Repatriating Money from India: The USD 1 Million NRO Limit and Form 15CA/15CB
Earning or selling in India is the easy part. Getting the money out is where NRIs hit a wall of forms, limits and bank checks. Here is exactly how repatriation works, what the USD 1 million limit covers, and when you need a CA.
NRO accounts: you can repatriate up to USD 1 million per financial year, per PAN, after taxes are paid. Above that needs prior RBI approval.
NRE and FCNR accounts: freely repatriable, no limit, and usually no 15CA/15CB needed.
Form 15CB (a CA certificate) is required before Form 15CA when NRO repatriation exceeds ₹5 lakh in a year. From April 2026 these become Form 146 and 145.
Why moving money out of India is the hard part
You have rental income, a matured deposit, or the proceeds of a property sale sitting in your Indian account. Now you want it in your account in London, Dubai or San Francisco. This is where many NRIs discover that earning the money was straightforward and repatriating it is a different exercise. India does not let taxable money leave without documentation, certification and a bank sign-off, all under the Foreign Exchange Management Act (FEMA). Miss a step and the bank simply will not process the transfer.
The good news is that the process is well-defined. Once you know your account type, the limit and the forms, it is a checklist, not a mystery.
It starts with your account type
How freely you can send money abroad depends almost entirely on which account it sits in:
- NRE (Non-Resident External) and FCNR(B) accounts hold foreign-earned money. Both principal and interest are freely repatriable, with no annual limit, and in most cases you do not need Form 15CA or 15CB at all, provided any applicable tax was already handled.
- NRO (Non-Resident Ordinary) accounts hold India-sourced income, rent, dividends, pension, property sale proceeds. This is the account with the limit and the paperwork.
The USD 1 million NRO limit
Under RBI and FEMA rules, an NRI or PIO can repatriate up to USD 1 million per financial year, per PAN, from their NRO balances. A few things to understand about this limit:
- It runs on the financial year (April to March) and does not carry forward, an unused allowance is lost at year-end.
- It covers the combined total across all your NRO accounts, and includes rent, dividends, interest, pension and property sale proceeds.
- No RBI approval is needed up to USD 1 million. Above it, you need prior RBI approval, which typically takes 60 to 90 days.
- A PAN is mandatory, you cannot remit from an NRO account without one.
Crucially, the limit is about how much can leave, but the gate that lets it leave is tax. Banks reject repatriation if the tax on the funds, TDS on a property sale, or capital gains, has not been settled. Clear the tax first, always.
Form 15CA and 15CB, now 145 and 146
These two forms are the heart of the process, and knowing which applies saves weeks:
- Form 15CB is a certificate issued by a Chartered Accountant. The CA verifies the nature of the income and confirms the correct tax has been paid or deducted. It is mandatory before Form 15CA when your NRO repatriation exceeds ₹5 lakh in a financial year.
- Form 15CA is your own declaration, filed online on the income tax e-filing portal, confirming FEMA and tax compliance. It has four parts, and which part applies depends on the amount and whether a 15CB is needed. For amounts under ₹5 lakh, Form 15CA Part A applies without a CA certificate.
The documents and the bank process
Once the tax is paid and the right forms are in hand, the bank needs a specific set of documents before it releases the money abroad:
- Form 15CB (CA certificate) and Form 15CA (your declaration), where the amount requires them.
- Form A2, the FEMA declaration for the outward remittance.
- The bank's own request/application form with the overseas account details.
- Source-of-funds proof, for example how a property was originally paid for, or the sale deed and TDS proof for property proceeds. If you obtained a lower-deduction certificate before a property sale, the CA's job is simpler because the tax position was pre-reviewed.
The bank verifies everything and remits via SWIFT. Expect the CA to take roughly 5 to 15 working days on Form 15CB depending on how quickly you supply documents, and the bank a further several working days after complete submission.
The mistakes that cause delays
- Running 15CA/15CB on NRE money. NRE and FCNR balances are freely repatriable, many NRIs waste time and CA fees on paperwork those transfers do not need.
- Not clearing tax first. Banks reject the request if TDS or capital gains tax has not been paid. The tax gate comes before the remittance.
- Leaving it to year-end. The allowance resets on 31 March and does not carry forward, plan large repatriations with time to spare.
- No PAN, or missing source documents. A missing purchase deed or old bank statement can add weeks.
This is exactly the kind of work where a CA who handles NRI remittances earns their fee. Our FEMA and RBI compliance service issues Form 15CB, prepares the 15CA, and coordinates the bank documentation end to end, so the money actually moves.
Quick answers
How much can I repatriate from an NRO account? Up to USD 1 million per financial year, per PAN, after taxes. Above that needs prior RBI approval. Is there a limit on NRE? No, NRE and FCNR are freely repatriable. When do I need Form 15CB? When NRO repatriation exceeds ₹5 lakh in a year, a CA must issue Form 15CB before you file Form 15CA. Are the forms changing? Yes, from April 2026 they are renamed Form 145 (declaration) and Form 146 (CA certificate). Need it handled? Our FEMA team does it end to end.
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Service: FEMA & RBI Compliance · Related: NRI taxation & FEMA basics
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