Foreign remittance

To resolve the bank's objection, update the outward remittance purpose code on Form A2 to S0014 (Repatriation of NRO deposit balances), as the funds are being remitted abroad from an NRO account post-tax payment.

For capital gains repatriation from an NRO account to a foreign account, the correct RBI purpose code is usually P0008 (repatriation of capital gains on equity) under the RBI Master Direction on money transfer. The bank forex team may confuse this with S0012 (capital account transfer) ,  these are often the source of the objection.

Before the bank will process the remittance, confirm:

1. Form 15CA and 15CB ,  a CA must issue Form 15CB certifying tax compliance (gains reported, advance tax or TDS paid). This is mandatory under Rule 37BB for remittances above Rs 5 lakh. Form 15CA (Part C) is then submitted on the income tax e-filing portal.

2. Forms 145 and 146 ,  these are already filed, which covers the RBI-side undertaking from the remitter and the bank.

3. The purpose code ,  for equity share capital gains, it is P0008 (remittance of capital gains). If the bank is using P0012 or S0012 (which relates to repatriation of sale proceeds of assets, not gains), that is a commonly accepted alternative depending on the bank branch. Escalate to the bank treasury or the AD-I branch manager with a written clarification citing RBI circular A.P. (DIR Series) Circular No. 11 on NRO account repatriation.

For the full Forms 145/146 submission process and the remittance checklist, this [guide on Forms 145 and 146 for foreign remittances](https://taxgarden.in/blog/form-145-form-146-foreign-remittances-india-2026) covers the step-by-step flow.