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Old 01-15-2014, 07:57 PM
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Default Repatriation from NRO Account

I just had some experience trying to repatriate some amount from my NRO account (at HDFC Bank) which I wanted to share.
First, if you are planning to invest in India -- Don't . I don't know how easy/difficult it is to repatriate from an NRE Account but it is not very easy to repatriate from NRO Account.

To repatriate, they ask for forms 15CA/15CB. 15CB is ideally required when someone makes a payment to an NRI (basically to ensure that the person has made TDS). I have a CA friend who got very surprised when he learnt that HDFC bank is asking for it. The form 15 CB (which is to be signed by Chartered Accountant) starts like this -- "I have examined the agreement between Mr/Ms/M/S .... Mr/Ms/M/S.... " etc.

So what the bank is saying is , you need to make an agreement with yourself (!) to get your own money repatriated !
when my CA refused, bank officials suggested their own CA who can do it . Of course there is a hefty fee to get it done .

A glimpse of Tax laws says , it is not required for personal remitance but almost all the banks ask for this.

In summary, apart from bank charges, exchange rates, you need to shell out a couple of grands to get your own money back.

I do not know how complex it is to repatriate from NRE Account but I will not take any risk.
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Old 01-15-2014, 11:30 PM
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Nov-05
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I dont understand why people invest in India. IIt is a known fact that government there welcomes when people send $$$ but taking out rupees into $$ is a big NO NO. One should only send money for maintenance purposes of parents , relatives or just charity for the poor of third world. But if someone wants to permanently settle here it does not make sense to invest in India. Rupee is going to fall further due to political uncertainty, hung parliament probable next year. Add crime, corruption in this and you have a strong connotation for a weak economy that cannot recover or keep pace with the developed world for decades to come.
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