Public Provident Fund a/c Proceeds for repatriation from NRO a/c by NRI.
This query is : Resolved
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 .
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 .
11 August 2022
1 No TDS applicable.
2 yes.
3 No this not for family maintenance.
4 yes it's covered.
15CB required.
2 yes.
3 No this not for family maintenance.
4 yes it's covered.
15CB required.
Message likes :
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12 August 2022
Thank you Sir. Have nice time and always be our Guide !
12 August 2022
You are welcome......
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