Repatriation means remittance outside India of funds or any type of assets in India which have been liquidated.
Sources of funds and assets held in India by NRI can be:
a. Assets / Funds held when they left India; or
b. Inheritance of Assets / Funds; or
c. Assets / Funds created out of remittance made from overseas for investments in India
*An NRI may be eligible to repatriate a sum greater than USD 1 million in a FY if he / she obtains special approval from RBI.
Documents required to be submitted for Repatriation of Funds:
The Remitter of funds is required to submit following documents to their AD Bank for repatriation of funds outside India:
a. Form 15CA – a self-declaration
b. Form 15CB – a Chartered Accountant’s Certificate
c. Form A2 and Application for outward remittance
d. Documentary proof of the sources of the funds
e. Any other documents required by AD Bank
Points to Remember:
If NRI does not use the yearly limit of USD 1 million, he cannot utilize a/c the same in subsequent years.
The current income earned in any year is permitted to be repatriated in the same year or in any subsequent year(s).
Recently, RBI has instructed that gifts received from residents is permitted to be credited to NRO a/c of NRI up to USD 250,000 (per FY) only and thus indirectly limiting repatriation of such receipt up to this limit.
Remittances from NRO a/c to NRE a/c or Overseas a/c can only be done through a single AD Bank in a particular FY. Thus, NRI has to use the services of the same bank he had used previously, if he wishes to remit funds again in the same FY.
Frequently asked questions
NRI intends to remit funds outside India from his NRO a/c. What income is eligible for repatriation?
What is the maximum amount that NRI can remit outside India in a FY?
How can NRI obtain Form 15CA and Form 15CB?
NRI acquired a property for Rs. 8 crore in Foreign Exchange. He subsequently sold the property for a consideration of Rs. 17 crore. What is the amount that the NRI can repatriate in a single FY?
The aforesaid transaction is tabulated below for easy reference
Are there any limits for making an outward remittance from a NRE a/c?
What is the process for making an outward remittance from a NRE a/c?
NRI will have to approach his AD Bank where he holds his NRE a/c to make an outward remittance.
Can NRI who has registered a mandate-holder in her NRE a/c make an outward remittance from the a/c as well?
Mandate holder in the NRE a/c can initiate an outward remittance; however, it shall be ensured that the beneficiary of the remittance is the a/c holder.