Q1151. Repatriate up to 1 million dollars from sale proceeds of shares in Demat account

Question: Dear Sir, Please be kind to answer my following query. Facts:

1. I am holding a resident demat account for my shares acquired/ inherited in my resident capacity.
2. I got my Green Card on 31.5.2019 and have been in US till Oct 2019 and have come back to convert my demat and bank accounts to NRO staus and leave in January2020. Query: Sir can I remit upto $ 1 million the sale proceed of the shares and mutual funds which will be credited to my NRO Account. Regards

Answer: Repatriation from NRO account is normally allowed for all current income such as interest, dividends, rental income, sale of property or investments. Your bank will allow repatriation from your NRO account but to do so you would need a certificated from a Chartered Accountant (CA) stating that all taxes on the amount being transferred abroad have been paid. Banks may also require supporting documents to establish the source of funds that are being repatriated. Each bank may have their own criteria for such documentation and this would depend to some extent on the customers profile with the bank. There is a limit of One million US$ per calendar year. Do note that the limit of 1 million dollars applies to the aggregate amount across all categories of repatriation except current income.