Public Provident Fund a/c Proceeds for repatriation from NRO a/c by NRI.

Save Share

This query is : Resolved

Quick Summary

An NRI client has closed their Public Provident Fund (PPF) account and transferred the proceeds to their NRO account. They now wish to repatriate these funds, exceeding £15 Lakhs, to their bank account in the USA. The core questions revolve around the applicability of TDS/TCS under the $1 million scheme, the necessity of filing Form 15CA Part D, and whether the remittance qualifies for exemption under Rule 37BB for family maintenance. Guidance is sought on these specific points, with a note that Form 15CB may be required.

rmalhotra

rmalhotra (Querist)
Follow

11 August 2022 Sir,
My client being an NRI has closed his PPF a/c and has transferred that amount to his NRO a/c . Now he intend to repatriate this amount which is more than Rs 15 Lacs from his NRO a/c to his own bank a/c in USA. Following query arise.
1. Is any TDS/TCS is applicable on repatriation under 1 million dollar scheme.
2. Will he be required to Fill Part D of Form 15CA.
3. Can he repatriate this amount without Form 15CA being under a listed item of Rule 37BB specified item code S -1301-Remittance by non-residents towards family maintenance and savings.
4. Is this amount is covered under Rule 37BB-(3) Notwithstanding anything contained in sub-rule (2), no information is required to be furnished for any sum which is not chargeable under the provisions of the Act, if,—
(i) the remittance is made by an individual and it does not require prior approval of Reserve Bank of India as per the provisions of section 5 of the Foreign Exchange Management Act, 1999 (42 of 1999) read with Schedule III to the Foreign Exchange (Current Account Transaction) Rules, 2000;

Please Guide on above pointwise .