A Non-resident Ordinary (NRO) account is a savings or current account held in India that helps NRIs manage income earned in India such as rent, dividends, or pension from abroad. The account holder can deposit and manage accumulated rupee funds conveniently through an NRO account.
Repatriation under NRO account:
The principal amount is not repatriable and can be used only for local payments. However, the interest earned is fully repatriable. Other current incomes such as pensions, dividends, rent, etc are also repatriable, subject to producing the appropriate certificate from a chartered accountant.
Funds up to USD 1 million (or equivalent) per financial year can be repatriated out of the balance held in NRO accounts for any bonafide purpose subject to satisfying documentation requirements.
Documents required for remittance:
The following documents are required for remittance of funds;
- Request letter from the account holder stating the basic details.
- TT form signed by the account holder.
- Form 15 CA and 15 CB certified from a Chartered Accountant.
- Other documents as may be required by the banker.
The above are the documents which are generally required for remitting funds abroad from NRO account, however based on bankers policy the some additional documents might be required for the remittance.
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