Q.760 How to Transfer money

from NRO account to NRE bank

account

Question: I am a NRI from USA and have two bank accounts in India one is NRO account and the other is NRE account. I want to transfer from NRO account to NRE account because I can easily without any red tape get money transferred to USA. I have been told by an accountant that now this can be done as RBI has allowed NRO to NRE transfer without permission. Can you send me a government notice where RBI allows transfer from NRO to NRE accounts and what is the procedure to transfer from one account to the other in India? R. Srivastav Answer: RBI allows transfer from NRO account to NRE within the limit of US$ 1 million per financial year. You can view the RBI notification by clicking HERE How to transfer money from NRO account to NRE account To be able to transfer funds from NRO to NRE account, the following documents are required: • Letter requesting transfer of funds issued to the bank where the accounts are held • FEMA declaration – To view sample form click HERE • Documents showing source of funds being transferred, you’re CA and perhaps the bank may ask for this. (Ex: If sale proceeds of property, then sale documents) • Form 15CB ( Your CA will issue this after verifying documents) • Form 15CA (This is obtained online from the income tax department. See below)

How to get Form 15CA online

• Login to: https://incometaxindiaefiling.gov.in and select e-filling • Enter your PAN card number and password. (Register first with PAN Number to setup password) • Go to sub option: E file - Prepare and Submit Online Form (other than ITR) and select form type 15CA • Follow the instructions to fill form 15CA. • After filling the online form and verifying the entries, submit the form online. Print acknowledgement. • After successful submission, go to My account-My Returns/Forms. Here you will see the submitted forms. Select Form 15CA and print copy. • Sign the printed copy of form 15CA. This will be required by your bank. Additional Info Kindly read question/answer #447 regarding restrictions on what funds can be transfered/repatriated from NRO bank account in India >>