FAQs Relating to Remittance of Money Abroad by Filing Form 15CA and 15CB

1. What documents are required from CA for initiating outward remittance?

Normally, bankers asked from remitter, copies of form 15CA and 15CB from chartered accountants, from remitter for making remittances of those transactions which do not fall under Liberalized Remittance Scheme.

Form 15CA and 15CB is also required for all types of remittances from NRO account as well as for foreign nationals requiring repatriation.

2. What are Form 15CA and Form 15CB?

Form 15CA is a sort of declaration made by the remitter regarding deduction of tax from payment of remittance made to remittee.

Form 15CA is uploaded online and it is submitted for providing assurance that before making remittance, proper taxes has been deducted and deposited with revenue authorities.

Form 15CB is an online certificate issued by a Practicing Chartered Accountant for ensuring that in case transaction is chargeable to tax, provisions of domestic tax laws as well as treaty laws (DTAA) have been complied with and proper taxes has been deducted before making remittance.

Form 15CB is also uploaded online.

3. In which accounts outward remittance can be made from NRO saving Accounts?

In following accounts, outward remittance can be made, namely:

a) From NRO account to NRE account with same bank under same customer id

b) From NRO account to NRE account with same bank under different customer id

c) From NRO account to an overseas bank account

4. Is there any monetary limit for outward remittance from NRO account through internet banking?

It varies from bank to bank, however, normally, through internet banking, following outward remittance is allowed:

a) Upto USD 1 million per financial year

b) Upto USD 25,000 per transaction

5. What are permissible remittances from NRO account?

Following remittances are permissible from NRO account subject to submission of form 15CA and 15CB

a) Income from Dividend

b) Income from Rent

c) Sale of shares or mutual funds

d) Interest on Other Securities

e) Income Tax Refund

f) Interest (Earned on NRO Account)

g) Post Office Savings

h) Gift from Relatives

i) Public Provident Fund (PPF) Balances

j) Insurance Policy Claim or Maturity Proceeds

k) Interest (Earned on Eligible Lending)

l) Sale of property purchased from Rupee Source (while resident in India)

m) Maturity of Debentures/ Bonds

n) Sale of property acquired through inheritance

• Repayment of loan from close relative

p) Repatriable (FCNR) accounts

q) Repayment of loan from entity incorporated or otherwise in India

r) Unutilized Foreign Funds including funds transferred from NRE SB/ FD

s) Sale of property purchased from funds remitted from overseas OR NRE/ Foreign Currency Non-

t) Repayment of loan from other than a close relative (individual)

u) Funds from Cancellation or Refund of application for Purchase of Property

v) Salary/ Gratuity/ Provident Fund (PF)/ Final Settlement by Employer

Cash deposits are not eligible for NRO repatriation.

6. For which Transactions Form 15CA and 15CB not required?

In following cases, there is no requirement of filing of form 15CA and 15CB

1. Remittance for family maintenance and savings
2. Remittance towards personal gifts and donations
3. Remittance towards donations to religious and charitable institutions overseas
4. Remittance towards grants and donations to other governments and charitable institutions established by the governments
5. Contributions/donations by the Government to international institutions
6. Remittance towards payment/ refund of taxes
7. Indian investment overseas – in real estate
8. Indian Portfolio investment overseas – in equity shares
9. Indian Portfolio investment overseas – in debt instruments
10. Business travel
11. Travel under Basic Travel Quota (BTQ)
12. Travel for pilgrimage
13. Travel for medical treatment
14. Travel for education (including fees, hostel expenses etc.)
15. Other travel (including holiday trips and payments for settling international Credit Card transactions)

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