NRI Repatriation Services

Repatriation Services:

Understanding Form 15 CA and Related Processes

Introduction: NRI Repatriation is the process of transferring Indian Rupees from Non-Resident Ordinary (NRO) Rupee Checking accounts or NRO Deposits to overseas accounts or FCNR Deposits, or in Indian Rupees to Non-Resident External (NRE) Rupee Checking Accounts. This comprehensive guide will delve into the intricacies of NRI repatriation, focusing on Form 15 CA and associated services.

Key Concepts:

1. Repatriation Limits:
   • Funds from NRO Accounts are currently limited to US$ 1 Million (or equivalent) per financial year per account holder.
   • This limit applies to all NRO Accounts across banks and financial institutions in India and is an aggregate amount covering all repatriation categories, excluding income.
2. Exemptions and Restrictions:
   • Capital funds from the sale of assets, excluding Agriculture Land or Farm House , are subject to the US$ 1 Million limit.
   • Income earned in India, such as Salary, Interest, Dividend, Rent, is not covered under the remittance limit.
   • Sale proceeds from the sale of residential property which has been acquired in Forex are not falling under the US$ 1 Million subject to two houses.
3. Special Approvals:
   • NRIs can apply to the RBI for remittances beyond the current limit on grounds like Medical, Education, or other genuine reasons, subject to discretionary approval.
   • No limit applies to outward remittances from NRE account balances.

Documentary Compliance:

To ensure a hassle-free transaction, compliance with FEMA and the Income Tax Act is essential. The following documents are required:

• Application for Repatriation of Funds
• Form A2 FEMA Declaration Form
• Original Form 15 CB (Certified by CA-India)
• Original Form 15 CA
• Signed copy of PAN card image
• Copy of filed ITRs in India

Our Services:

At NRIeCA, our experienced team offers a range of services to facilitate the repatriation process:

• Expert opinions on repatriation laws and processes
• Form 15 CA preparation
• Form 15 CB preparation and certification from CA
• Form A2/Outward Remittance form preparation
• FEMA Declaration preparation
• Any other related services          

Key Points to Consider:

• Regularly check for income tax implications in India when repatriating funds.
• Cumulative repatriation of current income is permissible in the year of income or subsequent years.
• Verify that NRO account credits are legitimate dues receivable in India and not a result of borrowing or fund transfers from another NRO account.
• Take note of the two-property limit for repatriating sale proceeds from residential properties in India.
• Remittance limit of USD 1 Million for your NRO account is valid for Financial Year ( Appril-March) and in case remittance in the Financial Year is less then limit of USD 1Million balance can not be utilised in the next Financial Year.
• Seek RBI approval for remittances beyond the current limit, considering reasons like Medical, Education, or genuine grounds.

Conclusion:

Navigating NRI repatriation requires careful consideration of limits, documentation, and compliance. Our specialized services at NRIeCA aim to streamline this process, ensuring a seamless experience for NRIs, OCIs, and PIOs.