Q.1095 Send money abroad from NRO account

Question: Sir I have American citizenship and I also hold OCI card. I have NRO account in bank for my govt. pension. Can I send money ( apart from pension ) from the fixed deposits which I had here before becoming foreign citizen ? If so is there a limit in a finamcial year ? I pay income tax here regularly. I will be grateful for a reply. Thanks Answer: In addition to your pension, current income such as dividends, rental income is also repatriable as long as taxes have been paid on such income. Limit to remit funds per financial year is USD 1 million or equivalent. Funds from NRO account can be remitted within this limit for any bonafide purpose subject to completion of documentary requirements. Transfer from NRO to NRE is also possible. Funds held in NRE accounts can be transferred abroad from most banks instantly through online banking facilities.
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Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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Q.1095 Send money abroad from

NRO account

Question: Sir I have American citizenship and I also hold OCI card. I have NRO account in bank for my govt. pension. Can I send money ( apart from pension ) from the fixed deposits which I had here before becoming foreign citizen ? If so is there a limit in a finamcial year ? I pay income tax here regularly. I will be grateful for a reply. Thanks Answer: In addition to your pension, current income such as dividends, rental income is also repatriable as long as taxes have been paid on such income. Limit to remit funds per financial year is USD 1 million or equivalent. Funds from NRO account can be remitted within this limit for any bonafide purpose subject to completion of documentary requirements. Transfer from NRO to NRE is also possible. Funds held in NRE accounts can be transferred abroad from most banks instantly through online banking facilities.
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