Chartered Accountant · ICAI M.No. 153926 · FRN 136869W
The USD 1 million scheme
Under FEMA, an NRI can remit up to USD 1 million per financial year (April–March) out of NRO balances. This window covers the proceeds of selling property, money received as inheritance, and other current-account balances, provided you can show the source and that taxes have been paid. FEMA limits and conditions change — confirm the current rules before you remit.
NRE and FCNR are different
The cap applies to NRO money. Balances in your NRE and FCNR accounts — including the interest, which is tax-free while you are non-resident — are fully repatriable with no annual limit, because those funds came from abroad in the first place.
The paperwork, with an example
Most repatriations need Form 15CA and a CA’s Form 15CB. Example: you sell a flat and ₹1.5 crore lands in your NRO account. That is well within USD 1 million, so you can repatriate it in one year — the bank will ask for 15CA/15CB confirming the gains tax position before transferring. Our NRI repatriation & FEMA service manages the filings.