If you hold an NRO account with a bank in India, you are allowed to remit up to USD 1 million per Financial Year from your NRO Account .
Ironically, many NRIs/PIOs are not aware of this brilliant scheme by RBI.
All you have to do is , Fill a form provided by the bank for outward remittance along with forms 15 CA, 15 CB and documentary evidence of source of funds being remitted.
As soon as these are provided to the bank, the funds can be remitted .
A Few Key Points :
- NRI/PIO may remit an amount, not exceeding USD one million per financial year, out of the balances held in NRO accounts / sale proceeds of assets / the assets in India acquired by him by way of inheritance / legacy, on production of documentary evidence in support of acquisition, inheritance or legacy of assets by the remitter and an undertaking by the remitter and certificate by a Chartered Accountant in the formats prescribed by the CBDT.
- NRI/PIO may also, within the overall limit of USD one million, as stated above, remit sale proceeds of assets acquired under a deed of settlement made by either of his parents or a close relative and the settlement taking effect on the death of the settler, on production of the original deed of settlement and an undertaking by the remitter and certificate be a Chartered Accountant in the formats prescribed by the CBDT
- NRI/PIO may remit sale proceeds of immovable property purchased by him as a resident or out of Rupee funds as NRI/PIO, without any lock-in-period, subject to the above limit of USD 1 million, per financial year.
- Remittance outside India of current income like rent, dividend, pension, interest, etc., net of applicable taxes, of the account holder.
Recommended : http://www.oracleinvestor.com/category/nri/
We hope this post cleared your doubts regarding remittance of funds lying in your NRO account.
Don’t forget to share this post as it can be quite handy for your NRI friends.