HOW TO TRANSFER FUNDS FROM NRO TO NRE ? CA SRIRAM RAO
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- Опубликовано: 8 фев 2025
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Clear and simple to follow explanations on NRO to NRE money transfers and vice-versa. Look forward to more informative discussions on this channel. Thanks to Mr.Bhat and Mr.Sriram.
If someone receives money as gift while dividing assets from parents to a person abroad,how that can be transferred from NRO to NRE.
@@channdravathiramachandra9006F
I have been researching NRI finances because I was considering investing in the Indian stock market. The more I research, the more I am reminded of why I left India in the first place.
The laws are designed in a way that majorly inconvenience the law abiding person. 3 different forms, bank officials willy-nilly refusing services, and we all know what happens when we have to interact with any government official. Add to that everything is a lot more complicated when you are not physically present in the country.
i would suggest that these remittances are staggered for every assessment year. Post filing the return you could remit taxable income minus tax paid plus non taxable income. However, in case of sale of a house of equity, there are provision for apply during the course of the year which could be time consuming. as per current tax laws, in case of real estate the seller has to deduct 30% and remit in your name the taxes, so even if there is no profit, u will get the funds of 30% of gross value after ur assessment.
💯 %Correct conclusion
Simply not worth the stress and the red tape.besides rupee value falling faster than any returns one gets from Indian investments.
How about tds on remittance at 20 percent is that applicable?
You're on spot. No point in investing in a country full of red tape, corruption. Rupee is constantly falling and babus are making these laws and regulations to make the matter worse.
I wonder why US/UK/Australia don't ask fill 10 forms and open multiple type of account when you transfer Dollars to India, you can just do it by using Money Transfer apps on single click. Isn't these countries are serious about protecting their wealth??
This is the information I was waiting for long .very well explained.kindly do a session explaining how you can transfer or gift your properties to your NRI children.Thank you very much
Yes, please do a session on this. Thanks, regards, Subhash
Thanks!
Thank you very much for detail info about transferring funds from NRO to NRE. This is very useful many NRIs like. Thank you Sriram Ji.
Excellent. The best part is that you recap the discussion at intervals for the benefit of viewers
Fully agree, its just like a revision during our student days, something which is mostly missing in general
Dr. ChandraKanth Bhat, You are a born teacher and financial adviser.You are very detail oriented with clear explanations that help a novice like me. Your summation at the end of each section is simply great!
Mr. Sriram Roa was also very precise. I had same issue that was covered in this video and was confused and clueless. Now I am confident to go ahead and proceed. Thank you very very much.
Thank you very much for your kind words
One of the best video with clear details and explanations about NRO and NRE account. Many thanks to Bhat sir and Sriram sir❤❤❤
Thanks both of u but specially I love the way Sri Ram explain..
Thanks Mr.Bhatt and Mr.Rao for clear clarification of transferring
money from NRO to NRE a/c.
Thank you so much for this very informative video Sir 🙏 You have simplified the understanding of an important aspect which is otherwise usually made out to be quite a complex one. 👍👍👍🙏😊
Thanks to Dr.Chadrakanth and CA Sriram Rao.
Simply brilliant!!! What a great channel and I didn't know about it for so long? Very clear step-by-step explanation of the topic and more importantly the various scenarios of the applicability of the law or provision is fantastic.
How to contact Mr Rao
Excellent talk and really good value addition to NRI Community. Thank you very much for both of you. Please continue your excellent work.
Awesome video!!
Really, very clear and very necessary to know!
Thank you so much to make this valuable video session! 👌🏼👍🏼
Excellent - I am a CA in UK and this was very helpful to understand NRO and NRE funds
How a NRI staying in UK is taxed on his income from interest earned from Indian NRE account
Besides compliance of FEMA ( Form A2 ) and IT regulations / guidelines what is to be understood by NRI customers or bankers or anyone
concerned is :
1. The need for opening NRO accounts is that the account holder has receivables emanating from India I.e. within India either his own savings in the form of bank deposits , LIC maturity proceeds, Post office savings or shares which he / she acquired before becoming NRI or amount due to NRI by a resident like payment of rent, dividend etc. These are defined under FEMA as " legitimate credits" Other than legitimate credits, banks are not supposed to accept credit into NRO accounts unless valid documents supporting such credits are produced
Instances of accepting huge amount of cash into NRO account is not to be considered as legitimate credit ,whether deposited by NRI or his relatives or third party . Instances are not common branches out of ignorance accepted credits in cash which when requested for credit to NRE shall not be considered.
Regulators have come across such transactions especially when sale proceeds of immovable property sold , where a part is accepted in cash.
2. It is also to be appreciated that the facility to credit eligible NRO funds into NRE was based on bankers representati. This began with RNI relaxing guidelines as to repatriation of interest earned on NRO account after deduction of TDS by banks. .
NRI Customers upon receiving NRO Interest into their overseas a count used to remit back to their NRE account. To avoid bank charges, it was logical to allow credit of such amount to NRE. RBI, on representation considered this representation.
Your skill to summarize the answer after each question is excellent.
Just happened across this video. Very well conducted discussion. Loved the reinforcement by summarising each relevant point.Thank you so much
Wow!Very clear ,simple and fantastic explanation.Very useful for all NRI.Please continue your great work.Thank you very much.
Very well explained, thank you 🙏🏼
You had enlightened all.
Really very knowledgeable session. You have made it so simple to understand. My sincere thanks to You and Mr Sriram for sharing this useful information.
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Excellent presentation! Well done.
Thank you . Please subscribe and keep sharing the videos
Thank you very much for the information provided for transfer of funds from nro account to nre account account
Excellent professional approach in the presentation by both Mr Bhat and Mr Rao. Suggest you do a Part II with Forex Banker alongside to discuss on disclosing the correct reason code in A2, the details of LRS, and also the CA to address exemption limit for 15CB, inherited property sale repatriation, tax impact of gifted funds etc
Thank you very much for suggesting/ highlighting these points . Will definitely work on this . Look forward to have you as a faculty on my channel. Thank you very much for these kind words
Sir, how4 mu9ch money from NRO account can be transfe5red to bros other bank account in foreign country without FORM a bc to be pobtained FORM the CA. THE funds to be repariared is tax paid . How to voní se the bank for this
Can I fund transfer NRI to others nri
@@jithulivedubai For what purpose? If one NRI is purchasing fixed asset in India from another NRI, the NRI selling the property should invariably credit the proceeds to his NRO account, although the buyer is paying from his NRE Account.
This video ia so much knowledgeable, Thank you very much for clarifying this so simply. I have been worried about this very problem for a long time.
Dear Dr. Chandrakanth Bhat, Your videos are excellent in terms of clarity, contents, coverage, presentation and summarizing the subject matter. I have a question. What would be the effect on de-mat accounts (which would be fetching dividends) when the holder becomes an NRI? To which account type can/should it be changed, to continue to receive dividends and also to be able to trade? Thanks a lot.
Dear chandrakath bhat
Thank you all the videos in your channel. This article is of great interest to me. I have a situation of hdfc insurance maturity amount is deposited directly by Hdfc insurance to my nro account. I don’t have NRE account.
Like you said in this video the bank manager tells me it is non-repatriated. How can I approach you for consulting
Thank you for explaining the requirements for the repatriation of money from India to abroad!!
I was baffled when the banks decided not to disclose this crucial information when I opened this account. Whatever the case, this has been a significant pain to people who would want to quickly and easily transfer money from India to abroad. I understand the rhetoric that RBI wants foreign inward flow, but why is so complex a hassle created to get it back. Isn't it crazy to fill so many forms rather than creating a simple unified process?
Because there are 2 different laws so different forms
Sir, this is an excellent video..very informative. I have to thank you for doing this and RUclips algorithm for showing it to me.
These NRE and NRO accounts are worthless. I have tried both and only to realize the hassle of this is absolutely NOT worth this. This is a failed model by Indian government and has failed NRIs miserably. If I had my way, I would ban these accounts.
why>
EVEN TO DAY THE FILING OF IT RETURN IS VERY DIFICULT AND NEEDS HELP FROM IT EXPERT/CA.
Why?? They are great. Very useful for NRis and OCI s. Did you knows that NRE FD is tax free. Which county are you in ..interest rate is much less in phoren 😮
Thanks for clarifying everything we were looking for..clear and vivid presentation by great professionals..
How does the status of normal saving account is considered, i.e. is it automatic for more than 182 days staying abroad or any other methods
Thank you Dr. Chandrakant Bhat,
Please : keep posting in simple words; and through Consultants;
since in times to come many millions of Indians will travel across the Globe in all 200 Nations;
So, this up to date messages will be Useful.
Even All Forms needed;
procedures;
Contact persons;
Auditors will be useful;
Thank you
Excellent presentation. Useful information, brief to the point.
I just followed this, absolutely correct information and very well delivered
Very valuable information ,also make a video on how much gold,currency can bring to India as per customs and its charges.thanks
Thats a pretty good suggestion. Suggestion accepted. We will do a video on this subject very soon . Please subscribe and keep sharing the videos
Well explained. Sri Ram and Mr Rao have enlightened the viewers reg the NRI tax repartition and other
Thanks
This is great presentation to understand. I have a question. We need Form 15CB from CA to certify that 'taxes are paid'. What is required from us or CA if the tax is not yet paid but will be filled and realised at the end of financial year?
If the tax is not yet paid, then tax can be paid first as advance tax and then 15CB will be issued by CA, the funds can be remitted after this.
Detailed and clear communication to viewers regarding repatriation of money from India to abroad. Excellent and very useful discussion. Thanks a lot,
Dr. Ramachandra Miryala Rao, Ph.D. MPH Los Angeles, CA
Absolutely awesome. Every bit of this session has so much useful information. Explanation is so crystal c!ear. Thanks a million🙏🙏
Thank you both for the information. Awesome this is so helpful for NRI. Thank you so much 🙏
Excellent content. Thanks for clearing the fog around the subject.
Pretty Crisp! and the way Dr.Chandrakant bhat has summarized after every question is really very good...
Thank you very much for your kind words. Please subscribe and keep sharing the videos
Very briefly explained. Thank you Dr Chandrakanth for your useful contents for NRI
Thank you very much for your kind words
Very great subject thank you all👍💢💯❤
Very informative! Thank you for explaining clearly in simple terms.
Thank you Dr. Bhat and Mr. Sriram. The video is very informative and the repatriation process is very well explained.
Thank you for this video. Having had financial dealings in India ever since my father passed away some years ago, I have found out that an NRE account is NOT WORTH starting unless you want money in dollars into and out of India. For money in dollars with a one way ticket to India, :) there is no need for an NRE!! 😄
Excellent video and explained in the most easy to follow words! Kudos to you Sir!
Thx for addressing this topic in a very detailed manner, appreciate this video. I would love to hear you chat about World Wide Taxation for NRI retiree who would like spend 6 months in India every year.
Thank You both of you. Many times we transfer from NRE to NRO account. The best way is to make fixed deposit in NRE account and take OD against that FD. U may transfer fund in that OD account in INR.
Thanx a lot.. Very useful information in this vdo..For person like me with new nro and nre accounts 👍🙏
Thanks a lot
Clear and simple way and coolly slow explaination for easy understanding
Great job by Mr. Gupta and Sriram. Good explanations and appreciate the link for those forms discussed.
Thanks, both of you, for this important info... being an NRI, it might come handy in the near future...
Excellent ! Perfectly anchored discussion on topic by Mr Bhat useful guidance by CA Sriram.
Thank you very much for your kind words
This channel is a must watch for all Indians living abroad
Thanks for the good illustration of nre and nro account.
Kindly let us know whether money received in NRO a/c from the sale of inherited property can be transferred abroad freely ( with due forms etc.). Thanks.
as long as it has been subjected to tax, then it shouldn't be an issue. Get a Chartered accountant involved.
This conversation is so informative.
All questions which could have been possible to arise had already been covered here .
Thankyou for uploading this kind of vedios
Excellent presentation! Every aspect covered. Please cover transfer of INR to Foreign Currency by way of a video.
Many thanks for the information which has been shared in such a simple way. Great 👍
Thank you very much. Very very appreciation for you. Because since long time I was waiting for this subject. 🙏
Thank you sir, it is a new knowledge people like me. Pl. avoid repeating questions. Rest everything is well.
Feeback noted
Thank you for the clarity you bring to these issues. Very well presented video and very informative. Thank you.
Made it crystal clear and the discussion is user free
Happy to listen the video.
Thank you very much for your detailed explanation to transfer money from NRO to NRE. At least for USA residents there is no benefit from tax angle. All the interest income even from NRE is taxable in-home Country USA. If there was any tax paid in India, credit will be given for same. Only benefit to transfer the money from NRO to NRE account is that transfer to USA can be made in much shorter time without any hassle of paperwork. Thank you.
I think tax aspect is important, but less. A good reason to transfer from NRO to NRE is loss in currency exchange. In last 30+ years, INR has only lost value wrt USD.
Great video. Explanation was very good which any normal person can understand. Thumbs up.
Hello Dr. Chandrakant Bhatt Ji, 🙏🙏🙏 Your videos are clear and crisp. You are so professional, and videos are very useful. I just subscribed yesterday and will go thru the rest of the videos. Mr. Sriram also very nice and knowledgeable guy in clarifying every financial matter. Thanks to Sriram Ji too. 🙏 I have below 3 questions below from today's session. 1. The final EPF claim amount is Tax paid correct? or Tax exempted? 2. 1. Can we transfer the EPF amount final claim to NRE and invest in FD Please clarify 3. The interest earned on FD under NRE account - is taxable? if so, where to file the tax return on this income? Thank you so much for your service.
Thank you Both of you. Great channel for us NRIs
THANKS BOTH OF U.
MR.RAM U R EXPLATION WAS SO CLEAR AND PRACTICAL.
Both of you, explain the complexity so beautifully.
Thank you you so much for your kind words
Very vital Information n excellent presentation. Thanks Mr.Bhat n Mr.Sriram
You are most welcome. Please subscribe and keep sharing the videos
Thank you sir, very very clear information, particularly the way you repeat and explaining again to the audience is fabulous.
I got one doubt that I transferred 200,000 Dollars in 2014 into NRE through western union from overseas. Because of various easiest processing reasons I opened the demate account in NRO and invested in that buying shares and mutual funds. Now, in 2024, the money doubled and since I am living in overseas with OCI, now in 2024 want to make it from NRO to NRE. I can prove that the money was transferred in 2014- 2023 the last 10 years, however the govt will still understand that yes, yes he transferred from 2014 to 2023? or is there any duration restriction?
Your channel is so brilliant, the way explaining.
If the bank people follow and guide the NRI account holder it will be sooooooo good.
It would have made out task also easier....
@@sriramrao2514 I dealt with 5 banks in Bangalore all are same no one can answer any questions when it comes to NRI! T I speak to NRI branch people you need to start explaining things from office peon to reach the manager it will take three days!,,
Sir
I would be disposing some property in near future and would be getting some money apart from the land ceiling above money can we deposit it in nro and then could be transfer it to nre legally , could you please clarify on it
Thanks
Sir one of the best explanation Iam not good in finance but the way u explained,various steps thank u so much any dump person will understand watching ur video
You are very good teacher
Great Discussion and explain in very simple way
Excellent Interview. Useful information. Even most bankers and NRIs are not even aware of it. Reverse Swapping NRO to NRE is not available in any online banking channels. Bank Branch visit practically impossible fir NRIs residing overseas where there is no Branches.
That’s apart, why should NRIs file ITR for swapping NRO to NRE. Income Taxes and VAT Cess are deducted at source and hence they are tax paid fulfills the FEMA and IT. The expert did not mention about ITR whereas the interviewer while consolidating and interpretation said about ITR - at tail end of the interview. Please clarify. Thanks
Thanks for the VDO very informative and useful ❤👍🙏
Wonderful discussion. It gave me lots of new information which I wasn't aware. It was very helpful. However, I have a couple of doubts that needs to be clarified. Due to want of time presently, I will get back to you shortly.
Thank you once again.
How can an OCI card holder get aadhaar card?
How do we transfer money from NRE to foreign bank account. Your videos are very useful indeed.
Will the TCS of 20 % be there while transferring from NRO to NRI acct?
ખુબ ખુબ ધન્યવાદ @
This was very informative to the public.But I have to supplement that the Bank interest received in NRO account can be freely transferred to NRE account.
Similarly the instructions about Form CA AND CB are taken for repatriation of funds with in the I mio
limit per year.However transfer of funds from NRO to NRE doesn't happen by default and specific instructions are not found in this regard
However assuming that the funds are repatriable, some bankers effect NRO NRE transfer excersing their discreation.
Please check the above aspects for the sake of viewers.
Please note : bankers cannot exercise any discretion, but are bound to follow rules. There is a video on this channel by name HOW TO TRANSFER FUNDS FROM NRO TO NRE . Please be guided by this video
The information is incomplete and wrong. 12:55 Form 15CA and 15CB are not mandatory. See Rule 37bb. This has been available since 2016 but we are so used to following the set rules mechanically that we do not learn our rights and challenge the authorities.
Dr.Chandrakant, sir, you are presenting excellently. Thanks sir.
More clarity is required on the part which mentions that the assessee had to show that the money which is being transferred from NRO to NRE, was the same money that was earned abroad earlier, and was transferred from NRE to NRO earlier.
First of all I really wanna thank both of you to provide such a valuable knowledge which i was struggling to understand.
My question is :
Do I need to pay tax on the money which i transfer from my NRE to NRO account ?
If yes, Then how can avoid paying double tax. As i have alrdy paid the tax on the money stored in NRE account.
Thanks in advance
You dont need to pay taxes for such transfers
Is there no limit of USD 2,50,000 for transfer under the LRS Which is less than the limit of USD one million mentioned for transfer from NRO to NRE?
Very detailed explanation. Thank You 🙏. Looking forward for more informative contents.
Dear Sir,Thank you for the informative video on NRE and NRO accounts. I am an NRI and I have both types of accounts. I have a query regarding my LIC fund, which will mature in a year. You mentioned that it can be deposited to the NRO account. However, if I want to use the money outside India, will I have to pay tax on it? Please advise.
Now what is the applicable TRC for NRO account for transfering funds UK ?
Hi i want to transfer from nro account to my nre self account...funds in nro was transferred from my nre account itself ....is all this process need to be followed for this transaction too...plz reply
Very valuable information , well explained ...Thanks a million!
Under dire pressing circumstances we have been able to transfer from TDS INCOME TAX PAID NRO Account to foreign account under LRS Scheme. Nonetheless your channel is informative and useful.
Thank you
Excellent discussion sir, thanks for in-depth information within short span of time.