I have recently migrated overseas and became a NRI as per the tax law. I hold resident savings account which I am planning to convert to NRO on my visit to India next month.
I have around 20L funds in the resident savings accounts which I want to repatriate overseas to my overseas bank account.
However, I am not sure in which order I should repatriate my money to minimize the TCS
1) First repatriate money from resident account to overseas by wire transfer and then convert the resident account to NRO
2) First convert resident account to NRO and then transfer.
Any other suggestions are welcome if you know a better way