Repatriation — moving INR back to a foreign currency in your country of residence — is where NRI banking shines or fails. Done right, it is a few clicks. Done wrong, it can drag for weeks across banks and CAs.

The two repatriation buckets

Fully repatriable (no cap):

• NRE account balances
• NRE FD principal and interest
• FCNR FD principal and interest
• Mutual fund redemptions of investments made from NRE
• Equity sale proceeds of holdings bought on NRE PIS
• Sale of immovable property bought with NRE / FCNR / foreign remittance (up to original purchase consideration in original currency)

Capped at USD 1 million per financial year (per PAN):

• NRO account balances
• NRO FD principal and interest
• Mutual fund redemptions of pre-NRI investments and NRO-route investments
• Equity sale proceeds from NRO holdings
• Rent received on Indian property
• Sale of inherited property
• Sale proceeds of pre-NRI immovable property above the original NRE/FCNR consideration

The USD 1 million / FY rule — important nuances

• The cap is per financial year (April-March), not calendar year.
• Cap is per person, identified by PAN. Joint NRO accounts get one cap, not multiple.
• Unused quota does not carry forward.
• The cap applies to the USD equivalent on the date of remittance.
• For larger amounts (selling a ₹15-crore property), plan across financial years — split the remittance into 3-4 years.

Form 15CA and Form 15CB

For any outward remittance from NRO above prescribed thresholds:

• Form 15CA — self-declaration by the remitter, filed online on the income tax portal.
• Form 15CB — certificate from a Chartered Accountant certifying nature of payment, applicability of DTAA, and tax deducted.

15CB is required when:

• Remittance is taxable in India, AND
• Total aggregate remittances in the FY exceed ₹5 lakh

Below ₹5 lakh aggregate, only Part D of 15CA is needed (no CA certificate). For non-taxable remittances (refunds, your own savings), use Part D regardless of amount.

The repatriation workflow

1. Confirm source of funds and tax already paid / TDS deducted.
2. Engage a CA, get Form 15CB issued for the specific transaction.
3. File Form 15CA online (Parts A/B/C/D depending on case).
4. Submit 15CA acknowledgement + 15CB + KYC + A2 form to the remitting bank.
5. Bank executes the SWIFT transfer to your overseas account.
6. Typical turnaround: 2-5 business days end-to-end if all paperwork is correct.

From NRE / FCNR — much simpler

Outward remittance from NRE or FCNR does not need 15CA/CB (it is already classified as repatriable foreign-origin money). Just an A2 form and SWIFT instruction to your bank. Same-day or next-day execution at most banks.

Special case — inherited assets

If you inherit Indian property, shares, or bank balances:

• Inheritance itself is tax-free in India.
• Subsequent sale triggers capital gains, with cost basis being the original cost to the previous owner (with indexation choice for pre-2024 acquisitions).
• Sale proceeds repatriable up to USD 1M/FY under NRO cap.
• Documentation: succession certificate or will / probate copy + KYC.

Common repatriation mistakes

• Trying to remit Indian-source income from an NRE account — banks will block and FEMA action can follow
• Forgetting to file Form 15CA before bank submission — bank refuses without it
• Using a CA's 15CB without checking DTAA applicability — over-deduction or under-deduction
• Splitting a single transaction across multiple FYs to avoid CA cost — fine if planned in advance, problematic if backdated
• Not factoring TCS on outward LRS (relevant for residents transferring to NRI relatives abroad)

Tax on the remittance itself

The act of remitting is not taxable. The income that funded the remittance was already taxed (or was tax-exempt in case of NRE). India does not have an outflow tax on NRI repatriation.

Next chapter: the most powerful upgrade for sophisticated NRI investors — GIFT City IFSC.