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Smart Things To Know About Income Repatriation Rules

The source of funds used by a non-resident Indian (NRI) should be identified at the time of investing in order to decide if the money can be taken outside the country on sale or redemption. 2) If the source of funds is foreign currency, it can be sent without any restriction. If, however, it is Indian rupees, it cannot be remitted. These two sources cannot be clubbed together. The bank account through which the investment is routed is used to determine the source of funds. The funds that are remitted from abroad into the NRE or FCNR accounts and invested can be freely sent back. 4) The income earned in India on investments is repatriable, irrespective of the source of funds. This includes interest from bonds and bank accounts, rental income, dividends from shares and mutual funds. 5) The income earned on an investment is freely repatriable once the taxes have been paid according to the Indian laws. 6) The income in the form of sale proceeds from capital assets, such as property, land, shares, bonds, andmutual funds held in India, are repatriable to the extent of funds remitted from abroad for buying these capital assets.

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Appointing A Mandate Holder For NRI Accounts.Things To Know

Non-resident Indians (NRIs) can appoint a resident individual as a mandate holder to operate their NRE/NRO bank accounts. This facilitates the easy operation and monitoring of the account. While the NRI can appoint a family member or a person whom he trusts, banks prefer a close relative of the account holder. The mandate holder can carry out day-to-day operations of the account on behalf of the NRI. These include drawing cheques to make local payments, make and renew fixed deposits, and invest in avenues open for NRIs. Appointment form: The form for appointment of mandate holder is available at the branch or on the bank's website. The form needs to be signed by the account holder as well as the mandate holder. Documents: KYC documents, such as the photograph and self attested copies of identity and address proofof the mandate holder, must be submitted to the bank. A specimen signature of the mandate holder is recorded by the bank. Facilities: Various banks provide different facilities to a mandate holder. The NRI can also ask the bank to issue an ATM card and/or cheque book to the mandate holder by filling up the prescribed form. Revoking mandate: The account holder can revoke the mandate at any time by giving requisite instructions to the bank in writing. Points to note > The account holder can set limits on the maximum amount that the mandate holder can debit from the account. > The mandate holder cannot change personal details, such as name and address, or close the account. > The mandate holder cannot transfer funds outside India, except to the account holder, or as a gift to a resident Indian.

NRIs Can Now Open Joint Accounts With Resident Indians

MUMBAI: Liberalising the foreign exchange rules, the Reserve Bank today allowed NRIs to hold joint account with Indian residents, a move that would help increase remittances. The central bank has also permitted sale proceeds of foreign investments in India to accrue to NRE/FCNR accounts after tax deductions, under the Foreign Exchange Management Act. Foreign Currency Non-Resident (FCNR) account and Non-Resident External (NRE) account are opened by Non-Resident Indians (NRIs) with the Indian banks. As per the recommendations of the committee constituted to review facilities available under FEMA, the central bank has taken such steps. RBI has allowed residents of India to include non-resident close relative in their resident bank accounts on 'former or survivor' basis. However, such non-resident relative shall not be eligible to operate the account during resident's lifetime, it said in a notification. It also permitted NRIs to open NRE/FCNR account with their resident close relative. In this case, the resident relative can operate the account as a power of attorney holder. Similarly, the central bank has doubled the slab under which securities worth USD 50,000 per fiscal can be transferred by resident Indians to non-resident individuals 'by way of gift' from the present level of USD 25,000. RBI has also allowed resident individuals to include resident close relative in their EEFC (Exchange Earners Foreign Currency) or RFC(Resident Foreign Currency) as a joint account holder. Foreign Currency Non-Resident (FCNR) account and Non-Resident External (NRE) account are opened by Non-Resident Indians (NRIs) with the Indian banks. As per the recommendations of the committee constituted to review facilities available under FEMA, the central bank has taken such steps. RBI has allowed residents of India to include non-resident close relative in their resident bank accounts on 'former or survivor' basis. However, such non-resident relative shall not be eligible to operate the account during resident's lifetime, it said in a notification. It also permitted NRIs to open NRE/FCNR account with their resident close relative. In this case, the resident relative can operate the account as a power of attorney holder. Similarly, the central bank has doubled the slab under which securities worth USD 50,000 per fiscal can be transferred by resident Indians to non-resident individuals 'by way of gift' from the present level of USD 25,000. RBI has also allowed resident individuals to include resident close relative in their EEFC (Exchange Earners Foreign Currency) or RFC(Resident Foreign Currency) as a joint account holder.

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How To Remit NRO Account Funds Abroad

It is common knowledge now that the Government of Indiaallows you to remit funds up to USD 1 million per financial year abroad. But how exactly do you go about doing it? What are the documents you need to submit? Can you do it from abroad? Let's take a look. Remittance regulations, a review As part of its liberalization scheme, the Reserve Bank of India has over a period of time made it easier for NRIs to remit funds from India to abroad. As of today, balances in the NRE account are freely repatriable. That is, you do not need any permission for remittance abroad for any amount. Broadly, the funds in this account are usually funds deposited from abroad or in some cases, current income like interest or dividends on investments made through foreign funds. Balances in the NRO account are not freely repatriable. But the RBI does allow NRIs to remit up to USD 1 million per financial year from the NRO account, provided you follow certain procedure. The funds in NRO account are usually from income earned locally, like rent on a property in India or certain capital account transactions like sale of property purchased prior to becoming an NRI. Remittance procedure In order to remit funds from the NRO account, you would need to submit two documents: Form 15 CA and Form 15 CB. The purpose of both these documents is to ensure that taxes are collected on the funds before they are remitted abroad as it becomes difficult to recover taxes at a later stage. Both these forms consist of more or less the same information. The only difference is that Form 15CA is an undertaking by the NRI to remit funds while Form 15 CB is a certification of the information by a chartered accountant. Here is the process: Step 1: Submit Form 15 CA - Undertaking of information You need to submit this form online on the website of the Tax Information Network www.tin-nsdl.com . This form will consist of the remitter's information such as name and address of the NRI, permanent account number, complete details of the overseas account to which funds are being remitted etc. It will also contain details of the accountant who will be certifying Form 15 CB. "After you submit Form 15 CA online, you will get an acknowledgement. You would need to print the acknowledgment, sign it and submit it along with Form 15 CB to the bank," explains Sandeep Shanbhag, Director of Wonderland Investments and an expert on all NRI financial matters. Access: Form 15 CA Step 2: Submit Form 15 CB - chartered accountant's certificate You need to get this certificate from a chartered accountant who will certify that you have paid all taxes due in India on the funds that you plan to remit abroad. The certificate will specify the nature of the amount to be remitted: that is, whether it is the remittance of dividends, interest, royalties received in India or any other income. Your chartered accountant may require you to submit copies of your Tax Residency Certificate, if any, in case you are availing a lower rate of TDS under the Double Taxation Avoidance Agreement. Important points Can you do this from abroad? "Technically, it is possible to do this from abroad because the procedure is online. But it may be a bit difficult to do it, practically. Your chartered accountant would have to send you the hard copy of Form 15 CB. You would need to sign the acknowledgment of Form 15 CA and then send both these documents to the bank's branch in India," Shanbhag says. If your remittance consists of interest from the NRO deposit, the bank is required to deduct tax at source on the interest at the rate of 30%. Suppose you live in the US or UK or any other country that has a DTAA with India, then you are eligible for a reduced TDS rate of 15%. The bank will require you to submit a Tax Residency Certificate from your country of residence if you want to avail of this reduced rate. Now there is a peculiar scenario of DTAAs that India has signed with countries that do not have personal tax. Shanbhag explains, "The basis of a DTAA is that a particular income is taxed in both countries. However there are instances where a foreign country may not levy personal tax on its residents, yet India has a DTAA with those countries that allows NRIs of those countries to avail a reduced rate of TDS. This is a grey area." In such cases, each bank might have its own way of handling this. Some banks like the State Bank of Indiarequire you to submit a self-declaration form if you reside in a country that has zero tax, but has a DTAA with India that offers a lower rate of TDS. On submitting this self declaration, the bank will deduct tax at source at the reduced rate instead of the mandated 30% rate. The declaration however states that the NRI 'shall be fully responsible to State Bank of India for any Indian Income tax liability including interest, penalty etc. that may arise on account of the bank applying a lower rate for tax deduction at source based on this declaration.' You would therefore need to check with your bank to see what procedure is followed.

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