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Remittance of money by NRI from India

An NRI may remit his current income like rent, dividend , pension, interest etc on the basis of the Chartered

accountant certificate in Form No. 15CB certifying that on remittance amount due taxes has been paid. However, repatriation out of the NRO account is restricted up to 1 million USD per calendar year. Further, Repatriation of sale proceeds of residential property purchased by NRI/PIO is permitted to the extent of the amount paid for acquisition of immovable property in foreign exchange received through banking channels.

 

Remittance under LRS scheme

 

Foreign remittance under liberalized remittance scheme (LRS) up to USD 250,000 USD per financial year can be freely made by the resident. Remittance under LRS is allowed for transaction only which are allowed under automatic route. The RBI prescribes separate limits for different type of the remittances.LRS limit of the USD250,000 is in addition to the limit prescribed. For remitting amount under LRS scheme 15CB certificate from chartered accountant and 15CA certificate will be required by the banker.

 

Prakash K Prakash PKP Consult +91-9811031841 pkpconsult1977@gmail.com