Skip to content
Got a notice? Emergency response

Remittance & 15CA/CB

Moving money from your NRO account to NRE or abroad, 15CA, 15CB and the USD 1 million route

Your bank says it can't release the funds until a chartered accountant signs a Form 15CB and you file a Form 15CA, and nobody has explained why.

You have savings sitting in an NRO account, rent that came in while you were abroad, interest on old deposits, money a relative transferred to you, and you want to move it to your NRE account or send it overseas. The bank won't process the transfer on its own. It asks for a Form 15CB signed by a chartered accountant and a Form 15CA filed online, and it mentions a limit of USD 1 million for the year. The forms exist to confirm one thing before the money leaves: that whatever tax was due on those funds has actually been paid.
Request a free CA call
Last reviewed: 10 June 20268 min readReviewed by Preetesh Maloo, CA

The short answer

Funds in an NRO account can be moved to an NRE account or remitted abroad up to USD 1 million per financial year (the RBI / FEMA route for NRO balances), once the tax position is in order. For most such transfers the bank needs a Form 15CB. A certificate from a practising chartered accountant confirming the nature of the funds and that the correct tax has been deducted or paid, and a Form 15CA, the online declaration you file with the income tax department quoting that certificate. With both in hand the bank releases the money within the annual limit.

Is this your situation? Get a senior CA on it.

Free 15-minute call. We tell you what applies to you and what it costs, then you decide. You stay abroad.

Senior CA who specialises in NRI tax · we deal with the tax officer, you don't

Chat with a CA on WhatsApp

Full guide: How much TDS is deducted on an NRO account, and how to lower it

Related situations

Why the bank asks for these two forms

An NRO account holds income that arose in India, rent, dividends, interest, sale proceeds, gifts. Some already taxed, some not. Before money crosses into an NRE account or leaves the country, the bank needs proof the tax side is clean.

That proof comes in two parts. Form 15CB is a certificate signed by a practising chartered accountant confirming the nature of the funds and that the correct tax has been deducted or paid. Form 15CA is your own declaration, filed online with the income tax department, quoting the 15CB. The bank keeps copies of both on file as its record that it did not move untaxed money out of India.

FormWho signs itWhat it does
Form 15CBA practising CACertifies the tax on the funds is settled
Form 15CAYou (the remitter)Declares the remittance, quotes the 15CB

For an NRO-to-NRE move of any size, most banks insist on the CA certificate. It is the document that protects them.

The USD 1 million a year limit, and what it covers

Under RBI's FEMA rules, an NRI can remit up to USD 1 million per financial year out of their NRO account balances: the same ceiling covers property sale proceeds and inherited assets routed through NRO. The limit runs April to March, per person; a couple each has their own ceiling.

The USD 1 million is a remittance ceiling, not a tax allowance. Staying inside it does not make the money tax-free. The tax still has to be settled, which is what the 15CB certifies. Both hurdles have to be cleared. Funds in an NRE or FCNR account are freely repatriable and sit outside this limit.

If your transfer is heading toward the ceiling, splitting across two financial years is a normal solution. The CA who prepares your 15CB will flag where you stand against the limit before the bank sees the transfer.

A worked example: clearing two years of rent

Anita lives in Singapore and rents out a flat in Bengaluru. Over two years the rent, net of the tenant's TDS, has built up to about ₹38 lakh in her NRO account; she now wants it in her NRE account to move freely to Singapore.

Her CA checks the source: rental income, TDS already deducted, returns filed. On that basis the CA issues a Form 15CB describing the funds as post-tax rental income. Anita files Form 15CA online quoting the certificate, hands the bank both documents, and the funds move from NRO to NRE.

At ₹38 lakh the transfer is comfortably under the USD 1 million ceiling. A single remittance works. Had the rent been larger, say ₹70 lakh, the CA would have staged part into the next financial year.

Sending the rent abroad every month, without starting over each time

If you rent out a flat in India and want the rent in your home country month after month, you don't have to treat each transfer as a new project. Rent is current income, once TDS is being deducted and you account for it in your return, the bank releases it on a recurring basis using the same rental-income purpose code.

There is no standing certificate that covers all twelve months. Each remittance still needs its own Form 15CA (becoming Form 145 from FY 2026-27), and where a month's taxable total, added to the year's others, crosses ₹5 lakh, that transfer also needs a Form 15CB (Form 146 from FY 2026-27). A CA who already holds your rent agreement, TDS position and PAN can turn each one around quickly.

Each monthStanding or repeated?
Form 15CA filedRepeated. One per remittance
Form 15CB (once over ₹5L aggregate)Repeated, but quick once set up
Rental purpose codeSame code reused each time

Consistency is what keeps it smooth: the same purpose code, the same rent pattern, the same evidence on file.

Sending money to family in India, usually no certificate at all

People often assume the 15CA/15CB drill applies to any money crossing a border. It doesn't. These forms only govern money leaving India for a non-resident. Money you send from abroad into India is an inward remittance, no 15CB needed, and a gift to your parents is exempt in their hands as a gift from a relative (Section 56(2)(x)).

The forms come into play only the other way, when a resident in India sends maintenance to a relative abroad. Even then, maintenance is not chargeable to tax in India, so it goes on Form 15CA Part D with no CA certificate; several personal-remittance purposes need no 15CA at all.

The certificate is reserved for payments that actually carry an Indian tax charge.

When the bank bounces the certificate over a purpose-code mismatch

A common stall is the bank rejecting a valid certificate because the remittance purpose code doesn't match what the certificate describes. The bank tags every outward transfer with an RBI purpose code, rent, investment income, sale proceeds, and a mismatch triggers a hold.

The fix is alignment, not a fresh start. The purpose code is corrected to match the actual nature of the funds; Form 15CA is re-filed on the matching footing (Part C where a 15CB applies, Part D where the remittance isn't taxable); if the certificate itself needs adjusting the CA re-certifies. Once purpose code, certificate and declaration all agree, the bank releases the money.

Naming the funds accurately when the certificate is first prepared, investment income as investment income, rent as rent, is what avoids the bounce.

The transfers that need only a short declaration, and no CA certificate

Not every remittance needs a CA certificate. Form 15CB is required only where the money leaving India carries an Indian tax charge. Several common transfers don't.

Three lighter routes exist. If the payment isn't chargeable to tax in India, file Form 15CA Part D yourself, no CA certificate needed. If the transfer is on the Rule 37BB specified-purpose list, no Form 15CA is needed at all. Where taxable remittances to a person in the year stay within ₹5 lakh, only Form 15CA Part A is required.

Your situationWhat you file
Remittance not taxable in IndiaForm 15CA Part D, no certificate
On the Rule 37BB specified listNothing under this regime
Taxable, but ≤ ₹5 lakh for the yearForm 15CA Part A only

The judgement that matters is placing the remittance in the correct box, and that turns on whether the underlying payment is taxable in India, not on the amount alone.

What's involved

What the CA actually does

  1. 1

    We trace where each rupee in the NRO account came from

    Rent, interest, dividends, a property sale, a gift from family, each has a different tax answer. We go through the account so the certificate describes the funds accurately, because the 15CB stands or falls on getting the source right.

  2. 2

    We confirm the tax on those funds is actually settled

    We check that any TDS was correctly deducted and that the income was returned and the tax paid. Where something is short. A missed return, under-deducted TDS. We tell you what has to be cleared before the certificate can be signed.

  3. 3

    We issue Form 15CB on the CA's letterhead

    A practising chartered accountant signs the 15CB certifying the nature of the remittance and that the correct tax has been deducted or paid. This is the document your bank is really waiting for.

  4. 4

    We file Form 15CA and check you against the USD 1M limit

    We file the online 15CA declaration quoting the certificate, and we tell you where the remittance sits against your USD 1 million ceiling for the financial year, so the transfer is staged correctly if you are near the cap.

  5. 5

    We hand the bank a clean pack

    You get the signed 15CB and the 15CA acknowledgement together, in the form your bank expects, so the transfer is released without back-and-forth.

What to have ready

Documents you'll typically need

  • NRO account statement covering the funds being moved
  • Source documents for the funds (rent agreement, FD / interest certificates, dividend statements)
  • Your filed income tax returns for the relevant years
  • TDS certificates (Form 16A) on the income, where applicable
  • Your NRE account details (for an NRO-to-NRE transfer)
  • PAN and passport / visa or proof of NRI status

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

  • Form 15CB, CA certificate on the taxability of a foreign remittance (Rule 37BB)
  • Form 15CA, remitter's declaration filed online before remittance (Rule 37BB)
  • USD 1 million per financial year scheme, RBI / FEMA, for NRO-account balances
  • Section 195, tax to be deducted on sums chargeable to tax paid to a non-resident

Frequently asked questions

Common questions

For most NRO-to-NRE transfers and overseas remittances of any size, yes. The bank wants the CA's Form 15CB plus your Form 15CA. Some small or clearly non-taxable remittances can go through on a lighter part of Form 15CA alone, but banks set their own thresholds, and for an NRO balance they usually ask for the certificate.

Strictly under the tax rule, a genuinely non-taxable transfer of your own funds can go on Form 15CA Part D, with no 15CB, and even a taxable transfer needs the CA's 15CB only above five lakh rupees in the year. But in practice banks ask for a 15CB on NRO-to-NRE transfers whatever the size, as their own evidence that the tax is clean before they release the money. So it is often bank practice rather than a strict legal requirement, and a CA who confirms the funds are already taxed makes the transfer go through smoothly.

It is the RBI / FEMA ceiling on how much you can move out of your NRO balances, including property sale proceeds and inherited assets routed through NRO, in a single financial year (April to March). It is per person. Money already in an NRE or FCNR account is freely repatriable and does not count against it.

No. The USD 1 million is a remittance limit, not a tax exemption. The tax on the underlying income still has to be settled, which is what the 15CB certifies. The limit and the tax position are two separate hurdles, and both have to be cleared.

Form 15CB is the certificate a practising chartered accountant signs, confirming the nature of the funds and that the correct tax has been deducted or paid. Form 15CA is your own declaration, filed online with the income tax department, which quotes the 15CB. The CA prepares the first; you file the second, usually with the CA's help.

The route caps at USD 1 million per financial year, so a larger amount is usually split, part now, the rest after the new financial year begins in April. Anything beyond the standard route needs specific RBI approval, which is a separate process. The CA will tell you where you stand before you commit to a transfer.

It is much harder. The 15CB certifies that the tax is settled, and a CA can't sign that cleanly if returns are missing or tax is unpaid. The usual order is to bring the filings up to date first, then issue the certificate. We tell you exactly what needs clearing before the transfer can go through.

Once you become an NRI, a resident FD should be redesignated as an NRO deposit. A PPF opened while resident runs to maturity. You can keep contributing but cannot extend beyond maturity or open a new PPF. The maturity proceeds sit in your NRO account, from where they repatriate through the USD 1 million per financial year route with a Form 15CB and Form 15CA. PPF interest is exempt so the tax check is light; FD interest is taxable and the CA confirms the TDS is settled before certifying. The step people miss: funds have to be routed through NRO first.

There is no single standing certificate that covers every month, each remittance needs its own Form 15CA, and a Form 15CB when the taxable aggregate crosses ₹5 lakh. A CA who already knows the recurring rent, TDS position and your PAN can turn each one around quickly. The bank applies the same rental-income purpose code each time, and the tenant's TDS plus your return are what keep the position clean.

Dividends and interest are current income and freely repatriable from your NRO account once the tax is settled, and unlike capital or sale proceeds, current income does not count against the USD 1 million per-year limit. Dividends carry TDS in the payer's hands; interest is taxed in the normal way. The CA confirms the right tax has been deducted, issues a Form 15CB, and you file a Form 15CA with the bank applying the investment-income purpose code. Where TDS was over-deducted, the excess comes back through your return.

The opposite direction from the one 15CA/15CB governs. Money you send from abroad into India is an inward remittance, no 15CB needed, and a gift to parents is exempt in their hands (Section 56(2)(x)). The 15CA/15CB regime only bites when money leaves India for a non-resident. Maintenance sent to family in India is entirely outside it.

A full close-out applies the USD 1 million per financial year route to your whole NRO balance. If the total exceeds the ceiling it is staged across two financial years. The CA traces every component to its source, confirms the tax on each is settled, issues a Form 15CB and you file a Form 15CA. The bank transfers the balance and closes the account. Clean evidence of tax paid is what lets it go in one transfer.

This happens when the purpose code the bank uses doesn't match the nature of the funds the 15CB describes, say investment income coded as a personal transfer. Align the purpose code with what the certificate certifies, re-file Form 15CA (Part C where a 15CB applies), and if the 15CB itself needs adjusting the CA re-certifies. Once code, certificate and declaration agree, the bank releases the transfer.

It depends on how the shares were held. Listed shares bought under the Portfolio Investment Scheme (PIS) are routed through your designated PIS account and the bank tracks capital-gains tax at source. Shares outside PIS, gifted, inherited or bought before you went abroad, sit in your NRO account and the gain is computed separately. Either way the capital-gains tax is settled first, then a Form 15CB and Form 15CA carry the proceeds out within the USD 1 million route.

A 15CB is needed only where the remittance is chargeable to tax. If the payment isn't taxable in India, file Form 15CA Part D on its own, no CA certificate. If the transfer is on the Rule 37BB specified list, no 15CA is needed at all. Where taxable remittances to a person in the year stay within ₹5 lakh, only Form 15CA Part A is required. The CA's job is to place your remittance in the right box, neither over-documenting nor under-reporting.

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.

NRI holding limits under the Portfolio Investment Scheme

Right now: An individual person resident outside India may hold under 10% of a listed company's paid-up capital; aggregate holding is capped at 24%. The scheme was also widened from NRI/OCI to any individual resident outside India

Where it works differently

Aggregate NRI holding breaches the ceiling
The excess is reclassified as FDI, subject to sectoral cap, pricing and reporting rules, not automatically reversed.
The NDI Rules treat an over-limit portfolio holding as foreign direct investment.

Commonly got wrong

  • The individual holding limit is measured across your whole portfolio or per exchange. The under-10% test is per company, on the fully-diluted paid-up capital of that company.Measure the limit company by company on paid-up capital, not portfolio-wide.

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.

Taxable gift threshold under s.56(2)(x)

Right now: Rs 50,000 aggregate in a financial year

Where it works differently

The giver is a 'relative' as defined
No limit and no tax, whatever the amount.
Explanation to s.56(2)(x). The definition includes spouse, siblings, siblings of spouse, siblings of either parent, lineal ascendants and descendants, and their spouses.
The gift crosses Rs 50,000 from a non-relative
The WHOLE amount is taxable, not just the excess.
The threshold is a cliff, not an allowance.
Received on marriage, under a will, or by inheritance
Exempt regardless of amount or relationship.
Proviso to s.56(2)(x).
A resident gifts to a non-relative NRI
FEMA applies separately from tax. Satisfying s.56(2)(x) does not make it FEMA-compliant.
Two independent regimes: one under the Income-tax Act, one under FEMA.

Commonly got wrong

  • Only the amount above Rs 50,000 is taxed. The entire sum becomes taxable once the threshold is crossed.Cross Rs 50,000 and the whole gift is taxable.
  • A cousin is a relative. Cousins are NOT within the statutory definition.Relative means spouse, brother or sister, brother or sister of the spouse, brother or sister of either parent, any lineal ascendant or descendant of you or your spouse, and the spouse of any of these. Cousins are not on the list.

Primary residence test: days in India

Right now: 182 days

Where it works differently

The person is an Indian citizen leaving India for employment abroad, or as a crew member of an Indian ship
Only the 182-day test applies. The 60-day secondary test is disabled.
Explanation 1(a) to s.6(1)
Counting days
The day of arrival AND the day of departure both count as days in India.
Settled administrative practice; partial days count as whole days.
The financial year straddles a move
Residence is decided for the WHOLE financial year, not from the date of the move. India has no split-year concept, unlike the UK.
s.6 is a full-year test.

Commonly got wrong

  • You become an NRI the day you leave India. True for FEMA, false for income tax. Under FEMA residence changes on departure with intent; under the Income-tax Act it is a full-year day count.Name which law you mean. Say 'non-resident under FEMA from the day you leave' or 'non-resident for income tax if you are in India under 182 days in that financial year'.
  • India has split-year treatment. It does not. Only the treaty tie-breaker resolves a dual-residence year.Point to Article 4 of the relevant DTAA.

Related

If this matched your situation, these go further

Repatriating the proceeds of an Indian property sale, 15CA, 15CB and getting the tax signed offRepatriating an inheritance from India, 15CA, 15CB and proving the money is genuinely yoursRepatriation unblock (15CA / 15CB)15CA / 15CB filing

Stuck moving money out of your NRO account?

Tell us where the funds came from and where they need to go. A practising CA will tell you what the 15CB will say and how the USD 1 million route applies, on a free call, no obligation.

Request a free CA call

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