Transfer to NRE / FCNR accounts of the account holder or any other person eligible to maintain such account.
Investment in shares / securities / commercial paper of an Indian company or for purchase of immovable property in India provided such investment / purchase is covered by the regulations made, or the general / special permission granted, by the Reserve Bank.
Any other transaction if covered under general or special permission granted by the Reserve Bank.
NRO Accounts -
All local payments in rupees including payments for investments in India subject to compliance with the relevant regulations made by the Reserve Bank.
Remittance outside India of current income like rent, dividend, pension, interest, etc. in India of the account holder.
Remittance up to USD one million, per financial year (April- March), for all bonafide purposes, to the satisfaction of the authorized dealer bank.
Can I repatriate money out of balances held in my NRO accounts?
As per current local regulations, remittance/s upto USD 1 million per financial year (April-March) are permissible for bonafide purposes, from balances in NRO accounts subject to payment of applicable taxes. The limit of USD 1 million per financial year includes sale proceeds of immovable properties held by NRIs/PIO.
The documents required or effecting a remittance from an NRO account are:
Account holder's Letter giving details of purpose of remittance and certifying the same
Cheque or debit authority if the same is not contained in the letter in item (1.)
Can I repatriate money from my Property and Investment Income?
Remittance of the account holder's current income in India, such as rent, dividend, pension, interest, etc., is permissible outside India as per current local regulations. As per the regulations, remittance/s upto USD 1 million per financial year (April-March) are permissible for bonafide purposes, from balances in NRO accounts subject to the payment of applicable taxes. The limit of USD 1 million per financial year includes sale proceeds of immovable properties held by NRIs/PIO.
The documents required to be submitted are:
Account holder's Letter giving details of purpose of remittance and certifying the same
Cheque or debit authority if the same is not contained in the letter in item (1.)
Can NRI repatriate money from the Sale Proceeds of my Immovable Property?
NRI/ PIO may acquire immovable property in India other than agricultural land / plantation property or a farm house from repatriable and non-repatriable funds.
In respect of such investments NRIs are eligible to repatriate:
Sale proceeds of immovable property acquired in India to the extent of repatriable funds used for acquiring the property, up to two residential properties The balance will be repatriable through NRO Account subject to FEMA guidelines.
Refund of (a) application / earnest money / purchase consideration made by house-building agencies / seller on account of non-allotment of flats / plots and (b) cancellation of booking / deals for purchase of residential / commercial properties, together with interest, net of taxes, provided original payment is made out of NRE / FCNR(B) account/inward remittances.
Housing Loan in rupees availed of by NRIs from ADs / Housing Financial Institutions can be repaid by the close relatives in India of the borrower.
Can I repatriate money from Inheritances?
A Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) may remit an amount up to USD one million, per financial year, out of the balances held in his Non-Resident (Ordinary) Rupee (NRO) account / sale proceeds of assets (inclusive of assets acquired by way of inheritance or settlement), for all bonafide purposes
The documents required to be produced are:
Account holder's Letter giving details of purpose of remittance and certifying the same
Copy of document/s establishing the inheritance and value of proceeds credited to the NRO account
Cheque or debit authority if the same is not contained in the letter in item (i) Application in Form A2
This is brought to you by The Hongkong and Shanghai Banking Corporation Limited, India (HSBC). These FAQs are for the general information of the customers and should not be construed as any advise for availing any products / services. Customers before investing in any of the products are required to check with their financial adviser before investing or availing of any products / services. HSBC, India shall not be liable for any loss or damage arising out of any investments based on these FAQs. These FAQs are subject to regulatory changes from time to time and there may be a time lag/delay in updation of the same online.
