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Transfer funds from NRO account to person’s NRE account

mumbai, Mumbai City, Maharashtra 40001 - 14 Mar, 2024

Description

Transferring funds from a Non-Resident Ordinary (NRO) account to a Non-Resident External (NRE) account involves a few steps and considerations:

1. **Conversion**: If the funds in the NRO account are in Indian Rupees (INR), they need to be converted to the foreign currency of the NRE account.

2. **Transfer Limit**: There is a limit on the amount that can be transferred from an NRO account to an NRE account in a financial year. The limit is set by the Reserve Bank of India (RBI) and is currently USD 1 million per financial year.

3. **Tax Implications**: Transfers from NRO to NRE accounts are generally treated as repatriation of funds and may have tax implications. It's advisable to consult with a tax advisor for guidance.

4. **Bank's Procedures**: Each bank may have its own procedures for transferring funds between NRO and NRE accounts. It's recommended to contact your bank for specific instructions.

By following these steps and considering the regulations, you can transfer funds from an NRO account to a person's NRE account.

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