{"id":1443,"date":"2019-08-22T17:34:28","date_gmt":"2019-08-22T12:04:28","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=1443"},"modified":"2023-05-11T18:00:43","modified_gmt":"2023-05-11T12:30:43","slug":"money-transfer-rules-for-nri","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/money-transfer-rules-for-nri\/","title":{"rendered":"Money Transfer Rules for NRI"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">For facilitating International trade and to ensure the stability of the foreign exchange rates, a country needs to maintain adequate foreign exchange reserves. Foreign exchange reserves are the currency of foreign countries held by a central bank (R.B.I. in India). Non-Resident Indians play an important role in generating foreign exchange reserves. As per the World Bank report, India <\/span><span style=\"font-weight: 400;\">was the world&#8217;s top recipient of <\/span><span style=\"font-weight: 400;\">remittances totaling<\/span><span style=\"font-weight: 400;\"> USD <\/span><span style=\"font-weight: 400;\">79 billion.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1446 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/Money-transfer-rules-for-NRI-Blog-image.jpg\" alt=\"MONEY TRANSFER RULES FOR NRI \" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/Money-transfer-rules-for-NRI-Blog-image.jpg 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/Money-transfer-rules-for-NRI-Blog-image-300x171.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/Money-transfer-rules-for-NRI-Blog-image-20x11.jpg 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/money-transfer-rules-for-nri\/#Non-Residential_Indian_NRI\" title=\"Non-Residential Indian (NRI):\">Non-Residential Indian (NRI):<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/money-transfer-rules-for-nri\/#NRE_Non-Resident_External_Rupee_Account\" title=\"NRE (Non-Resident External Rupee Account):\">NRE (Non-Resident External Rupee Account):<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/money-transfer-rules-for-nri\/#NRONon-resident_Ordinary_Rupee_Account\" title=\"NRO(Non-resident Ordinary Rupee Account):\">NRO(Non-resident Ordinary Rupee Account):<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/money-transfer-rules-for-nri\/#Foreign_Currency_Non-Resident_Bank_accountFCNR_B\" title=\"Foreign Currency Non-Resident (Bank) account(FCNR (B):\">Foreign Currency Non-Resident (Bank) account(FCNR (B):<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/money-transfer-rules-for-nri\/#FAQs\" title=\"FAQs:\">FAQs:<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Non-Residential_Indian_NRI\"><\/span><strong>Non-Residential Indian (NRI):<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As per the definition in Regulation 2 of Notification No.\u00a0 FEMA 5(R)\/2016- RBI\/GSR 389(E) dated April 1, 2016, NRI can be defined as a person resident outside India who is a citizen of India.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per section 2(w) of the FEMA Act, 1999, a person resident outside India&#8221; means a person who is not resident in India.<\/span><\/p>\n<p><strong>NRIs can be categorized as:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">a person residing in India for less than one hundred and eighty-two days during the course of the preceding financial year<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">a person who went abroad or who stays outside India, for or on taking up employment outside India<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">a person who has gone out of India or who stays outside India, for carrying on outside India a business or vocation outside India<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">a person who has gone out of India or who stays outside India, for any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period.<\/span><\/li>\n<\/ul>\n<p><strong>As per the FEMA Act, NRI can hold and maintain a Bank account in India which must fall into the below categories:\u00a0<\/strong><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">NRE<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">NRO<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">FCNR (B)<\/span><\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"NRE_Non-Resident_External_Rupee_Account\"><\/span><strong>NRE (Non-Resident External Rupee Account):<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">NRE account is a repatriable account denominated in Indian rupees, which can be maintained in the form of savings, current, recurring, and fixed deposit accounts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The account is mainly opened to deposit or remit earnings made from outside India.<\/span><\/p>\n<p><strong>Permissible credits are:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Inward remittance from outside India<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Interest accruing on the account and on investment<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If investments are made from this account or inward remittance, then the proceeds of such investments<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transfer from other NRE\/ FCNR(B) accounts<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All current income like rent, interest, dividend, etc.. arising from the investments made from this account.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">An average monthly balance of \u20b910,000\/- is required to be maintained in the NRE savings account<\/span><\/p>\n<p><strong>It can freely debit without any limit and charges for:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Local disbursements<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Remittance outside India<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transfer to other NRE\/ FCNR (B) accounts\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">For Investments in India.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Interest earned and balances in the account are exempt from income tax and wealth tax.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"NRONon-resident_Ordinary_Rupee_Account\"><\/span><strong>NRO(Non-resident Ordinary Rupee Account):<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">NRO account is a Non-repatriable (except for all current income)denominated in Indian rupees which can be maintained in the form of savings, current, recurring, or fixed deposit. Balances in NRO accounts are repatriable by NRIs\/PIOs up to USD 1 million per financial year along with their other eligible assets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The account is mainly opened to deposit or remit earnings made in India.<\/span><\/p>\n<p><strong>Permissible credits are:\u00a0<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Inward remittance from outside India<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Legitimate dues in India<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transfers from Other NRO accounts<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Rupee Gift or Loan from a resident relative not exceeding the limit prescribed under Liberalised Remittance Scheme (i.e., USD 2,50,000 per financial year )<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">An average monthly balance of \u20b910,000\/- is required to be maintained in the NRO savings account<\/span><\/p>\n<p><strong>Permissible debits are:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Local payments<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transfer to Other NRO accounts<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Remittance of current income like rent, dividend, pension, interest, etc..to outside India after deduction of tax.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Interest earned in the NRO account is subject to taxation as per the Income Tax Act.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Foreign_Currency_Non-Resident_Bank_accountFCNR_B\"><\/span><strong>Foreign Currency Non-Resident (Bank) account(FCNR (B):<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">FCNR(B) Account is a repatriable account denominated in any permitted currencies which are freely convertible and are maintained in the form of Term Deposit only. The maturity<\/span><span style=\"font-weight: 400;\">\u00a0period of the term deposit can be between 1 year to 5 years.<\/span><\/p>\n<p><strong>Permissible credits are:\u00a0<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Inward remittance from outside India.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Interest accruing on the account and on investment.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If investments are made from this account or inward remittance, then the proceeds of such investments.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transfer from other NRE\/ FCNR(B) accounts.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transfer from other NRO (subject to limits).\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All current incomes like rent, interest, dividend, etc.<\/span><\/li>\n<\/ul>\n<p><strong>Permissible Debits are:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Local disbursements.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Remittance outside India.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transfer to other NRE\/ FCNR(B) accounts.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">For Investments in India.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As per FEMA regulations, both the interest and principal amount earned on FCNR (B) account are Tax-free (exempt from tax).<\/span><\/p>\n<p><strong>Guidelines, Rules\/Regulations:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A resident including a minor can freely remit up to USD 2,50,000 per financial year for any permissible transactions of current a\/c or capital a\/c or of both under Liberalised Remittance Scheme (LRS).<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A permanent Account Number (PAN) should be mandatorily quoted \/mentioned for all transactions under LRS.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">To comply with the requirement of tax laws Authorised Dealers (Banks) require Form A2, Form 15ca &amp; Form 15cb (signed by a Chartered Accountant or Assessing Officer) to remit the Funds to Overseas.<\/span><\/li>\n<\/ul>\n<p><strong>Points to be noted:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">When a resident becomes an NRI as per the applicable laws it is illegal to maintain a normal savings account in India as per the FEMA act, hence the savings account should be converted to an NRI account or the existing savings account should be closed and a new NRI account should be opened.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">An NRI cannot Invest in Public Provident Fund (PPF).<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">An NRI can purchase any kind of Commercial &amp; <a href=\"https:\/\/aktassociates.com\/blog\/maha-rera-registration-projects-documents\/\">Real Estate Property<\/a> in India except Agriculture Land, Plantation &amp; Farm House.<\/span><\/li>\n<\/ul>\n<h2><a href=\"https:\/\/aktassociates.com\/nri-lower-tds-certificate-sale-of-property-in-india\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1444 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/GET-NRI-TDS-CERTIFICATE-DONE-Banner-image-1-1.png\" alt=\" NRI TDS CERTIFICATE\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/GET-NRI-TDS-CERTIFICATE-DONE-Banner-image-1-1.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/GET-NRI-TDS-CERTIFICATE-DONE-Banner-image-1-1-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/08\/GET-NRI-TDS-CERTIFICATE-DONE-Banner-image-1-1-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><strong>FAQs:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>1. Can NRI remit money to his family to their saving account in India?<\/strong><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Ans:<\/strong> Yes, NRI can remit money to his family to their savings account. There would be no tax implications in the hands of his respective family member assuming it to be as a Gift.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>2<\/strong>. <strong>Does NRI really need to have an NRE\/NRO account to send money to India?<\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Ans:<\/strong> As per the FEMA act, it is illegal to hold resident savings accounts by NRI.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">NRI can send money to India without opening <a href=\"https:\/\/aktassociates.com\/blog\/nre-nro-account\/\">NRE\/NRO account<\/a> to any account other than his own Bank Account in India. This can be done through different money transfer agencies and upon payment of a requisite fee for the transfer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If NRI is making an investment in his own name, NRI can directly transfer the funds to the seller through normal banking channels (wire transfer, etc.)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If NRI wants to transfer his funds to his own account, he shall need a Bank Account. As per FEMA, NRI can hold three types of accounts in India i.e.., NRE or NRO or FCNR (B) account.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>3<\/strong>. <strong>Can the NRO, NRE, FCNR (B) Account be a Joint Account?<\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Ans:<\/strong>\u00a0Yes, the NRO, NRE, FCNR (B) Account can be a Joint Account, provided all the account holders are either NRIs or PIOs or any combination of the two.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>4<\/strong>. <strong>What type of NRI account is permitted to be open jointly with another person who is a resident in India?<\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Ans:<\/strong>\u00a0NRO account.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>5<\/strong>. <strong>Can the NRO, NRE, FCNR (B) Account be operated on behalf of the NRI\/PIO?<\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Ans:<\/strong> Yes, NRE and FCNR accounts can be operated by a resident relative as a \u201cPower of Attorney\u201d on behalf of the NRI\/PIO. Such operations of the account by the \u201cPower of Attorney \u201c will be restricted to the extent of withdrawals for local payments or remittances to the account holder himself through banking channels. NRO account can be jointly operated by the NRI\/PIO and the resident joint account holder.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>6<\/strong>. <strong>What type of account can be maintained under FCNR (B) account?<\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Ans:<\/strong>\u00a0Term Deposit\u00a0 Only.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>7<\/strong>. <strong>What type of account can be maintained under NRO, or NRE account?<\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Ans:\u00a0<\/strong> Savings, Current, Recurring, Fixed deposit account<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For facilitating International trade and to ensure the stability of the foreign exchange rates, a country needs to maintain adequate &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Money Transfer Rules for NRI\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/money-transfer-rules-for-nri\/#more-1443\">Read more<span class=\"screen-reader-text\">Money Transfer Rules for NRI<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":1445,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[107],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NRI Remittances: Money Transfer Rules for NRI | AKT Associates<\/title>\n<meta name=\"description\" content=\"Money Transfer Rules for NRI: Foreign exchange reserves are the currency of foreign countries held by a central bank (R.B.I. in India).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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