Q294. Transfer money abroad from Indian NRO account

Question: Dear Sir My son is an OCI. could you let me know how an OCI holding Canadian citizenship can bring his Indian account balance to Dollars. What is the formal process? your advice will be appreciated. Thank you. P.Mahanti

Answer: If your son has a resident Indian bank account, it must first be converted to the NRO account. While interest from NRO accounts are allowed to be repatriated, the source of the money does play a part in repatriation of NRO funds. Your bank can provide you with additional information. The documents required to send money out of India in foreign funds are: Account holder's Letter giving details of purpose of remittance. Application in Form A2 and FEMA Declaration to be filled in by the NRI. You can see sample of FORM A2 by clicking HERE A certificate from a Chartered Accountant (where funds being transferred are from sale of property etc.)