In plain words: an NRI with rent, dividends, a pension or sale proceeds sitting in India asks the same question — how do I take this money abroad? Usually, the answer is the USD 1 million scheme.
The USD 1 million route
An NRI can repatriate up to USD 1 million per financial year from their NRO account (and from the sale of assets and inheritances in India), over and above current income. This is the standard channel for moving Indian-source funds abroad.
What it covers
- Balances in NRO accounts — accumulated Indian income.
- Sale proceeds of property and other assets in India.
- Inherited assets in India, converted to funds.
Current income (like ongoing rent or dividends, net of tax) is generally repatriable without counting against the USD 1 million cap.
The tax certificate: 15CA/15CB
To repatriate, your bank will require a Chartered Accountant's certificate in Form 15CB and your Form 15CA declaration, confirming that applicable taxes have been paid. Repatriation follows tax compliance, not the other way around.
Documents you will need
- Form 15CA and 15CB.
- Proof of source — sale deed, inheritance papers, income records.
- The bank's repatriation request forms.
Practical tips
- Plan large repatriations across financial years if they exceed the cap.
- Keep clean documentation of the source of every amount.
- Clear taxes first — the certificate depends on it.
Frequently asked questions
Is the USD 1 million limit per year? Yes — per financial year, per person.
Does my ongoing rent count against it? Current income, net of tax, is generally repatriable without using the cap.
What is 15CB? A CA's certificate that taxes on the remittance have been paid.
How Vakil Help Desk helps
Vakil Help Desk advises on FEMA compliance, remittances, NRI matters, foreign investment and compounding — and represents clients in ED FEMA proceedings. If you have a cross-border transaction or a FEMA notice, we can help you get it right.
This article is for general legal awareness, not individual legal advice. FEMA rules, limits and forms are revised by the RBI and the Government from time to time, and the right treatment depends on your facts and the current position. Please consult a professional before acting on a cross-border transaction.