NRI workflow
Moving money out of India, in order
Repatriation fails on sequence, not on paperwork volume: residency proof first, then the declaration, then the certificate if the bank wants one, then the transfer — with the tax position settled before any of it.
The four documents that decide most transfers
- Residency proof — your FEMA status, which your bank must have on file before treating a balance as NRE or NRO.
- Form 145 (earlier Form 15CA) — the foreign-remittance declaration furnished before remitting.
- Form 146 (earlier Form 15CB) — the chartered-accountant certificate, commonly asked for on NRO remittances.
- Tax evidence — TDS certificates and, where applicable, the return position for the income being remitted.
Run the checklist
Your checklist
2 items to do
- To doOpen the account that matches the money
NRE for overseas earnings, NRO for rupees earned in India, both if you have each. The account type decides taxability and how freely the balance can leave.
Account chooser → - To doConfirm your FEMA residency status with the bank
NRE/NRO treatment, the NRE interest exemption and repatriability all turn on being a person resident outside India under FEMA. Banks ask for proof of overseas residency or the change of status on the way back.
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Nothing you enter leaves your device. Educational content, not advice — residency, treaty eligibility and FEMA permissions depend on your facts, so confirm with your bank or a chartered accountant before moving money.
Why the sequence matters
Each step depends on the one before it — and the bank will not skip ahead.
A transfer from an NRO balance is a tax event before it is a banking event: tax on the income being moved is generally withheld at source, the declaration and any accountant certificate follow, and only then does the bank route the remittance under the USD 1 million per financial year facility for eligible balances. Arriving at the branch with the money already spent elsewhere is the most common way these transfers stall.
LRS does not apply here — it is a resident facility, capped at USD 250,000 per financial year. NRI money leaves under FEMA rules, and the two limits are not interchangeable. If you are a resident remitting to invest abroad, the TCS stack and the same Form 145 apply, and the US investing cost calculator prices that route.
Questions we get asked
What are Form 145 and Form 146?
From 1 April 2026 the remittance forms were renumbered: Form 145 (earlier Form 15CA) is the foreign-remittance declaration furnished before remitting, and Form 146 (earlier Form 15CB) is the chartered-accountant certificate whose particulars feed Part-C of Form 145. Banks ask for them as part of the transfer file, and many pages online still name the retired numbers.
How much can an NRI repatriate from an NRO account each year?
Eligible NRI/PIO balances and other eligible assets share a USD 1 million per financial year remittance facility under the FEMA remittance-of-assets rules. It is a conditional facility — taxes on Indian income have to be settled and the bank's documentation satisfied — not an unconditional account withdrawal limit.
Is TCS the same as the tax on my NRO income?
No. TCS is collected at source on certain remittances and is adjustable against your income-tax liability once the collector deposits it and files the statement — a cash-flow cost, not a final tax. Tax on NRO interest and other Indian-source income is a separate liability, generally withheld at source, and has to be settled before remitting current income.
Do I have to report US holdings in India?
Foreign assets and signing authority are reported in Schedule FA of the Indian return where it applies to you. Separately, keep a valid W-8BEN with your US broker to claim the 25% treaty dividend rate instead of the 30% statutory rate, and be aware that US-situs holdings above USD 60,000 can trigger US estate tax on death.
Sources
- RBI — Accounts in India by non-residents (FAQ)NRE/NRO account rules and the USD 1 million per financial year remittance facility for eligible NRI/PIO balances and other eligible assets (conditional on RBI conditions and bank documentation).
- Income Tax Department — Form No. 145 (earlier Form No. 15CA) FAQsForm 145 is furnished, before remitting the payment, for the foreign-remittance declaration that Form 15CA used to carry.
- Income Tax Department — Form 145 user manual (e-filing portal)Form 145 replaces the old Form 15CA for sending money outside India.
- Income Tax Department — Form 146 user manual (e-filing portal)Form 146 is the chartered-accountant certificate whose particulars feed Form 145 Part-C.
- Income Tax Department — section 394 / TCS provisionsTCS credit is allowed to the person from whom it is collected once the collector deposits it and files the statement.
- Income Tax Department — NRE and NRO account interest taxabilityInterest on NRE balances is exempt under section 10(4)(ii); NRO interest is taxable in the hands of the NRI.
- IRS — India–United States income tax treaty (Article 10, Dividends)25% dividend withholding applies to individual Indian-resident investors (15% only for corporate shareholders holding at least 10%).
- IRS — Estate tax for nonresidents not citizens of the United States (Form 706-NA)US-situs property above the USD 60,000 filing threshold can trigger US estate tax on death for a nonresident non-citizen.
Reviewed 2026-09-24. Educational content, not personalised advice — confirm the current forms and thresholds with your bank or a chartered accountant before you remit.