This repatriation is restricted to the sale proceeds of two residential properties in India or up to USD 1 million.
Archives: FAQs
What documents are required for repatriation?
Various documents, such as; Bank request Form, Form A2, Form-15 CA, Form-15 CB, etc., must be submitted for the repatriation of funds.
What is the limit on repatriating funds from the NRO bank account?
You can repatriate up to 1 million USD in one financial year from your NRO account.
What type of funds are held in the NRE bank account?
NRE bank account holds funds for income generated outside India. The balance in the NRE bank account is in the Indian currency denomination. There is no limitation on repatriation from the NRE bank account.
Can NRIs open their accounts with any bank in India?
The NRI can only open his bank account with RBI-authorised dealers/Banks.
Are NRIs free to open any bank account in India?
An NRI can open Non-Resident External Account, Non-Resident Ordinary Account and Foreign Currency Non-Resident Account.
What is the repatriation of funds?
Repatriation of funds refers to transferring funds held by an NRI from his Indian bank account to bank account of country of his current residence.
How taxable are mutual funds for NRI?
Taxation rules for NRIs and residents of India are alike. For equity mutual funds, the investments made for one year or less will be taxed at 15% per the short-term capital gains taxation rules. For long-term investments, mutual funds are taxed at a rate of 10% per the long-term capital gains taxation rules.
What are NRI KYC documents for a mutual fund?
The checklist for KYC for NRI mutual funds are:
- Cancelled cheque of NRO, NRE, or FCNR bank account.
- Certified Foreign Address Proof – residential permit, latest utility bill, driving license with address, etc.
- Indian address proof – latest utility bill, driving license, Aadhar card, Bank statement, etc.
- Passport – first two and last two pages.