Repatriating money from India: the USD 1 million NRO route, step by step.
How an NRI moves up to USD 1M a year out of an NRO account — the 15CA/15CB path, the documents, and the common rejections.
An NRI with money in an Indian NRO account can remit up to USD 1 million per financial year abroad — but only with the right tax certification and source documentation.
The limit and who it applies to
The USD 1 million scheme lets a non-resident repatriate up to that amount per financial year from NRO balances — property-sale proceeds, rent, dividends, inheritances and other current and capital receipts — over and above current-income remittances. The limit is per individual, per year.
The 15CA / 15CB path
Each remittance generally needs Form 15CB (a CA's certificate that the income has been taxed or withheld correctly) and Form 15CA filed online. The bank releases funds against these. This is where most delays happen — incomplete tax proof.
Source-of-funds and compliance proof
You will need to evidence the source — the property sale deed and capital-gains computation, the inheritance documents, or the dividend record — and that applicable Indian tax has been paid or withheld. Clean documentation is the difference between a same-week remittance and a months-long back-and-forth.
When RBI approval is needed
Within the USD 1M limit and permissible categories, no separate RBI approval is generally required. Above the limit, or for certain categories, prior RBI approval applies.
The sequence, step by step
- Assemble the source file — sale deed and capital-gains computation for property, the will or succession certificate for an inheritance, dividend and interest statements for investment income.
- Confirm the tax position — tax paid, withheld or provided for on each rupee being remitted. For a property sale this is where the TDS and Form 13 story intersects: the buyer's Section 195 withholding usually covers the liability.
- Obtain Form 15CB — the CA certifies the nature of the remittance, its taxability and the tax trail.
- File Form 15CA (Part C) online, referencing the 15CB acknowledgment.
- Submit the bank pack — Form A2, the FEMA declaration and the bank's own checklist — and the AD bank remits.
With a complete file, the bank leg takes days. Every gap in the file restarts the queue.
A worked example
Say you sell an inherited Bengaluru flat for ₹3 crore. The buyer withholds roughly ₹39 lakh under Section 195 (or far less with a Form 13 certificate). The net proceeds land in your NRO account. Your CA computes the capital gain using your parent's original cost (inherited assets carry the previous owner's cost and holding period), certifies in Form 15CB that tax stands covered by the TDS, files 15CA, and the bank remits — about USD 340,000, well inside the annual USD 1 million ceiling. The balance of the limit stays available for other transfers the same year.
Where files get stuck
- Inoperative PAN — a PAN not flagged to your non-resident status, or name mismatches between PAN, passport and the bank account.
- Inheritance without paper — no probate, will or legal-heir certificate tying you to the source funds.
- Tax not yet discharged — remitting in April for a March sale before the gain's tax is deposited.
- Wrong purpose code or form part — the bank rejects and the 15CA/15CB cycle restarts.
- Old money with no trail — decades-old deposits with no documentation of origin; expect questions.
Three planning points
The limit is per person, per financial year — joint owners each have their own USD 1 million, and a remittance split across 31 March uses two years' limits. Funds can also move NRO to NRE within the same scheme and paperwork, letting you hold rupees repatriable-flexible instead of remitting immediately. And current income — rent, dividends, pension — is remittable in addition to the USD 1 million, on the same certification.
How Advisory Monks Consulting helps
Our Pravasi Desk certifies 15CB, files 15CA, assembles the source-of-funds file, and coordinates with your bank so the USD 1M moves cleanly.
General information, not advice.
This note is general guidance, not tax or legal advice. Positions depend on your specific facts — speak with a partner before acting.
← All insights