation from NRE/FCNR Fixed Deposit: Login > Customer Service > Service Request > Deposits > Repatriation from NRE / FCNR FD You may also walk into any your Bank in India and initiate the outward remittance by filling up a simple request letter specifying the necessary details.
9. Can the proceeds of sale of immovable property be repatriated out of NRO account? What is the process to repatriate such proceeds? The proceeds of sale of property can be repatriated out of NRO account. The property sale deed and purchase deed should be documented and copies submitted to the branch. If the property was acquired as a gift/inheritance then gift deed or Will/Succession certificate/Certificate of probate/Legal Heirship certificate for the deed should be documented and copies submitted to the branch. If the documents are in any language other then English and Hindi, please submit a translated copy of the same along with the vernacular declaration duly notarized. The amount sought to be repatriated should not exceed the sales proceeds and should be within the limit of USD 1,000,000 per financial year.