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NRO Account Repartiation

519 views 1 replies

llllVICTORllll

Internal Auditor

511 Points Joined May 2008

AN NRI(in london) has NRO account in india, with income of rent being remitted to the account.
He somehow by mistake deposited some of his income from london into this NRO account.
Now the NRI want to repatriat the money he deposited.

Please Tell me the procedure to repatriate, and procedures to be done for the same...

Eagerly waiting for the answer

Replies (1)

RAMESH KUMAR VERMA

CS PURSUING

43853 Points Joined December 2009

AS PER RBI GUIDELINES:

MAY OPEN, HOLD AND MAINTAIN WITH AN AUTHORISED DEALER IN INDIA A RESIDENT FOREIGN CURRENCY (RFC) ACCOUNT TO TRANSFER BALANCES HELD IN NRE/FCNR(B) ACCOUNTS. PROCEEDS OF ASSETS HELD OUTSIDE INDIA AT THE TIME OF RETURN, CAN BE CREDITED TO RFC ACCOUNT. THE FUNDS IN RFC ACCOUNTS ARE FREE FROM ALL RESTRICTIONS REGARDING UTILISATION OF FOREIGN CURRENCY BALANCES INCLUDING ANY RESTRICTION ON INVESTMENT IN ANY FORM OUTSIDE INDIA.

IF NOT SATISFY, YOU CAN GO ALSO FOLLOWING PATH :

https://www.rbi.org.in/scriptts/FAQView.aspx?Id=52