Procedure to transfer money to Non Residents - Send money abroad

Transfer money from NRO to NRE Bank Accounts in India

As per RBI notification RBI/2011-12/536 dated May 7, 2012, NRIs are eligible to transfer funds from NRO account to NRE account (up to one million US$ per financial year subject to payment of tax. You can view the RBI notification by clicking HERE

How to Transfer Funds from NRO to NRE Account

Generally the procedure requires the filing to two forms referred to as FORM 15CB and FORM 15CA Chartered Accountant handles FORM 15CB – This will be a certificate to show that the CA has verified the source of the funds and that any applicable income tax on these funds has either been deducted or paid. The person transferring the money is responsible for filling FORM 15CA which is done online from the income tax department website. On submission online of FORM 15CA an Acknowledgement Number will be generated. Print and sign FORM The bank where your NRO account exists will require the following documents to transfer your funds: o Form 15CA o Form 15CB o Request letter to bank to transfer funds showing applicable account numbers. Some banks may have a prescribe form for such requests. o A bank cheque/draft to cover the amount being transferred

Procedure to Transfer funds from NRO to NRE Account

1. Gather all your documents such as TDS deducted by bank to show tax deduction etc. You will need to contact and seek the services of a Chartered Accountant. This is necessary as CA needs to issue a certificate in the prescribed FORM 15CB. This certificate is to show that the CA issuing the certificate has verified the source of funds and that any due income tax applicable to these funds has been deducted or paid. 2. Then comes the submission of the other form online. This is FORM 15CA. Prior to Feb, 2014 this form was easily accessible from the income tax website, filled and submitted online. However, now to access FORM 15CA you would have to fist go to the tax department website: https://incometaxindiaefiling.gov.in/ and unless you have already registered with the tax department, you will be required to register first. To register you need a PAN Number. If you don’t have one, getting it is pretty easy and explained on other pages of this website. 3. Once you are registered and able to login: 4. Go to the E-file option 5. Select appropriate option to prepare & submit forms online other than your income tax return (ITR) 6. Selecting this option shows various forms. Select FORM 15CA from the list. 7. Select Part A or Part B depending on the type of remittances you are doing. 8. Fill form with all required fields and submit. 9. After successful submission a transaction ID and acknowledgement number appears and should be printed. As it will be required as proof of submission by the bank when you wish to transfer funds. 10. Bank will require documents mentioned previously to transfer funds.

Update:

As per revised rule 37BB1 which requires reporting of information on Forms 15CA/15CB. Effective October 1, 2013 If the amount of payment does not exceed fifty thousand rupees and the aggregate of such payments made during the financial year does not exceed two lakh fifty thousand rupees then remitter must fill in the information required in Part A of Form No.15CA Fill in the information in Part B of Form No.15CA if the payment is not chargeable to tax and is of the nature specified in the transfer of funds purpose list shown below: Transfer of Funds for the following purposes list 1. Indian investment abroad -in equity capital (shares) 2. Indian investment abroad -in debt securities 3. Indian investment abroad -in branches and wholly owned subsidiaries 4. Indian investment abroad -in subsidiaries and associates 5. Indian investment abroad -in real estate 6. Postal services 7. Construction of projects abroad by Indian companies including import of goods at project site 8. Freight insurance - relating to import and export of goods 9. Payments for maintenance of offices abroad 10. Maintenance of Indian embassies abroad 11. Loans extended to Non-Residents 12. Remittances by foreign embassies in India 13. Payment for operating expenses of Indian shipping companies operating abroad. 14. Remittance by non-residents towards family maintenance and savings 15. Operating expenses of Indian Airlines companies operating abroad 16. Remittance towards personal gifts and donations 17. Booking of passages abroad - Airlines companies 18. Remittance towards donations to religious and charitable institutions abroad 19. Remittance towards business travel 20. Remittance towards grants and donations to other governments and charitable institutions established by the governments 21. Travel under basic travel quota (BTQ) 22. Contributions or donations by the Government to international institutions 23. Travel for pilgrimage 24. Remittance towards payment or refund of taxes 25. Travel for medical treatment 26. Refunds or rebates or reduction in invoice value on account of exports 27. Travel for education (including fees, hostel expenses etc.) 28. Payments by residents for international bidding
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
NRI
Sample Transfer Form Form to Transfer NRO to NRE Here is a sample of a request form to Transfer funds from NRO to NRE. The sample form show is from State Bank of India. Other banks will have their own forms. Click HERE to view sample Sample forms are provided for NRIs purely for informational use. Kindly do not use these forms and contact your bank for the appropriate form to fill and request transfer of funds from NRE to NRO Accounts To view a sample copy of Form 15 CA Click HERE
Update Form 15CA - Form15CB May Not be required When sending money abroad in some cases Form 15 may not be required as rules have changed. Effective April 1, 2016. Earlier these forms were compulsory when remitting funds out of India, now under new rules the forms have been simplified and the requirement for submission of these forms in some circumstances has been eliminated
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N RI Information

NRI - OCI - PIO Guide & Information

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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Procedure to transfer money

to Non Residents - Send

money abroad

Transfer money from NRO to

NRE Bank Accounts in India

As per RBI notification RBI/2011-12/536 dated May 7, 2012, NRIs are eligible to transfer funds from NRO account to NRE account (up to one million US$ per financial year subject to payment of tax. You can view the RBI notification by clicking HERE

How to Transfer Funds from NRO to

NRE Account

Generally the procedure requires the filing to two forms referred to as FORM 15CB and FORM 15CA Chartered Accountant handles FORM 15CB – This will be a certificate to show that the CA has verified the source of the funds and that any applicable income tax on these funds has either been deducted or paid. The person transferring the money is responsible for filling FORM 15CA which is done online from the income tax department website. On submission online of FORM 15CA an Acknowledgement Number will be generated. Print and sign FORM The bank where your NRO account exists will require the following documents to transfer your funds: o Form 15CA o Form 15CB o Request letter to bank to transfer funds showing applicable account numbers. Some banks may have a prescribe form for such requests. o A bank cheque/draft to cover the amount being transferred

Procedure to Transfer funds from

NRO to NRE Account

1. Gather all your documents such as TDS deducted by bank to show tax deduction etc. You will need to contact and seek the services of a Chartered Accountant. This is necessary as CA needs to issue a certificate in the prescribed FORM 15CB. This certificate is to show that the CA issuing the certificate has verified the source of funds and that any due income tax applicable to these funds has been deducted or paid. 2. Then comes the submission of the other form online. This is FORM 15CA. Prior to Feb, 2014 this form was easily accessible from the income tax website, filled and submitted online. However, now to access FORM 15CA you would have to fist go to the tax department website: https://incometaxindiaefiling.gov.in/ and unless you have already registered with the tax department, you will be required to register first. To register you need a PAN Number. If you don’t have one, getting it is pretty easy and explained on other pages of this website. 3. Once you are registered and able to login: 4. Go to the E-file option 5. Select appropriate option to prepare & submit forms online other than your income tax return (ITR) 6. Selecting this option shows various forms. Select FORM 15CA from the list. 7. Select Part A or Part B depending on the type of remittances you are doing. 8. Fill form with all required fields and submit. 9. After successful submission a transaction ID and acknowledgement number appears and should be printed. As it will be required as proof of submission by the bank when you wish to transfer funds. 10. Bank will require documents mentioned previously to transfer funds.

Update:

As per revised rule 37BB1 which requires reporting of information on Forms 15CA/15CB. Effective October 1, 2013 If the amount of payment does not exceed fifty thousand rupees and the aggregate of such payments made during the financial year does not exceed two lakh fifty thousand rupees then remitter must fill in the information required in Part A of Form No.15CA Fill in the information in Part B of Form No.15CA if the payment is not chargeable to tax and is of the nature specified in the transfer of funds purpose list shown below: Transfer of Funds for the following purposes list 1. Indian investment abroad -in equity capital (shares) 2. Indian investment abroad -in debt securities 3. Indian investment abroad -in branches and wholly owned subsidiaries 4. Indian investment abroad -in subsidiaries and associates 5. Indian investment abroad -in real estate 6. Postal services 7. Construction of projects abroad by Indian companies including import of goods at project site 8. Freight insurance - relating to import and export of goods 9. Payments for maintenance of offices abroad 10. Maintenance of Indian embassies abroad 11. Loans extended to Non-Residents 12. Remittances by foreign embassies in India 13. Payment for operating expenses of Indian shipping companies operating abroad. 14. Remittance by non-residents towards family maintenance and savings 15. Operating expenses of Indian Airlines companies operating abroad 16. Remittance towards personal gifts and donations 17. Booking of passages abroad - Airlines companies 18. Remittance towards donations to religious and charitable institutions abroad 19. Remittance towards business travel 20. Remittance towards grants and donations to other governments and charitable institutions established by the governments 21. Travel under basic travel quota (BTQ) 22. Contributions or donations by the Government to international institutions 23. Travel for pilgrimage 24. Remittance towards payment or refund of taxes 25. Travel for medical treatment 26. Refunds or rebates or reduction in invoice value on account of exports 27. Travel for education (including fees, hostel expenses etc.) 28. Payments by residents for international bidding
Sample Transfer Form Form to Transfer NRO to NRE Here is a sample of a request form to Transfer funds from NRO to NRE. The sample form show is from State Bank of India. Other banks will have their own forms. Click HERE to view sample Sample forms are provided for NRIs purely for informational use. Kindly do not use these forms and contact your bank for the appropriate form to fill and request transfer of funds from NRE to NRO Accounts