Repatriation of funds from India to USA: How it works

Repatriation refers to the transfer of funds (both principal amount and the interest earned on the deposit) from any of the NRI Accounts [NRE/NRO/FCNR (B)] from India to the overseas bank account of the NRI in his/her country of residence.
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NRIs are allowed to repatriate or bring their sale proceeds of property sold in India to the US. However, the limit to the amount brought from India is $1 million per the calendar year, including all other capital account transactions.
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[@jyotisoni8607]

if we received the insurance maturity amount in the NRO account. How can it be repatriated and how?

[@SBNRISimplifyingBankingforNRIs]

Generally proceeds from life insurance maturity are exempt, but will have to look at the document to comment on the taxability. Once the taxes that are due have been paid, your are free to repatriate the money abroad, we can help with documentation - connect with expert for more details: calendly.com/sbnri/sbnri-call-with-expert?month=2022-01

[@vvmane2004]

Hello Sir, As an NRI do we have to contact US bank for any documentation for receiving the amount in US Bank account?

[@SBNRISimplifyingBankingforNRIs]

Hello,
As an NRI, you will be required to provide certain documentation to your US bank in order to receive funds in your account. This may include proof of identity, proof of address, and proof of citizenship.
Additionally, you may need to provide information about the source of the funds you are receiving. It is best to check with your specific bank for their specific requirements. For more you can schedule a call with SBNRI Documentation Expert using this link: sbnri.dayschedule.com/taxationweb

[@charlesmachado9500]

If the source of deposits from abroad still NRI can't send more than 1 million dollars per FY.

[@SBNRISimplifyingBankingforNRIs]

Yes, that's correct. As per the regulations set by the Reserve Bank of India, Non-Resident Indians (NRIs) are allowed to remit up to USD 1 million per financial year (FY) from their NRO/NRE account. Any amount above this limit would require special permission from the RBI. It's important for NRIs to abide by these regulations to avoid any legal or financial complications.

[@bsbawa10]

Is 15cb needed for amount below 5 lakhs also ?

[@SBNRISimplifyingBankingforNRIs]

As per the current regulations in India, Form 15CA and Form 15CB are required for remittances made abroad. However, the requirement for Form 15CB is based on the nature and amount of the remittance.
If the remittance is of a capital nature and the amount is equal to or exceeds INR 5 lakhs, then Form 15CB is required to be furnished by a Chartered Accountant (CA). Capital nature remittances include investments in shares, property, and any other investments that can be classified as capital in nature.
On the other hand, if the remittance is of a revenue nature, then Form 15CB is not required for amounts below INR 5 lakhs. Revenue nature remittances include payments for services such as professional fees, royalty, and other business-related payments.
However, it is important to note that even if Form 15CB is not required for revenue nature remittances below INR 5 lakhs, Form 15CA still needs to be furnished online. The purpose of Form 15CA is to provide information to the Indian tax authorities about the remittance made abroad, and it needs to be furnished for all foreign remittances.
It is advisable to consult a with SBNRI NRI CA to understand the specific requirements and regulations related to remittances in India. Schedule call using this link: sbnri.dayschedule.com/taxationweb