Repatriation from India: FEMA Rules for NRIs
Regi Tom Antony, FCA — a practicing Chartered Accountant who advises NRIs, OCIs and returning founders on the same questions every week. Every page here is drawn from the book and live engagements, not stock copy.
This is a deep-dive within NRI Blueprint's OCI & FEMA hub. "Can I send my money abroad?" sounds like one question, but under FEMA the answer depends entirely on which account the money sits in and what kind of money it is. Funds in NRE and FCNR accounts behave very differently from funds in an NRO account, and the single most common cause of stuck repatriations is treating them the same. This page sets out what is freely repatriable, what is capped, and the exact paperwork banks require before they will remit.
NRE and FCNR: freely repatriable.
Money held in NRE (Non-Resident External) and FCNR (Foreign Currency Non-Resident) accounts represents your foreign-earned income brought into India, and is fully and freely repatriable — both principal and interest — without a separate limit. The interest is also tax-free in India while you are an NRI. If your goal is flexibility to move money back out, this is the account class to use for foreign-source funds.
NRO: repatriation is capped.
An NRO (Non-Resident Ordinary) account holds your India-source income and assets — rent, dividends, sale proceeds, inheritances. NRO funds are not freely repatriable. An NRI/OCI may remit up to USD 1 million per financial year out of NRO balances (across all such sources combined), after tax and the required forms. This is the limit that catches families with property sales or inheritances.
Current income vs capital: an important distinction.
Current income credited to NRO — such as rent, interest, dividends and pension — is generally repatriable after tax, and is treated more liberally than capital. Capital and asset proceeds (e.g. money from selling property or shares, inheritances) fall within the USD 1 million per year route. Classifying the money correctly is what determines which path — and how much — can move.
The paperwork: Forms 15CA and 15CB.
For most outward remittances from NRO, the bank needs:
- Form 15CB — a Chartered Accountant's certificate confirming the nature of the remittance and that applicable tax has been paid or deducted; and
- Form 15CA — your online declaration to the tax department, referencing the 15CB.
No 15CA/15CB (where required), no remittance. Tax must be settled first.
When you need RBI approval.
Amounts above USD 1 million in a financial year, and certain special cases, generally require RBI approval, supported by the CA certificate and documentation. Large balances are best planned across financial years, or routed with approval, rather than discovered at the bank counter.
Common mistakes.
- Trying to repatriate NRO funds as if they were NRE (they are not freely repatriable).
- Skipping Form 15CB/15CA, or remitting before tax is settled.
- Mixing foreign-source and India-source money in one account, blurring what is repatriable.
- Leaving a resident account open after becoming an NRI instead of redesignating it.
Answered, candidly.
- Is NRE money freely repatriable?
- Yes. NRE and FCNR balances — principal and interest — are fully and freely repatriable, with no separate annual limit, because they represent foreign-earned funds.
- How much can I repatriate from an NRO account?
- Up to USD 1 million per financial year, across all eligible NRO sources combined, after tax and the required forms. Above that needs RBI approval.
- Can I repatriate rent or interest beyond the USD 1 million limit?
- Current income such as rent, interest, dividends and pension is generally repatriable after tax and is treated more liberally than capital; the USD 1 million cap chiefly applies to capital and asset proceeds in NRO.
- What forms do I need to remit money out of India?
- Typically Form 15CB (a CA's certificate) and Form 15CA (your online declaration), with tax paid or deducted first. Banks will not process the remittance without them where required.
- When is RBI approval required?
- Broadly, for amounts above USD 1 million per financial year and certain special cases. It is supported by the CA certificate and documentation.
- My money is from selling inherited property — which rules apply?
- Sale proceeds sit in NRO and fall within the USD 1 million route, with 15CA/15CB and tax settled first. See repatriation of inherited assets for the succession-specific steps.
Related OCI, FEMA and repatriation resources.
Back to the parent hub for OCI and FEMA guidance for NRIs.
How the three NRI account types differ — and which money belongs where.
What goes into an NRO account, tax on interest, and how repatriation works.
The succession-specific steps when moving inheritance proceeds abroad.
Moving sale proceeds from Indian property out cleanly under FEMA.
Move money out of India by the right route, the first time
NRE money is free to move; NRO money is capped and paperwork-bound. Get the account, the classification and the forms right — and your repatriation goes through cleanly.
General educational guidance; FEMA limits, forms and tax rules change with each year/Budget and depend on facts. Confirm the current position. Not legal or tax advice.
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