We are happy to offer professional services for transfer of NRO balance to NRE account or remit abroad across all the Banks and cities in India as a team of Chartered Accountants providing advisory services to Non-Resident Indians (NRIs) and returning NRIs in the matters pertaining to Foreign Exchange Laws, Tax Laws, Double Taxation Avoidance Agreement (DTAA); inbound bank deposits and investment in Indian Mutual Funds and Indian US$ Bonds and creators of NRI related popular websites :www.nribanks.com the only website displaying monthly updated interest rates of almost all banks in India offered to NRIs ; www.femaonline.com an edited and updated version of Foreign Exchange Management Act 1999 and Regulations thereunder as also Tax Laws pertaining to NRIs and www.nrimutualfunds.com presenting the very best of equity and income schemes of Indian Mutual Funds.
NOW as tax free interest rates of NRE deposits are same as taxable interest on NRO deposits it would be gainful to even prematurely close the NRO deposits and place the amount as NRE deposits or Foreign Currency [ FCNR ] deposits of US$ , Euro or GBP and earn tax free interest.
Scope of our professional services will include:
.01 Collection of facts and necessary information.
.02 Calculation of Tax, if any
.03 Preparation of applications for remittance / transfer to be signed by the account holder.
.04 Chartered Accountant's certification.
.05 Follow up with Bankers.
.06 None of these requires applicant's physical presence in India.
It will be appropriate to file income tax returns for previous two years not only as the same is compulsory but also as thereby you can claim refund of tax as tax payable is always less than 30% tax withheld.
To avail our services do write or speak to us.
ph ; (91 281 ) 2453367 ( four lines)
email@example.com ; firstname.lastname@example.org
Foreign Exchange Management Act
RESERVE BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
MUMBAI - 400 001
A. P. (DIR Series) Circular No.117
May 07, 2012
All Authorised Dealer banks and Authorised banks
Transfer of Funds from Non-Resident Ordinary (NRO) account to Non-
Resident External (NRE) Account
The Committee to Review the Facilities for Individuals Under FEMA, 1999 (Chairperson : Smt. K.J.Udeshi) has recommended that the NRIs/PIOs may be permitted, subject to payment of applicable taxes, to transfer repatriable funds from their NRO account within the overall ceiling of US $ 1 million per financial year, for credit to their NRE account in India. At present transfer of funds from NRO to NRE account is not permissible.
2. On a review, it has been decided that henceforth NRI as defined in Foreign Exchange Management (Deposit) Regulations, 2000 contained in Notification No. FEMA.5/2000-RB dated 3rd May 2000, as amended from time to time, shall be eligible to transfer funds from NRO account to NRE account within the overall ceiling of USD one million per financial year subject to payment of tax, as applicable (i.e. as applicable if funds were remitted abroad). Such credit of funds to NRE account shall be treated as eligible credit in terms of paragraph 3(j) of Schedule-1 of Notification No. FEMA.5/2000-RB dated 3rd May 2000.
3. All Authorised Dealer banks and Authorised banks may bring the contents of this circular to the notice of their constituents and customers concerned.
4. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law.
(Rudra Narayan Kar)
Chief General Manager