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Repatriation of Funds

What we offer?

For many, repatriation of money from India seems to be a cumbersome process. We provide a one- stop solution to all your concerns. We offer:

  • Due Diligence Audit of Records
  • Collection of Banking Documents
  • 15 CB – Preparation and Certification
  • 15 CA – Filing
  • Communication with the Banking Authorities for smooth transfer of Funds

Every NRI wants to Repatriate his Current Income such as Rental Income from his house situated in India, Dividend Income, Interest Income, Profits from his Business in India, Funds from sale of Immovable Property in India etc.

Repatriation of Current Income

Eligible Sources: All types of income in nature of Dividend, Interest, Rent, Mutual fund, distribution from any type of deposits, investment, or properties including profits of business as partner/proprietor is freely permitted for repatriation net of Income Tax

Threshold: There is no limit on repatriation of Current Income

Repatriation of Sale Proceeds of immovable Property

A. Where property is acquired in forex, the NRI the amount to be repatriated shall not exceed
  • The amount paid for acquisition of the immovable property in foreign exchange received through normal banking channels or out of funds held in Foreign Currency Non-Resident Account, or
  • The foreign currency equivalent, as on the date of payment, of the amount paid where such payment was made from the funds held is Non Resident External Account for acquisition of the property.
  • In case if sale proceeds are more than what you are eligible under (i) or (ii) above, you can repatriate such excess amount up to USD 1 million per financial year.
B. Property acquired otherwise than in Forex

NRIs are eligible to repatriate the sales proceeds of immoveable property (inherited or otherwise) net of taxes, up to USD One million per financial year

C. Special Permission by RBI(Reserve Bank of India)

In case a NRI is not eligible to repatriate under (a) or (b) above or he wants to repatriate amount exceeding the limit of USD One Million, sale proceeds of such immovable property can be repatriated by obtaining special permission of the Reserve Bank of India on the ground of hardship and subject to conditions as specified in the permission.

It may be noted that, in case of residential property the repatriation of sale proceeds under “a” is restricted up to two such properties, but there is no restriction in respect of commercial properties

Repatriation of Sale Proceeds of Assets other than immovable Property

NRIs are eligible to remit an amount up to USD One million, per financial year the sale proceeds / realisation of :
  • Deposits with Banks/ Firms/ Companies.
  • PF/ Super Annuation Balance.
  • Life Insurance Maturity proceeds / claims.
  • Sale proceeds of Shares, Securities etc.
  • Any other asset or property other than immovable property.
A. Special Permission by RBI

In case a NRI is not eligible to repatriate under (a) above or he wants to repatriate amount exceeding the limit of USD One Million, sale proceeds of such immovable property can be repatriated by obtaining special permission of the Reserve Bank of India on the ground of hardship and subject to conditions as specified in the permission.

Limits
  • Up to the amount of investment in FOREX, Entire amount.
  • Up to 1 million US dollar for the immovable property and assets mentioned in the points above.
  • RBI has full power and authority to permit repatriation without any limit.

NRO(Non Resident Ordinary) to NRE(Non Resident External) Transfer

Miss Deepika, arrives in India on a vacation after a hectic schedule at Australia. Since she is settled in Australia, she wants to take her funds lying in her NRO Account in India.

Here are the steps Miss.Deepika that will help her out:

Why Transfer to NRE Account?

The following will work out to her advantage than keeping the funds in NRO:
  • NRE Account is a tax free Account
  • Funds from NRE Account is allowed to be transferred freely between India and other countries without much formalities.
  • Interest rates are higher in NRE Account.

Procedure to Transfer

  • We conduct a due diligence on the Source of Income, Accumulated Funds etc
  • We help with the Banking Formalities by communicating with the respective banks and hence reducing the burden on the client.
  • CA Certificate: We provide duly signed 15CB Certificate
  • We also file 15CA on behalf of the client, and submit all the required documents to to the Bank and help in smooth and quick transfer of funds.