Overview
Repatriation and remittance refer to the process of transferring money outside India through authorized banking channels, as regulated by the Reserve Bank of India (RBI). Repatriation involves converting funds held in India into foreign currency and transferring them abroad, while remittance requires compliance with tax and regulatory norms, including certification from a Chartered Accountant (CA) in Form 15CB and a self-declaration in Form 15CA.
Documents Required
- Sale deed or property transaction documents (if applicable).
- Bank statements showing the source of funds.
- Proof of property acquisition as per FEMA guidelines.
- PAN card of the remitter.
- Any additional documentation as required by the authorized dealer (AD) bank.
Benefits
- Legally compliant fund transfers as per FEMA and RBI regulations.
- Avoidance of tax complications by ensuring necessary tax deductions and certifications.
- Hassle-free remittance process with proper documentation and professional assistance.
- Maximized permissible limits for repatriation of property sale proceeds.
How We Can Help You
Our expert services include:
- Analyzing the permissibility of repatriation or remittance based on your situation.
- Advising on RBI/FEMA limits, conditions, and compliance requirements.
- Providing CA certification (Form 15CB) and assisting with the online submission of Form 15CA.
- Coordinating with banks and authorized dealers to facilitate smooth fund transfers
FAQs (Frequently Asked Questions)
1. Who is eligible to repatriate funds from India?
NRIs and PIOs who have acquired property or held funds in India in compliance with FEMA guidelines can repatriate funds, subject to RBI limits.
2. What is the limit on repatriation of property sale proceeds?
The limit is USD 1 million per financial year, and the proceeds should be from a maximum of two properties
3. Is Form 15CB mandatory for all remittances?
No, Form 15CB is required only for remittances exceeding a specified threshold or when tax liability is involved. Certain exemptions apply as per RBI's guidelines.
4. How long does it take to process a remittance?
The timeline varies depending on bank processing and compliance checks but typically takes a few days to a couple of weeks.