Key Points
There are certain document requirements, approval needed from Reserve Bank of India (RBI) and annual limit that must be adhered to in order to transfer money from NRO account out of India...
Kritika Tewani, Associate Director, Deloitte Touche Tohmatsu India LLP says, "Repatriation of current income like rent, dividend, pension, interest, etc. of NRIs out of their NRO account is not subject to any limit..
Chadha from EY India says, "RBI approval is required if the remittance of non-current income by NRI/PIO exceeds the specified limit of USD 1 million per financial year."..
Preeti Sharma, Partner, Tax & Regulatory Services, BDO India says, "Section 195 of the Income Tax Act, 1961 requires that Form 15CA and Form 15CB be furnished at the time of outward remittances from NRO Accounts..
Chadha says, "As per FEMA Regulations, in case the remittance is to be made from the balances held in the NRO account, then the bank is under an obligation to obtain an undertaking from the account holder stating that 'the said remittance is sought to be made out of the remitter's balances held in the account arising from his/ her legitimate receivables in India and not by borrowing from any other person or a transfer from any other NRO account'..
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