How To Transfer Money From NRO To NRE Overseas Account

Is it possible to transfer money abroad from NRO account?

You are allowed to transfer money abroad from NRO account up to USD 1 million in a calendar year. Apart from USD 1 million limit, you can even send your current income like Rent, Dividend, Pension and Interest as outward remittance.

What is an NRO account?

An NRO account, or Non-Resident Ordinary account, is a type of bank account that Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) can open in India to manage income earned in India, such as rent, dividends, or pension

What is an NRE account?

An NRE account, or Non-Resident External account, is a type of bank account offered to Non-Resident Indians (NRIs) to hold and manage their foreign income earned outside India. It is denominated in Indian Rupees (INR) and allows for the free repatriation of funds (transferring money back to the country of residence) without any restrictions or taxes on the interest earned

Steps to transfer funds from NRO account to NRE/overseas account

1. 15 CA
2. Form 15 CB/C/D needs to be obtained from the chartered accountant
3. Source of Fund
4. UDIN mandatory only if 15CA Part C is filled
5. FEMA declaration and NRE to NRO transfer form, click here for the form

Filling form 15CA: Filling form 15CA involves the following steps.

• Login to the Income Tax India website, www.incometaxindiaefiling.gov.in
• Input your User ID (PAN) and password
• After logging in go to the option- ‘E-file- Prepare and Submit Online Form (Other than ITR)’.
• Select form 15CA.
• You will find instructions to fill the form
• The form is in four parts- Part A, Part B, Part C and Part D.
• Complete filling the part that is applicable to you.
• Once you have filled up the form, verify and submit
• Click on the form and take a printout. Also take a printout of the acknowledgement slip.

It is recommended that you get in touch with your Tax consultant in India to understand the different parts in form 15CA.

*The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.