I have been researching NRI finances because I was considering investing in the Indian stock market. The more I research, the more I am reminded of why I left India in the first place. The laws are designed in a way that majorly inconvenience the law abiding person. 3 different forms, bank officials willy-nilly refusing services, and we all know what happens when we have to interact with any government official. Add to that everything is a lot more complicated when you are not physically present in the country.
i would suggest that these remittances are staggered for every assessment year. Post filing the return you could remit taxable income minus tax paid plus non taxable income. However, in case of sale of a house of equity, there are provision for apply during the course of the year which could be time consuming. as per current tax laws, in case of real estate the seller has to deduct 30% and remit in your name the taxes, so even if there is no profit, u will get the funds of 30% of gross value after ur assessment.
Clear and simple to follow explanations on NRO to NRE money transfers and vice-versa. Look forward to more informative discussions on this channel. Thanks to Mr.Bhat and Mr.Sriram.
This is the information I was waiting for long .very well explained.kindly do a session explaining how you can transfer or gift your properties to your NRI children.Thank you very much
Dr. ChandraKanth Bhat, You are a born teacher and financial adviser.You are very detail oriented with clear explanations that help a novice like me. Your summation at the end of each section is simply great! Mr. Sriram Roa was also very precise. I had same issue that was covered in this video and was confused and clueless. Now I am confident to go ahead and proceed. Thank you very very much.
Besides compliance of FEMA ( Form A2 ) and IT regulations / guidelines what is to be understood by NRI customers or bankers or anyone concerned is : 1. The need for opening NRO accounts is that the account holder has receivables emanating from India I.e. within India either his own savings in the form of bank deposits , LIC maturity proceeds, Post office savings or shares which he / she acquired before becoming NRI or amount due to NRI by a resident like payment of rent, dividend etc. These are defined under FEMA as " legitimate credits" Other than legitimate credits, banks are not supposed to accept credit into NRO accounts unless valid documents supporting such credits are produced Instances of accepting huge amount of cash into NRO account is not to be considered as legitimate credit ,whether deposited by NRI or his relatives or third party . Instances are not common branches out of ignorance accepted credits in cash which when requested for credit to NRE shall not be considered. Regulators have come across such transactions especially when sale proceeds of immovable property sold , where a part is accepted in cash. 2. It is also to be appreciated that the facility to credit eligible NRO funds into NRE was based on bankers representati. This began with RNI relaxing guidelines as to repatriation of interest earned on NRO account after deduction of TDS by banks. . NRI Customers upon receiving NRO Interest into their overseas a count used to remit back to their NRE account. To avoid bank charges, it was logical to allow credit of such amount to NRE. RBI, on representation considered this representation.
Thank you so much for this very informative video Sir 🙏 You have simplified the understanding of an important aspect which is otherwise usually made out to be quite a complex one. 👍👍👍🙏😊
Thank you Dr. Chandrakant Bhat, Please : keep posting in simple words; and through Consultants; since in times to come many millions of Indians will travel across the Globe in all 200 Nations; So, this up to date messages will be Useful. Even All Forms needed; procedures; Contact persons; Auditors will be useful; Thank you
Simply brilliant!!! What a great channel and I didn't know about it for so long? Very clear step-by-step explanation of the topic and more importantly the various scenarios of the applicability of the law or provision is fantastic.
Thank you very much for your detailed explanation to transfer money from NRO to NRE. At least for USA residents there is no benefit from tax angle. All the interest income even from NRE is taxable in-home Country USA. If there was any tax paid in India, credit will be given for same. Only benefit to transfer the money from NRO to NRE account is that transfer to USA can be made in much shorter time without any hassle of paperwork. Thank you.
I think tax aspect is important, but less. A good reason to transfer from NRO to NRE is loss in currency exchange. In last 30+ years, INR has only lost value wrt USD.
Excellent professional approach in the presentation by both Mr Bhat and Mr Rao. Suggest you do a Part II with Forex Banker alongside to discuss on disclosing the correct reason code in A2, the details of LRS, and also the CA to address exemption limit for 15CB, inherited property sale repatriation, tax impact of gifted funds etc
Thank you very much for suggesting/ highlighting these points . Will definitely work on this . Look forward to have you as a faculty on my channel. Thank you very much for these kind words
Sir, how4 mu9ch money from NRO account can be transfe5red to bros other bank account in foreign country without FORM a bc to be pobtained FORM the CA. THE funds to be repariared is tax paid . How to voní se the bank for this
@@jithulivedubai For what purpose? If one NRI is purchasing fixed asset in India from another NRI, the NRI selling the property should invariably credit the proceeds to his NRO account, although the buyer is paying from his NRE Account.
Detailed and clear communication to viewers regarding repatriation of money from India to abroad. Excellent and very useful discussion. Thanks a lot, Dr. Ramachandra Miryala Rao, Ph.D. MPH Los Angeles, CA
I was baffled when the banks decided not to disclose this crucial information when I opened this account. Whatever the case, this has been a significant pain to people who would want to quickly and easily transfer money from India to abroad. I understand the rhetoric that RBI wants foreign inward flow, but why is so complex a hassle created to get it back. Isn't it crazy to fill so many forms rather than creating a simple unified process?
Dear Dr. Chandrakanth Bhat, Your videos are excellent in terms of clarity, contents, coverage, presentation and summarizing the subject matter. I have a question. What would be the effect on de-mat accounts (which would be fetching dividends) when the holder becomes an NRI? To which account type can/should it be changed, to continue to receive dividends and also to be able to trade? Thanks a lot.
Dear chandrakath bhat Thank you all the videos in your channel. This article is of great interest to me. I have a situation of hdfc insurance maturity amount is deposited directly by Hdfc insurance to my nro account. I don’t have NRE account. Like you said in this video the bank manager tells me it is non-repatriated. How can I approach you for consulting
Really very knowledgeable session. You have made it so simple to understand. My sincere thanks to You and Mr Sriram for sharing this useful information.
These NRE and NRO accounts are worthless. I have tried both and only to realize the hassle of this is absolutely NOT worth this. This is a failed model by Indian government and has failed NRIs miserably. If I had my way, I would ban these accounts.
Why?? They are great. Very useful for NRis and OCI s. Did you knows that NRE FD is tax free. Which county are you in ..interest rate is much less in phoren 😮
This is great presentation to understand. I have a question. We need Form 15CB from CA to certify that 'taxes are paid'. What is required from us or CA if the tax is not yet paid but will be filled and realised at the end of financial year?
Sir one of the best explanation Iam not good in finance but the way u explained,various steps thank u so much any dump person will understand watching ur video You are very good teacher
Thx for addressing this topic in a very detailed manner, appreciate this video. I would love to hear you chat about World Wide Taxation for NRI retiree who would like spend 6 months in India every year.
Thank you for this video. Having had financial dealings in India ever since my father passed away some years ago, I have found out that an NRE account is NOT WORTH starting unless you want money in dollars into and out of India. For money in dollars with a one way ticket to India, :) there is no need for an NRE!! 😄
@@sriramrao2514 I dealt with 5 banks in Bangalore all are same no one can answer any questions when it comes to NRI! T I speak to NRI branch people you need to start explaining things from office peon to reach the manager it will take three days!,,
Thank You both of you. Many times we transfer from NRE to NRO account. The best way is to make fixed deposit in NRE account and take OD against that FD. U may transfer fund in that OD account in INR.
Excellent Interview. Useful information. Even most bankers and NRIs are not even aware of it. Reverse Swapping NRO to NRE is not available in any online banking channels. Bank Branch visit practically impossible fir NRIs residing overseas where there is no Branches. That’s apart, why should NRIs file ITR for swapping NRO to NRE. Income Taxes and VAT Cess are deducted at source and hence they are tax paid fulfills the FEMA and IT. The expert did not mention about ITR whereas the interviewer while consolidating and interpretation said about ITR - at tail end of the interview. Please clarify. Thanks
Hello Dr. Chandrakant Bhatt Ji, 🙏🙏🙏 Your videos are clear and crisp. You are so professional, and videos are very useful. I just subscribed yesterday and will go thru the rest of the videos. Mr. Sriram also very nice and knowledgeable guy in clarifying every financial matter. Thanks to Sriram Ji too. 🙏 I have below 3 questions below from today's session. 1. The final EPF claim amount is Tax paid correct? or Tax exempted? 2. 1. Can we transfer the EPF amount final claim to NRE and invest in FD Please clarify 3. The interest earned on FD under NRE account - is taxable? if so, where to file the tax return on this income? Thank you so much for your service.
In India bankers has ombudsman wow i hard this first time... I think in India the professional don't give proper advice and information to their own citizens therefore many people in India loses out it's a big shame on India people like you should be set up an "citizen advice bureau" free of charge for the sake of good law abiding citizens... Thank you very much 🙏 God bless you always for your help...
Due to these corrupt politicians in former government and lots of high income people the government had to take these steps and now common public is suffering
Under dire pressing circumstances we have been able to transfer from TDS INCOME TAX PAID NRO Account to foreign account under LRS Scheme. Nonetheless your channel is informative and useful. Thank you
This was very informative to the public.But I have to supplement that the Bank interest received in NRO account can be freely transferred to NRE account. Similarly the instructions about Form CA AND CB are taken for repatriation of funds with in the I mio limit per year.However transfer of funds from NRO to NRE doesn't happen by default and specific instructions are not found in this regard However assuming that the funds are repatriable, some bankers effect NRO NRE transfer excersing their discreation. Please check the above aspects for the sake of viewers.
Please note : bankers cannot exercise any discretion, but are bound to follow rules. There is a video on this channel by name HOW TO TRANSFER FUNDS FROM NRO TO NRE . Please be guided by this video
Matter very well explained. One clarification is given below. The origin of immediate credits which constitute the balance in the NRO Account will be verified. Only the funds which originated from abroad or NRE Account will be allowed to be repatriated abroad or shifted to NRE/FCNR Account. Let us suppose a total of various credits from abroad amounts to Rs.10 lakhs over a period of time. Out of which, Rs.9 lakhs was drawn and spent. Now the balance in the account is Rs.1 lakh. An amount of Rs.5 lakhs of local origin is credited in the account. The balance becomes Rs.6 lakhs. Now, the question is how much is eligible to be repatriated abroad or shifted to NRE Account. Pl note that out of Rs.6 lakhs balance, only Rs.1 lakh has immediate foreign origin and hence Rs.1 lakh only is eligible for repatriation abroad or transfer to NRE Account.
Wonderful discussion. It gave me lots of new information which I wasn't aware. It was very helpful. However, I have a couple of doubts that needs to be clarified. Due to want of time presently, I will get back to you shortly. Thank you once again.
Very good information in a very simple and precise way. One question, in todays digital world, why are these forms needed? Can these not be automatically determined by the system?
I have been researching NRI finances because I was considering investing in the Indian stock market. The more I research, the more I am reminded of why I left India in the first place.
The laws are designed in a way that majorly inconvenience the law abiding person. 3 different forms, bank officials willy-nilly refusing services, and we all know what happens when we have to interact with any government official. Add to that everything is a lot more complicated when you are not physically present in the country.
i would suggest that these remittances are staggered for every assessment year. Post filing the return you could remit taxable income minus tax paid plus non taxable income. However, in case of sale of a house of equity, there are provision for apply during the course of the year which could be time consuming. as per current tax laws, in case of real estate the seller has to deduct 30% and remit in your name the taxes, so even if there is no profit, u will get the funds of 30% of gross value after ur assessment.
Clear and simple to follow explanations on NRO to NRE money transfers and vice-versa. Look forward to more informative discussions on this channel. Thanks to Mr.Bhat and Mr.Sriram.
If someone receives money as gift while dividing assets from parents to a person abroad,how that can be transferred from NRO to NRE.
@@channdravathiramachandra9006F
Thank you very much for detail info about transferring funds from NRO to NRE. This is very useful many NRIs like. Thank you Sriram Ji.
This is the information I was waiting for long .very well explained.kindly do a session explaining how you can transfer or gift your properties to your NRI children.Thank you very much
Yes, please do a session on this. Thanks, regards, Subhash
Excellent. The best part is that you recap the discussion at intervals for the benefit of viewers
Fully agree, its just like a revision during our student days, something which is mostly missing in general
Dr. ChandraKanth Bhat, You are a born teacher and financial adviser.You are very detail oriented with clear explanations that help a novice like me. Your summation at the end of each section is simply great!
Mr. Sriram Roa was also very precise. I had same issue that was covered in this video and was confused and clueless. Now I am confident to go ahead and proceed. Thank you very very much.
Thank you very much for your kind words
Besides compliance of FEMA ( Form A2 ) and IT regulations / guidelines what is to be understood by NRI customers or bankers or anyone
concerned is :
1. The need for opening NRO accounts is that the account holder has receivables emanating from India I.e. within India either his own savings in the form of bank deposits , LIC maturity proceeds, Post office savings or shares which he / she acquired before becoming NRI or amount due to NRI by a resident like payment of rent, dividend etc. These are defined under FEMA as " legitimate credits" Other than legitimate credits, banks are not supposed to accept credit into NRO accounts unless valid documents supporting such credits are produced
Instances of accepting huge amount of cash into NRO account is not to be considered as legitimate credit ,whether deposited by NRI or his relatives or third party . Instances are not common branches out of ignorance accepted credits in cash which when requested for credit to NRE shall not be considered.
Regulators have come across such transactions especially when sale proceeds of immovable property sold , where a part is accepted in cash.
2. It is also to be appreciated that the facility to credit eligible NRO funds into NRE was based on bankers representati. This began with RNI relaxing guidelines as to repatriation of interest earned on NRO account after deduction of TDS by banks. .
NRI Customers upon receiving NRO Interest into their overseas a count used to remit back to their NRE account. To avoid bank charges, it was logical to allow credit of such amount to NRE. RBI, on representation considered this representation.
One of the best video with clear details and explanations about NRO and NRE account. Many thanks to Bhat sir and Sriram sir❤❤❤
Thanks both of u but specially I love the way Sri Ram explain..
Thanks Mr.Bhatt and Mr.Rao for clear clarification of transferring
money from NRO to NRE a/c.
Thank you so much for this very informative video Sir 🙏 You have simplified the understanding of an important aspect which is otherwise usually made out to be quite a complex one. 👍👍👍🙏😊
Thank you Dr. Chandrakant Bhat,
Please : keep posting in simple words; and through Consultants;
since in times to come many millions of Indians will travel across the Globe in all 200 Nations;
So, this up to date messages will be Useful.
Even All Forms needed;
procedures;
Contact persons;
Auditors will be useful;
Thank you
Excellent presentation! Well done.
Thank you . Please subscribe and keep sharing the videos
Your skill to summarize the answer after each question is excellent.
Simply brilliant!!! What a great channel and I didn't know about it for so long? Very clear step-by-step explanation of the topic and more importantly the various scenarios of the applicability of the law or provision is fantastic.
How to contact Mr Rao
Excellent talk and really good value addition to NRI Community. Thank you very much for both of you. Please continue your excellent work.
Awesome video!!
Really, very clear and very necessary to know!
Thank you so much to make this valuable video session! 👌🏼👍🏼
Thank you very much for your detailed explanation to transfer money from NRO to NRE. At least for USA residents there is no benefit from tax angle. All the interest income even from NRE is taxable in-home Country USA. If there was any tax paid in India, credit will be given for same. Only benefit to transfer the money from NRO to NRE account is that transfer to USA can be made in much shorter time without any hassle of paperwork. Thank you.
I think tax aspect is important, but less. A good reason to transfer from NRO to NRE is loss in currency exchange. In last 30+ years, INR has only lost value wrt USD.
Very well explained, thank you 🙏🏼
You had enlightened all.
Wow!Very clear ,simple and fantastic explanation.Very useful for all NRI.Please continue your great work.Thank you very much.
Just happened across this video. Very well conducted discussion. Loved the reinforcement by summarising each relevant point.Thank you so much
Thanks for clarifying everything we were looking for..clear and vivid presentation by great professionals..
Excellent presentation. Useful information, brief to the point.
Well explained. Sri Ram and Mr Rao have enlightened the viewers reg the NRI tax repartition and other
Thanks
Excellent professional approach in the presentation by both Mr Bhat and Mr Rao. Suggest you do a Part II with Forex Banker alongside to discuss on disclosing the correct reason code in A2, the details of LRS, and also the CA to address exemption limit for 15CB, inherited property sale repatriation, tax impact of gifted funds etc
Thank you very much for suggesting/ highlighting these points . Will definitely work on this . Look forward to have you as a faculty on my channel. Thank you very much for these kind words
Sir, how4 mu9ch money from NRO account can be transfe5red to bros other bank account in foreign country without FORM a bc to be pobtained FORM the CA. THE funds to be repariared is tax paid . How to voní se the bank for this
Can I fund transfer NRI to others nri
@@jithulivedubai For what purpose? If one NRI is purchasing fixed asset in India from another NRI, the NRI selling the property should invariably credit the proceeds to his NRO account, although the buyer is paying from his NRE Account.
Detailed and clear communication to viewers regarding repatriation of money from India to abroad. Excellent and very useful discussion. Thanks a lot,
Dr. Ramachandra Miryala Rao, Ph.D. MPH Los Angeles, CA
I was baffled when the banks decided not to disclose this crucial information when I opened this account. Whatever the case, this has been a significant pain to people who would want to quickly and easily transfer money from India to abroad. I understand the rhetoric that RBI wants foreign inward flow, but why is so complex a hassle created to get it back. Isn't it crazy to fill so many forms rather than creating a simple unified process?
Because there are 2 different laws so different forms
Thank you for explaining the requirements for the repatriation of money from India to abroad!!
Dear Dr. Chandrakanth Bhat, Your videos are excellent in terms of clarity, contents, coverage, presentation and summarizing the subject matter. I have a question. What would be the effect on de-mat accounts (which would be fetching dividends) when the holder becomes an NRI? To which account type can/should it be changed, to continue to receive dividends and also to be able to trade? Thanks a lot.
Dear chandrakath bhat
Thank you all the videos in your channel. This article is of great interest to me. I have a situation of hdfc insurance maturity amount is deposited directly by Hdfc insurance to my nro account. I don’t have NRE account.
Like you said in this video the bank manager tells me it is non-repatriated. How can I approach you for consulting
Sir, this is an excellent video..very informative. I have to thank you for doing this and TH-cam algorithm for showing it to me.
Very valuable information ,also make a video on how much gold,currency can bring to India as per customs and its charges.thanks
Thats a pretty good suggestion. Suggestion accepted. We will do a video on this subject very soon . Please subscribe and keep sharing the videos
Really very knowledgeable session. You have made it so simple to understand. My sincere thanks to You and Mr Sriram for sharing this useful information.
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These NRE and NRO accounts are worthless. I have tried both and only to realize the hassle of this is absolutely NOT worth this. This is a failed model by Indian government and has failed NRIs miserably. If I had my way, I would ban these accounts.
why>
EVEN TO DAY THE FILING OF IT RETURN IS VERY DIFICULT AND NEEDS HELP FROM IT EXPERT/CA.
Why?? They are great. Very useful for NRis and OCI s. Did you knows that NRE FD is tax free. Which county are you in ..interest rate is much less in phoren 😮
Excellent ! Perfectly anchored discussion on topic by Mr Bhat useful guidance by CA Sriram.
Thank you very much for your kind words
How does the status of normal saving account is considered, i.e. is it automatic for more than 182 days staying abroad or any other methods
Thank you Dr. Bhat and Mr. Sriram. The video is very informative and the repatriation process is very well explained.
This is great presentation to understand. I have a question. We need Form 15CB from CA to certify that 'taxes are paid'. What is required from us or CA if the tax is not yet paid but will be filled and realised at the end of financial year?
If the tax is not yet paid, then tax can be paid first as advance tax and then 15CB will be issued by CA, the funds can be remitted after this.
Thanks to Dr.Chadrakanth and CA Sriram Rao.
Excellent video and explained in the most easy to follow words! Kudos to you Sir!
Thank you Both of you. Great channel for us NRIs
Excellent - I am a CA in UK and this was very helpful to understand NRO and NRE funds
How a NRI staying in UK is taxed on his income from interest earned from Indian NRE account
Pretty Crisp! and the way Dr.Chandrakant bhat has summarized after every question is really very good...
Thank you very much for your kind words. Please subscribe and keep sharing the videos
Very vital Information n excellent presentation. Thanks Mr.Bhat n Mr.Sriram
You are most welcome. Please subscribe and keep sharing the videos
Absolutely awesome. Every bit of this session has so much useful information. Explanation is so crystal c!ear. Thanks a million🙏🙏
Thank you both for the information. Awesome this is so helpful for NRI. Thank you so much 🙏
Made it crystal clear and the discussion is user free
Very briefly explained. Thank you Dr Chandrakanth for your useful contents for NRI
Thank you very much for your kind words
Thanks for the good illustration of nre and nro account.
Thanks a lot
Clear and simple way and coolly slow explaination for easy understanding
Great job by Mr. Gupta and Sriram. Good explanations and appreciate the link for those forms discussed.
I just followed this, absolutely correct information and very well delivered
Sir one of the best explanation Iam not good in finance but the way u explained,various steps thank u so much any dump person will understand watching ur video
You are very good teacher
This video ia so much knowledgeable, Thank you very much for clarifying this so simply. I have been worried about this very problem for a long time.
Thx for addressing this topic in a very detailed manner, appreciate this video. I would love to hear you chat about World Wide Taxation for NRI retiree who would like spend 6 months in India every year.
Very great subject thank you all👍💢💯❤
Thank you for the clarity you bring to these issues. Very well presented video and very informative. Thank you.
Thank you very much for the information provided for transfer of funds from nro account to nre account account
Dr.Chandrakant, sir, you are presenting excellently. Thanks sir.
Excellent presentation! Every aspect covered. Please cover transfer of INR to Foreign Currency by way of a video.
Great Discussion and explain in very simple way
This channel is a must watch for all Indians living abroad
THANKS BOTH OF U.
MR.RAM U R EXPLATION WAS SO CLEAR AND PRACTICAL.
Great video. Explanation was very good which any normal person can understand. Thumbs up.
Thank you for this video. Having had financial dealings in India ever since my father passed away some years ago, I have found out that an NRE account is NOT WORTH starting unless you want money in dollars into and out of India. For money in dollars with a one way ticket to India, :) there is no need for an NRE!! 😄
Thanks, both of you, for this important info... being an NRI, it might come handy in the near future...
Many thanks for the information which has been shared in such a simple way. Great 👍
If the bank people follow and guide the NRI account holder it will be sooooooo good.
It would have made out task also easier....
@@sriramrao2514 I dealt with 5 banks in Bangalore all are same no one can answer any questions when it comes to NRI! T I speak to NRI branch people you need to start explaining things from office peon to reach the manager it will take three days!,,
Thank You both of you. Many times we transfer from NRE to NRO account. The best way is to make fixed deposit in NRE account and take OD against that FD. U may transfer fund in that OD account in INR.
Finally all the queries are solved thanks for the wonderful video
Your videos are excellent never before evar after. Your all videos are valuable assets
Thanx a lot.. Very useful information in this vdo..For person like me with new nro and nre accounts 👍🙏
Both of you, explain the complexity so beautifully.
Thank you you so much for your kind words
Very valuable information , well explained ...Thanks a million!
Very informative and proper step-by-step guide......
Nicely explained by CA Sriram. Good n useful topic.
Excellent discussion sir, thanks for in-depth information within short span of time.
Wonderfully explained. Information was very comprehensive and thorough
Truely informative video Sir, This detailed discussion clarified many of our doubts.
"Satisfy" is clean word :)
Excellent Interview. Useful information. Even most bankers and NRIs are not even aware of it. Reverse Swapping NRO to NRE is not available in any online banking channels. Bank Branch visit practically impossible fir NRIs residing overseas where there is no Branches.
That’s apart, why should NRIs file ITR for swapping NRO to NRE. Income Taxes and VAT Cess are deducted at source and hence they are tax paid fulfills the FEMA and IT. The expert did not mention about ITR whereas the interviewer while consolidating and interpretation said about ITR - at tail end of the interview. Please clarify. Thanks
8:51 excellent communication by Host. Clarifying step by step.
Hello Dr. Chandrakant Bhatt Ji, 🙏🙏🙏 Your videos are clear and crisp. You are so professional, and videos are very useful. I just subscribed yesterday and will go thru the rest of the videos. Mr. Sriram also very nice and knowledgeable guy in clarifying every financial matter. Thanks to Sriram Ji too. 🙏 I have below 3 questions below from today's session. 1. The final EPF claim amount is Tax paid correct? or Tax exempted? 2. 1. Can we transfer the EPF amount final claim to NRE and invest in FD Please clarify 3. The interest earned on FD under NRE account - is taxable? if so, where to file the tax return on this income? Thank you so much for your service.
In India bankers has ombudsman wow i hard this first time... I think in India the professional don't give proper advice and information to their own citizens therefore many people in India loses out it's a big shame on India people like you should be set up an "citizen advice bureau" free of charge for the sake of good law abiding citizens...
Thank you very much 🙏
God bless you always for your help...
You miss the point. These laws are not there to help the people of India.
Excellent video good job Mr. Bhat and Sriram👍
Clear presentation. Useful information. Thanks both of you .🙏
Thanks for the VDO very informative and useful ❤👍🙏
Thank you sir, it is a new knowledge people like me. Pl. avoid repeating questions. Rest everything is well.
Feeback noted
Very good post. Clear, Crisp, User Friendly.
Simple & amazing way of explanation. Keep it up...
Due to these corrupt politicians in former government and lots of high income people the government had to take these steps and now common public is suffering
Valuable information you are giving sir
Thank you
Under dire pressing circumstances we have been able to transfer from TDS INCOME TAX PAID NRO Account to foreign account under LRS Scheme. Nonetheless your channel is informative and useful.
Thank you
This was very informative to the public.But I have to supplement that the Bank interest received in NRO account can be freely transferred to NRE account.
Similarly the instructions about Form CA AND CB are taken for repatriation of funds with in the I mio
limit per year.However transfer of funds from NRO to NRE doesn't happen by default and specific instructions are not found in this regard
However assuming that the funds are repatriable, some bankers effect NRO NRE transfer excersing their discreation.
Please check the above aspects for the sake of viewers.
Please note : bankers cannot exercise any discretion, but are bound to follow rules. There is a video on this channel by name HOW TO TRANSFER FUNDS FROM NRO TO NRE . Please be guided by this video
Thank you very much. Very very appreciation for you. Because since long time I was waiting for this subject. 🙏
Thanks to you both for explainig it so eloquently.
This is so informative! Many thanks sir!
Matter very well explained.
One clarification is given below.
The origin of immediate credits which constitute the balance in the NRO Account will be verified. Only the funds which originated from abroad or NRE Account will be allowed to be repatriated abroad or shifted to NRE/FCNR Account.
Let us suppose a total of various credits from abroad amounts to Rs.10 lakhs over a period of time. Out of which, Rs.9 lakhs was drawn and spent. Now the balance in the account is Rs.1 lakh.
An amount of Rs.5 lakhs of local origin is credited in the account. The balance becomes Rs.6 lakhs.
Now, the question is how much is eligible to be repatriated abroad or shifted to NRE Account.
Pl note that out of Rs.6 lakhs balance, only Rs.1 lakh has immediate foreign origin and hence Rs.1 lakh only is eligible for repatriation abroad or transfer to NRE Account.
Good information. Crude reality you can't trust a certified CA even, based on my personal past experience.
Wonderful discussion. It gave me lots of new information which I wasn't aware. It was very helpful. However, I have a couple of doubts that needs to be clarified. Due to want of time presently, I will get back to you shortly.
Thank you once again.
Very good information in a very simple and precise way. One question, in todays digital world, why are these forms needed? Can these not be automatically determined by the system?