Repatriation Scheme For NRIs - 1 Million Dollar Scheme - By CA Sriram

[@Raj-Sahu157]

Both gentlemen are providing a wealth of knowledge here. The interviewer is intelligently asking questions to the guest and then summarizing his answers very wisely. Overall a brilliant video for all NRIs like me who have some asset in India and wish to repatriate them abroad. Than you very much gentlemen for the video 🙏

[@NRIMoneyClinic]

Thank you very much for your kind words . Keep warching

[@cliniamit99]

Onw question if you are inherited money from parents including sale of stocks,mutual funds is this scheme applicable?

[@satviklifestyle]

Same. Very brilliant interview and answers @ CA Sir, money is originally transferred from US bought property for Parents in mom name. How to repatriate money to US after sale?

[@arthasastr]

@@NRIMoneyClinic If I get a gift amount of Rs.4Cr from my uncle and would like to transfer the whole amount to my US Bank. Can I gift 2Cr to my wife’s NRO account in the same year and we both transfer our money to individual NRO accounts, and each stay under $250K LRS limit and remit the entire amount to our US bank account held jointly ? Will this be acceptable under FEMA and remain within RBI guidelines? Please advise.

[@rejendralic8388]

Both deserve rich compliments for the excellent information & briefing on repatriation subject in a crystal clear manner. Thank you sirs

[@ltsananse]

Dr Bhat is one of the best interviewers I have seen. Simply great 👍

[@avijoshi7696]

Dr Bhat thanks for presenting eminent taxation specialist professionals and adding to their interpretation. Much appreciated.

[@paneerselvam1696]

Beautiful subject and quite interesting and informative. Thanks to you both for sharing this knowledge.

[@SuryaBhaskaraReddyVelagala]

Both Mr. CA Sriram and Mr. Chandrakant Bhat both are presenting very systematic and professional way. N0 void spaces and doubts, once person here till end. Very useful for NRIs. Thank you to both of you for such a good presentation.

[@aireddy]

This session is very informative, it clarifies lot of questions for NRE’s how they can repatriate their assets got by inheritance.

[@venkatkompella5139]

Very clearly explained. Both of you did a very good job. I see the threshold for not requiring 15CB is still 5 lakh rupees. I wish they increase it, especially now that the USD has gone up so much against the INR. 5 lakh rupees is just approximately $6000.

[@jbliss12345678]

This was a very informative video. Kindly shed some light on the fees associated with repatriation as the usual method of repatriation through bank (where the account is held) is very costly in terms of high fees and unfavorable exchange rates. Is there an alternative method that could save NRIs some cost on repatriation?

[@saiprasadpvk4479]

) LLP

[@abejohnjohn65]

NRI withdrawal using their SBI debit cards from their income that is deposited in his Indian bank. As of today I continue to withdraw every month and TCS is debited to my bank a/c along with ATM fee and bank exchange rates

[@inderjitsingh2840]

Excellent interview. thanks to Dr. Bhat and CA Sriram for giving pertinent information. Great questions and detailed relevant answers. Very useful video for NRIs. Must watch.

[@carolinedsilva3981]

excellent information...to help NRI,s.....thank yiu

[@chandraparthasarathy4212]

Many Thanks for this Brilliant guidance for confused NRI like me.God Bless you all

[@georgepninan]

You can also transfer fund to your NRE account Under the same procedure and later transfer in foreign exchange at your chosen time.

[@krishnaramachandran7722]

You can't do that. This scheme is separate from NRE and FCNR deposits which are by definition repatriable without any limits.

[@iloveamericagodbless6512]

But when that money is received by an American bank, it is considered as income and income taxes at that applicable bracket is levied on that money for that year. And if you are living in Ca or NY or England, 65% goes to the government as taxes.

[@srinikoganti]

Very clear Video. Thank you. No-Nonsense straightforward discussion. Good interviewer and Great Guest.

[@kaustubhdutta1573]

This is a fantastic video as the follow up questions by the interviewer are very appropriately asked thereby providing a summary at every section. This will help every NRI seeing this video.

[@surinderkapoor1380]

you both are great and give clear guidance to the viewers. well done.

[@sudhirtks2823]

Tax implications after the transfer? Source country or destination country or both?

[@RashmiChoudhary765]

These are so useful video series. Thanks for creating these. Answering so many of my questions.

[@pralhadsangamkar6043]

Excellent post with quality inputs for the benefit of your NRI followers.

[@NRIMoneyClinic]

Thank you very much for your kind words

[@Nuron666]

Hello friend, Can you tell me how to apply this (1 million dollar scheme)?

[@shrutigupta3153]

Pls enable CC in your videos so that Senior Citizens finds it easier to understand

[@Gandhikrishna79]

The are speaking English, do you still require CC 😂

[@MK-vu9pm]

@@Gandhikrishna79 - probably hearing impaired.. why the weird laugh mate ?

[@pillalam]

@@MK-vu9pm People presume lot of things without having sensitivities

[@manaoharsam4211]

Both are doing a great job explaining.

[@rugminir8169]

How can resident parents send abroad the cash earned from sale of property to their non-resident children abroad. What is the procedure?

[@bhaskarbabubidarkere7267]

very nice presentation sir, very much in detail.... i have few doubts..for stocks and mf investments is it NRO non PIS account is enough..? and the source of income for NRO account can be NRE or directly from the foreign country....? or it has to be from India

[@saurabhgupta9430]

Ver informative and well-made video. For US remittance, after we have already paid taxes on Indian Funds, and when I repatriate funds to a US bank account, do you know if the US also applies taxes on the money that just landed in my account? What are the US-India taxation laws on this transfer?

[@sivaselvigunasekaran9499]

This video cleared lot of my doubts and misinformations. I am thankful to you all for providing valuble information, taking time and effort to compile all these well orchestrated useful videos amidst your busy schedules. Not only that, what is very admirable is the fact that you, Mr. Sriram especialy, go through the comments and answer the relevant questions raised by your "dear veiwers". You tube is enriched by you!

[@dhruvmunshi2783]

Thanks for detailed information on repatriation of funds by OCI card holder from India to overseas bank account held by the same OCI card holder. Next question is that if an NRI is running a business in India and earning money out of it. Is it possible to repatriate the funds from the earnings of the business?????

[@drvinaybhaskar3320]

1. If parents wish to gift money to their independent adult NRI children , can they gift to children to their NRO account and then the NRI kids can use one million dollar scheme to transfer this gift . 2. If adult single NRI child inherits a house or FDs from parents, how can they ( children ) transfer funds to their country of stay as NRI ?

[@allaremyfriends67]

Please bring a video on Wire Transfer and how it could be done from GCC countries. Which currencies can be transferred and your recommendation on the currency. How long the foreign currencies Transfered via wire can be kept in NRE Account and when to make FCNR deposit. Also talk about Nostro account, FCNR deposit. Please advise on whether the foreign currencies to be booked for Term Deposit or to go for FCNR B forward contract. Why do bank prefers NRI to send USD to their bank directly from overseas account? Thanks

[@shirinmalik2235]

This is exactly what I needed to clear up

[@meyyappansubramanian7078]

Very useful information. I'm in Paris. Merci beaucoup monsieur.

[@sgketan]

As usual very good info. Great video and very well explained.

[@kitturajan]

Really informative video. Thank you for creating. It cleared most of my doubts about repatriation from India to outside.

[@sailendrapamidi]

Thank you Mr. Bhat and Mr. SriRam. I find your videos extremely useful and informative. Great content like always ...

[@kayjay6375]

I am a NRI and hold OCI , my question is I have a flats in India and I want to sell this flats and want to transfer money to USA , how much bank charges ( any fees from bank ) I have a NRE and NRO both accounts in India since last 15 years

[@sriramrao2514]

This you need to ask your banker, coz bank charges would vary from bank to bank

[@narendramohile7360]

Thanks both of you for quite interesting and informative subject i enjoyed the subject and solve my problems. Thank you very much once again.🎉

[@narendramohile7360]

Thank you very much Sir.

[@PradeepKanthan]

Thank you for this information. My query is about pension received after TDS. Bank requires 15CA and CB. It makes little sense to have a CA submit 15CB when the pension amount is credited is TDS. Is the discretion to ask for 15CB left to banks? Can I have my pension credited to NRE account as it is net of tax? Thanks

[@simb5428]

Thanks Sir for informative guidance , can you kindly suggest us the single point contact to approach, so that we can save our time for all our remittance for NRIs

[@megant9882]

I am an nri living in USA. I liquidated my PF savings and received the proceeds in my nro account. I would like to repatriate this money to USA. Do i need fill in additional forms by self declared and/or cpa certified? Will I need to pay income taxes for that in USA?

[@binduvarmav]

Thank you sir. Great video explaining all the details of fund transfer for NRIs

[@satviklifestyle]

How about resident siblings gifts to nro? Can it be transfered from Resident account to NRO acct and then to outside? Submit 15CA 15CB and A2 and say it's NOT TAXABLE by filling part D of CA since its tax paid in hands of resident and its gift to NRI AND TAX FREE?

[@ShivaniKashyap-r1o]

Do you have any information on the withdrawal process of complete corpus in NPS if one has given up the Indian citizenship ?

[@bisp4145]

Thank you very much for the information. In this 1 million dollar scheme can i remit the principal amount to foreign bank account from my NRO account? Or only the Interest amount which I have paid 31% TDS?

[@sriramrao2514]

It’s been answered in video itself

[@Helloannette]

Thanku Sirs for explaining so clearly. Many of my questions are answered 🙏🏻👍👍

[@vairam318]

Very informative and educational. Excellent video

[@bhadadaop]

Dr. Bhat you have been doing a great job and the expert is possessing good knowledge on the subject. My only request to you to please allow him to speak more rather than you except the asking of questions but no repetitions from you end. Hope, you shall not take otherwise. Thanks.

[@adityasurender1]

Dear Mr.Bhat and Mr.Sriram, Thanks for spreading the knowledge on rules and regulations applicable for NRI. Do have one question. For transferring money from India to Outside India, from which account should be transferred i.e. NRI/NRE/NRO or which type account. It is not allowed to deposit money to NRI account in India. So which type of account should be used by NRI? Thanks in advance. Rgds Surender

[@sriramrao2514]

Please watch this video fully as well another video on NRO-NRE account which is available in this channel… you will get the information as required

[@kris13113]

There is no such account called NRI

[@snabeelaify]

@@sriramrao2514 Sir, please send link for nro nre account video. Thank you

[@simplystocks2311]

Can i trade in stocks as an nri and repatriate the funds to foreign bank

[@Saurabh_27Dec]

This is the exact information which I required. Thank you so much!

[@Nuron666]

Hello friend, Can you tell me how to apply this (1 million dollar scheme)?

[@NRIMoneyClinic]

There is a specific video on 1 million dollar scheme on this channel. Please watch and be guided

[@sumitdesai9265]

Really great video, and presented in really informative manner. Covered many aspects and guided with examples like what is condition, what is limit, what is covered under this scheme and what is not. Thank you so much for this kind of great vidoe where everythingis explained simply yet in detail.

[@atozfun4178]

Hallo sir, I am an NRI and I have a question..How much money as cash can we bring with us when we go to India for vacation.and how much can we bring back as cash..thanks

[@samcreedy44]

@@Admin-cj2qy Scam account. Beware.

[@kvsnam]

This is an excellent video with tons of new knowledge. But I have a doubt. If an NRI has assets in the form of gold, say 50 sovereigns of ornaments, will this also qualify for transer to his home abroad as per this "1 Million transfer" rule?

[@pradip1966]

Excellent video very useful. Please continue with these kind of videos.

[@AlokKumar-tt9oq]

Excellent video and detailed information...well done both of you 👌 thanks 😊

[@sanjayb2246]

Mr Sriram, It’s not clear about the Gift property. It sounded in the video like gifts received by an NRI. I hope answering these questions would help many of your followers too. If an agricultural land was acquired by me as a gift from a relative 25 years ago while I was still in India (before moving to US), I’m a GC holder in USA now, is that property covered under 1 Million Dollar Scheme? The land is on my name. What taxes/fees will be incurred for this? If the value of the property is over 1 million, in which account should I keep the remaining amount after transferring 1 million? Is it NRO account? Is it possible to repatriate to USA 1M USD in March and another 1M USD in April of the same calendar year (different financial year)? Is it better to sell the property and the repatriate the proceeds to USA while I’m on GC or wait until I become a citizen of USA? Which way would be easier and beneficial with higher transfer amounts and lesser fees/taxes? Thank you!

[@sriramrao2514]

These are all personalized questions for which one should consult an expert... Anyway, as far as acquisition/sale of agricultural land is concerned, there is already a video on this channel 'NRIs buying Agricultural Land'... watch that video and be guided... further for taxation purpose, it does not matter whether you are GC or OCI rules are same... there are several video's in this channel on tax status 'who is NRI' and 'RNOR' etc.. watch them and be guided...

[@kobe3fann24]

I have the same problem did you find any answer

[@rohitvlogs4202]

Sir NRI ka India me saving account hai to kya problem Ho sakti hai ek se Jayda account aur NRI kya India me LIC ya Koi Bhi insurance le sakt hai Pls answer 😊

[@adpaliwal]

It is always a nice setting in which you both speak things in details and with clarity. Thanks

[@mudasirshora77]

A. slightly out of context query: Does spending using NRE Debit/Credit Card outside India count as purchase of Foreign Currency in the eye's of ITD?

[@Sureshbsc]

Very Useful Information shared. Thanks a lot. I have one query - I have around 50 Lakhs INR in NRE account and i want to transfer to US which should come to around 60k USD. ICICI is asking for 1.5 Rs per dollar as conversion charges which comes to around 90k INR to transfer this 50 Lakhs. 90k is a huge amount being lost in conversion. Can you/somebody please share few ideas on how to transfer economically from India NRE account to US?

[@safusp]

Very informative video, many thanks Dr. Chandrakanth and Sriram👍

[@samueljella7218]

Information was excellent.thank you

[@ramakrishnaraouppaluri8464]

What about civil. Pension with TDS collected every month at source?

[@shackworks]

Very informative video. Can I, as an OCI repatriate funds after sale of inherited property (after paying the necessary taxes) to Australia, where I reside? Does this 1 million scheme still apply?Thanks

[@mohin64]

in which account this money can be . Is NRO account or something else.

[@jadhavanchi]

If an NRI has remitted some of his foreign earnings (eg. 20 lakh rupees) from his NRE to his own NRO account. Later put it in an FD account. After some period he withdraws the FD or his FD matures, and repatriates only the said amount (i.e. 20 lakh rupees, not the earned interest) back to his NRE account, is this type of transaction subject to 15CA or 15CB form submission?

[@TheTerminator317]

Can sale of proceeds from properties held by parents come under this rule?

[@asitdesai7728]

Both the Schemes - for LTS and MDS have specified annual limits and are those that require no prior clearance at RBI level and transactable at AD level. In the event an NRI/OCI is a very senior citizen and needs more funds repatriated in the fiscal year beyond this limit - one presumes they can approach the RBI under the related FEMA law for permission to repatriate more funds - or are these limits beyond which no remittance application would be permitted ??

[@SaranrajAnnamalai90]

If parents are gifting money from India to USA for down payment of house to be purchased in USA, how will it be taxed? Are the gift tax applicable for the source?

[@simrmsan]

PIO drawing salary in India (a foreign company having a branch in India) can transfer funds abroad from NRO account?

[@rajindertangri5918]

Very lucid. Informative. Dr Bhatt’s further interpretation is very helpful. Thank you so much both of you, learned professionals. …Dr Tangri

[@MRLUCKY-gy6qy]

Sir Im a nri I have bank account in UAE my account in USA dollars I online banking transfer my India account but the bank ask to the tax code really or fake tell me please

[@jegandani4863]

Hi sir , is it possible to shift loan amount from NRO to NRE account?

[@ravipachalla8663]

Please advice whether we can repatriate $1Million even when the land is purchased as a resident Indian status but sold after 10Yrs with NRI status.

[@susangeethageorge1279]

Very informative,Thank you for choosing this subject

[@M.e.h..]

How much tax one needs to cough up for sending 1 million overseas by OCI card holders ?

[@rkanagala]

zero. If the funds are gained after paying taxes no further payment is required. Obviously if you acquired the funds from a sale, the capital gain taxation applies irrespective if you intend to transfer or not

[@bhupindersinghkanwar5681]

@@rkanagala just mockery after paying taxes capital gain what he get only inflation ...just bakwas of slavery

[@puremeteor]

You also need to be aware of the tax implications in the receiving country of the nri. Highly likely there will be additional taxes there because the tax rate might vary between India and the foreign country

[@mamtarodrigues]

Thanks for the information. If a NRI remits funds from foreign account to a Resident as a loan, then can the NRI use the 1 million dollar scheme to repatriate the loan repayment by residents.

[@valerianpereira1259]

This is the best Video: With regards to Money : very informative Must Knowledge. Please: Work on these kinds of : Programs for NRI; Money/Funds/Banking; -Regards to property matters; - Tax -Insurance etc. -Medical/Health etc. Thank you.🙏

[@NRIMoneyClinic]

Sure , we will work on these lines

[@vinnykrish9579]

1. How much money can an NRI repatriate out of India? An NRI can freely transfer without any upper transaction limit from NRE and FCNR accounts. On the other hand, an NRI can remit only up to 1 USD million out of the balances of an NRO account, provided they meet the eligibility criteria.

[@kris13113]

Is this limit imposed by the bank or whom? (From NRO to NRE)

[@ka02et1202]

Dear sir I am an Indian citizen and holding properties in India. My son is an NRI IN USA . If I would like to remit money from my bank deposits or sale proceeds of my properties to my son can you reply how I have to do the same and procedure to be followed and taxes payable in regard to the same

[@2dabang]

Thank you Mr. Sriram. Very informational.

[@burkhan123]

The NRI need to file tax in residence country, why again in India? Please explain about DOUBLE TAXATION AVOIDANCE “

[@mathewarapura2904]

Explained well.Thanks

[@nirjharray5990]

Great video, very informative. In the video it is mentioned that if a NRI receives gift from his relatives defined under Companies Act which is in his NRO account can be repatriated under this scheme. Is there any upper threshold to the gifted amount in such case ?

[@sriramrao2514]

No upper threshold

[@anishb930]

Will there be TCS applicable when the relative transfer to a NRO account

[@rajasekharanpillai9959]

Are these rules applicable as on today?

[@krishnanv9778]

I find in RBI site that the liberalised remittance scheme is only for Residents.--Quote RBI-"Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April - March) for any permissible current or capital account transaction or a combination of both. Further, resident individuals can avail of foreign exchange facility for the purposes mentioned in Para 1 of Schedule III of FEM (CAT) Amendment Rules 2015, dated May 26, 2015, within the limit of USD 2,50,000 only." Please clarify whether NRI/OCI can avail this facility-Thanks

[@NRIMoneyClinic]

There is another video on this channel for LRS scheme . Please be guided

[@pathkris2984]

It appears that LRS is only applicable to resident Indians. It is not applicable to NRI/OCIs.

[@rachitkumar4264]

Thanks sir , Please can you update the contents as per the latest TCS

[@shubhangvayeda7665]

so if transfer overseas funds into nro account for investment , after some time I want to repartrate capital that I brought plus profit ,I can do that until it is less than usd 1 million with help of ADB and CA. is that correct?

[@viju1954]

Is there any revision in the regulations in 2023?

[@RR-lx7ll]

Can we remit insurance policy amount on maturity without taxes...policy taken in Qatar in USD and also maturity amount given in USD?

[@surendrabarsode8959]

Dr. Bhatt is requested to have a separate program on form 15CA/15CB, as these forms cause a lot of issues and CAs charge huge amounts for this. Further, can CA Sriram suggest which are ADs who are well versed in this process, as all banks are not knowing the scheme fully well and cause lot of problems while remitting.

[@sriramrao2514]

Normally there would be designated branches in each bank who deal with forex and they would normally be aware this process. Further, the availability of services would also depends on personnel in the bank.

[@anandmusaddi4239]

Hi, To transfer the proceeds of EPFO, I should be filling up which form. I believe it is non taxable, Can you please guide me on the same

[@chrismaguire8165]

Lot of ppl in India pay in cash after buying properties over there .how would i transfer cash received from sale proceeds of properties in India to USA?

[@luisfernandes964]

Sir. Please give some clarification in this: There are many people who are holding foreign passport with foreign citizenship but holding OCI. These Indians after their foreign assignments return to India. Please throw light how their NRE account will be treated and also from point of view of income tax ,after return to India.

[@spcs999]

Can i pay a NRI international credit card bill attached to the NRE Account, using the NRO account? Any idea?

[@snirm77]

What do NRIs do to get the ITR form required while applying for Sbengen visa aa they don't pay taxes

[@pardeeptandon]

As a resident Indian parent, can I first Gift a million dollars to my NRI / OIC son and then have him remit this million dollars abroad using his own Bank account using a million-dollar Scheme? Is this possible?

[@sankargayathiri9470]

Excellent information. Just to clarify that less than 5 lakhs is per financial year is it?

[@sriramrao2514]

Yes, 5 lakh limit for 15CA- part A only for one financial year

[@sankargayathiri9470]

@@sriramrao2514 Thank you

[@satviklifestyle]

Sir, if there is a 10L gift received from non relative and tax is paid for 10L after exemption limit 2.5 Lakhs , Can the whole 10L be repatriated from NRO to foreign account. Please reply.

[@carolinedsilva3981]

is the 5 lac threshold....per year???? or once only allowance???