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Remittance & 15CA/CB

Moving legacy money out of your NRO account when the paper trail is gone

The money has sat in the NRO account for years, from old savings, gifts and matured deposits, and you can no longer prove where each rupee came from.

There is a balance in your NRO account that has built up over many years, old savings from when you lived in India, gifts from family, deposits that matured and rolled over, interest on top of interest. Now you want to move it abroad, and the worry is documentation: you cannot produce a clean source-of-funds trail for money that accumulated a decade or two ago. It feels like the money is trapped by its own history. In practice the tax law does not ask you to prove that history, and there is a defined route to move it out.
Last reviewed: 26 July 20267 min readReviewed by Preetesh Maloo, CA

The short answer

You do not have to prove the decades-old source of the money to the tax law. The 15CA and 15CB (renumbered 145 and 146 from FY 2026-27) certify the tax position, that the funds are or are not chargeable and that any tax due has been paid, not the historical source. You may repatriate up to USD 1 million per financial year from your NRO capital balances, which is where old savings, gifts and matured deposits sit, and current income like rent and interest, net of tax, is freely repatriable on top of that. Where the original source documents are missing, the standard route is a self-declaration plus a CA's certificate based on the records that do exist. How much more the bank asks for is its own compliance practice, not a tax-law requirement.

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The 15CB certifies the tax, not the source

A remittance out of an NRO account runs through the 15CA and 15CB regime (Section 195(6) read with Rule 37BB). The point most people get wrong is what the CA's certificate is actually about. Form 15CB certifies the tax position of the money being sent: what kind of remittance it is, whether it is chargeable to tax in India, at what rate, and that any tax due has been deducted or paid. It does not certify where the money originally came from.

So the gate to moving the money is tax, not history. If the funds are old savings and gifts on which nothing further is due, or income on which the tax has been paid, the certificate can be given. From FY 2026-27 these forms are renumbered 145 and 146, but the substance is unchanged. This is why a balance you cannot trace to its origin is usually still repatriable: the law is asking whether tax is clear, not whether you kept receipts from fifteen years ago.

How much you can move, and what sits outside the cap

From an NRO account you may repatriate up to USD 1 million per financial year out of your capital balances, and that pool is exactly where legacy money lives: old savings, gifts, matured fixed deposits, sale proceeds and inheritance, all counted together against the one-million limit under the RBI rules on remittance of assets.

Separately, your current income does not count against that cap at all. Rent, interest, dividends and pension, once the Indian tax on them is settled, are freely repatriable on top of the one million. So a large old NRO balance can usually be moved either within a single year's limit, or staged across financial years where it exceeds it, while the income the account keeps earning flows out separately. A practising CA maps which part of your balance is capital and which is current income, so the whole balance moves in the most efficient way.

When the source documents are simply gone

Where the original papers for old money no longer exist, the position is more workable than it feels. The tax law's gate is that the tax is clear, and the CA certifies that on the 15CB from the records that do exist, your account history, the interest already taxed, the nature of the balance. For the source itself, the standard route is a self-declaration by you, alongside the CA certificate, confirming the funds are your legitimately held NRO balances and that the one-million limit is not breached.

The honest point to flag is that how much source documentation a bank asks for is the bank's own compliance practice, not a requirement of the tax law. Different banks ask for different things, and some are stricter than others on decades-old balances. A practising CA prepares the tax certification and the self-declaration in the form your bank accepts, and where a bank is being unusually demanding, frames the position so the legitimately held, tax-clear balance is released rather than left stuck.

What's involved

What the CA actually does

  1. 1

    We split capital from current income

    We map your NRO balance into capital funds, which use the one-million yearly limit, and current income, which is freely repatriable on top, so the whole balance moves in the most efficient way.

  2. 2

    We certify the tax position

    We prepare the 15CB certifying that the tax on the funds is clear, from your account history and the interest already taxed, which is the actual gate to the remittance.

  3. 3

    We handle the missing-source problem

    Where the original source papers are gone, we prepare the self-declaration and the certificate in the form your bank accepts, so a tax-clear legacy balance is not held up for want of decades-old receipts.

  4. 4

    We stage a large balance across years if needed

    Where the capital balance exceeds one million dollars in a year, we plan the remittance across financial years so it moves cleanly within the limit.

What to have ready

Documents you'll typically need

  • Your NRO account statements showing the balance and its build-up
  • Records of the interest and any tax already paid on the account
  • Whatever source records do exist, for the parts that have them
  • Your passport, PAN and residency details

Your destination country can change the details

Requirements differ from one consulate, university and visa route to the next, how recent the figures must be, how long funds must have been held, and which certificates are mandatory. We assemble the documents around the exact checklist you're applying under. To see how India's tax treaty with your country of residence affects related filings, set your country below or compare all 46 countries.

References on this page

  • Section 195(6) and Rule 37BB: Form 15CA / 15CB for a remittance from an NRO account
  • Form 15CB certifies the tax position (chargeability, rate, tax paid), not the source of funds
  • RBI Remittance of Assets rules: USD 1 million per financial year from NRO capital balances
  • Current income (rent, interest, dividend, pension) net of tax is freely repatriable, outside the cap

Frequently asked questions

Common questions

Usually yes. The tax law does not require you to prove the decades-old source. The 15CB certifies the tax position of the funds, not their history, so if the tax is clear the certificate can be given. Where the original papers are gone, a self-declaration plus the CA certificate is the standard route.

Up to USD 1 million per financial year from your capital balances, which is where old savings, gifts and matured deposits sit. Current income such as rent, interest and dividends, net of tax, is freely repatriable on top of that limit, so it does not eat into the one million.

No. The CA's Form 15CB certifies the tax position: whether the remittance is chargeable, at what rate, and that tax has been paid. It does not certify the source of the funds. Any extra source documentation a bank asks for is the bank's own compliance practice, not a tax-law requirement.

The capital portion is staged across financial years, using each year's one-million limit, while the current income continues to be repatriable separately on top. A practising CA plans the sequence so the whole balance moves cleanly.

The exceptions that change the answer

Where the general rule stops applying to you

Every rule below has a carve-out, a cut-off date or a condition that flips the answer. These are the ones that decide real cases.

NRO repatriation ceiling

Right now: USD 1,000,000 per financial year, per person

Where it works differently

The sale proceeds exceed USD 1 million
The balance waits for the next financial year. Joint holders each have their own limit.
The cap is per person per financial year.
The property was bought with foreign-currency funds
Sale proceeds of up to two residential properties may be repatriated outside this cap, limited to the original foreign-currency investment.
FEMA 21(R). Requires the original remittance trail.
Remitting
Form 15CA and, above Rs 5 lakh of taxable remittance, Form 15CB from a CA are required.
Rule 37BB.

Commonly got wrong

  • NRIs can remit USD 250,000 a year. That is the LRS limit for RESIDENTS. NRIs use the Remittance of Assets route at USD 1 million.An NRI does not remit under LRS. NRO balances and sale proceeds go out under the Remittance of Assets route, capped at USD 1 million per financial year, with Form 15CA and 15CB.

NRO account: what it costs and what it caps

Right now: Interest taxed at 30% plus surcharge and cess; repatriation capped at USD 1 million a financial year

Where it works differently

A TRC and Form 10F (Form 41 from 1 Apr 2026) are furnished
The treaty rate applies to the interest, commonly 10-15% under Article 11 instead of 30% plus surcharge.
s.90(2). This is the single largest recurring recovery item for most NRIs.
Remitting out
Form 15CA is needed, plus Form 15CB from a CA where the remittance is chargeable and above Rs 5 lakh in the year.
Rule 37BB.
Joint holders
The USD 1 million ceiling is per person per financial year, so joint holders each have their own.
FEMA 13(R).

Commonly got wrong

  • NRO interest is taxed at 30%. Incomplete. Surcharge and 4% cess sit on top, and a treaty can cut it to 10-15%.30% plus surcharge and cess by default, but 10-15% under most treaties if you hold a TRC and file Form 10F.

Form 15CB requirement threshold

Right now: Rs 5,00,000 in the financial year, where the remittance is chargeable to tax

Where it works differently

The remittance is not chargeable to tax
Part D of Form 15CA only. No 15CB.
Rule 37BB structure.
The remittance falls in the specified exempt list
No Form 15CA at all.
Rule 37BB(3) specified list.

Commonly got wrong

  • Every outward remittance needs Form 15CB. Only where chargeable to tax and above Rs 5 lakh in the year.Form 15CB is needed only where the remittance is chargeable to tax AND exceeds Rs 5 lakh in the financial year. Otherwise Part D of Form 15CA is enough.

When the rule was applied against someone else

A taxpayer in this position won

The rule reads as settled. These are decisions where it was applied to someone in your situation and did not hold, with the exception that carried them and a link to the source.

Old NRO money stuck for want of a paper trail?

Tell us the balance and how it built up. A practising CA will certify the tax and move it out on a free call, no obligation.

No card, no obligation. All certification and filing work is handled by ICAI-registered practising Chartered Accountants.