NRI Special Episode Transfer Money Out Of India How To Do It Legally ?

Summary

In this episode of Expert PE, Dr. Chra discusses the legal intricacies of money transfer from India for NRIs and residents. Chartered accountant CA Sri Rra explains the $1 million remittance scheme for NRIs, detailing its conditions, exceptions, and documentation requirements. The conversation clarifies misconceptions about taxes and the necessity of PAN for remittances, emphasizing the importance of adhering to FEMA regulations and the role of authorized dealer banks in ensuring compliance.

Takeaways

• 📚 The video discusses legal ways for NRIs and residents to transfer money outside of India for various purposes like education, health, property, and business.
• 🏦 Chartered accountant CA Srira explains the regulations and steps for money remittance, emphasizing the importance of following legal procedures.
• 💼 NRIs have the right to remit money from India if the funds are from non-prohibited sources and taxes have been paid, but certain regulations must be followed.
• 🚫 Capital account transactions usually require prior permission from the RBI, while revenue account transactions like dividends and rental income can be remitted freely under the automatic route.
• 💵 The $1 million scheme allows NRIs to remit up to $1 million per person per year without prior RBI permission, but with certain exceptions and conditions.
• 🏠 The $1 million scheme does not apply to remittances of funds from NRE or FCNR accounts, as these are considered already outside of India for FEMA purposes.
• 🚫 The scheme cannot be used to transfer money to third parties; it is meant for transferring to one's own foreign account for personal use.
• 💼 Remittance under the $1 million scheme does not require an additional 20% tax or TCS, unlike the Liberalized Remittance Scheme for residents.
• 📄 For remittance, NRIs must have a PAN card and may need to provide documentation to the bank for due diligence, but form 15CA/CB is not required under FEMA.
• ✅ The video promises a follow-up episode to address the remittance process for resident Indians, indicating the complexity and need for guidance in this area.

Q & A

What is the main topic discussed in the video?

The main topic discussed in the video is the legal and procedural aspects of transferring money outside of India, particularly for Non-Resident Indians (NRIs) and Resident Indians.

Who is the expert being interviewed in the video?

The expert being interviewed in the video is Chartered Accountant Srira, a practicing chartered accountant who specializes in direct taxes and income tax litigations.

What are the two types of transactions mentioned in the video that affect fund remittances?

The two types of transactions mentioned are Capital Account Transactions, which involve modifications of assets or liabilities, and Revenue Account Transactions, which involve income like dividends, interest, or rental incomes.

What is the significance of the $1 million scheme for NRIs mentioned in the video?

The $1 million scheme allows NRIs to remit up to $1 million per person per year from India without requiring prior permission from the Reserve Bank of India (RBI), provided the funds are not sourced from prohibited transactions.

Does the $1 million scheme apply to both NRIs and Resident Indians?

No, the $1 million scheme is specifically for NRIs and Overseas Citizens of India. Resident Indians have a separate Liberalized Remittance Scheme with a limit of $250,000 per financial year.

Can an NRI use the $1 million scheme to transfer money to a friend outside of India?

No, the $1 million scheme is only for transferring money to the NRI's own account outside of India. Transfers to third parties do not qualify under this scheme.

Are there any tax implications when an NRI remits money under the $1 million scheme?

There is no additional tax like TCS (Tax Collected at Source) applicable for remittances under the $1 million scheme once the applicable taxes in India have been paid.

What is the role of an Authorized Dealer (AD) Banker in the remittance process?

An Authorized Dealer (AD) Banker is the bank through which an NRI can remit funds outside of India. An NRI can only use one AD Banker for remittances in a financial year.

What documents are typically required for remittances under the $1 million scheme?

Typically, forms prescribed by the RBI, declarations, and documentary evidences proving the source and purpose of remittance are required. The exact documents can vary based on the nature of the funds being remitted.

Is it necessary for an NRI to have a PAN card to remit money under the $1 million scheme?

Yes, an NRI must have a PAN card to remit money from India to outside of India under the $1 million scheme.

What is the purpose of forms 15CA and 15CB in the context of remittances?

Forms 15CA and 15CB are requirements under the Income Tax Act, not the Foreign Exchange Management Act. They are not typically required for remittances to an NRI's own account outside of India but may be requested by the banker for due diligence purposes.

Outlines

00:00

🌟 Introduction to NRI Money Transfers

The video begins with a warm welcome from the host, who introduces the topic of transferring money from India for Non-Resident Indians (NRIs) and residents alike. The host emphasizes the importance of understanding legal hurdles and procedures for various purposes such as education, health, property, and business investments. The episode features a discussion with a chartered accountant, CA Sri RRA, who is an expert in income tax and has helped many NRI audiences with their tax queries. The conversation aims to provide guidance on legally moving money out of India, discussing regulatory requirements and steps to follow.

05:01

💼 Legalities and Capital Account Transactions

CA Sri RRA explains the legal framework for money transfer, highlighting the difference between capital account transactions (which may require prior permission from the Reserve Bank of India, or RBI) and revenue account transactions (which are generally free to remit without restrictions). The discussion clarifies that funds earned legally and on which taxes have been paid can be remitted from India, but specific regulations must be followed. The video also introduces the $1 million remittance scheme for NRI individuals, allowing them to transfer up to $1 million per financial year without prior RBI permission, with certain exceptions.

10:02

🚫 Limitations and Exceptions of the $1 Million Scheme

The conversation delves into the limitations and exceptions of the $1 million remittance scheme, emphasizing that it is applicable only to non-resident individuals and not for resident Indians. The scheme does not permit money transfer to third parties for purposes like starting a business or investing; it is meant for personal accounts. The video also addresses the ineligibility of funds originating from prohibited transactions, such as the purchase of agricultural land, to be remitted under the scheme. Additionally, the host and CA Sri RRA agree to create a separate video to address the remittance rules for resident Indians due to the growing need for such information.

15:04

🏦 Banker's Role and Documentation Requirements

CA Sri RRA outlines the role of the authorized dealer (AD) banker in the remittance process, explaining that an NRI can only use one AD banker per financial year for remittances. The video discusses the documentation requirements set by the RBI, including forms and declarations that must be filled out and submitted by the remitter. The host emphasizes the importance of having a PAN card for remittance purposes and the banker's responsibility to ensure compliance with tax regulations and due diligence. The video also clarifies that form 15CA and 15CB are not required under the $1 million scheme for transfers to one's own foreign account.

20:05

📚 Conclusion and Future Video Announcement

The video concludes with a summary of the key points discussed, including the rules and regulations for NRI money transfers, the $1 million scheme, and the importance of documentation and due diligence. The host encourages viewers to ask questions and share their thoughts in the comments section, promising to address common queries in future videos. The host also announces plans for a separate video focusing on resident Indians' remittance rules, acknowledging the high demand for such information. The video ends with a call to action for viewers to subscribe, like, share, and stay tuned for more informative content.

Keywords

💡NRI

NRI stands for 'Non-Resident Indian,' referring to Indian citizens who live abroad for various reasons, such as work, education, or retirement. In the context of the video, NRI is central as it discusses the legal methods for transferring money outside of India, which is a common concern for NRI individuals managing finances across borders. The video aims to provide guidance on how NRI can remit money legally, highlighting the importance of understanding financial regulations that apply to them.

💡Remittance

Remittance refers to the act of transferring money from one country to another, typically from a person working in one country to their family in their home country. The video discusses the legal hurdles and steps involved in remitting money outside of India, emphasizing the need for NRI and resident individuals to follow proper procedures to avoid legal issues. It is a key process that many viewers are looking to understand, as indicated by the video's focus on explaining the nuances of remittance regulations.

💡Legal hurdles

Legal hurdles in the video refer to the challenges and obstacles one might face when trying to transfer money across international borders legally. The discussion highlights the importance of adhering to the Foreign Exchange Management Act (FEMA) and other Indian laws when remitting money. The video aims to clarify these hurdles and provide solutions to help viewers navigate the legal requirements for transferring funds.

💡FEMA

FEMA stands for 'Foreign Exchange Management Act,' which is a crucial regulatory framework in India that governs foreign exchange transactions. The video discusses FEMA in the context of rules and regulations that must be followed when NRI individuals or entities want to transfer money out of India. Understanding FEMA is essential for viewers to ensure their financial transactions are compliant with Indian law.

💡Automatic route

The automatic route mentioned in the video is a mechanism under FEMA that allows certain transactions to be conducted without prior approval from the Reserve Bank of India (RBI). It is a key concept for viewers to understand because it simplifies the process of remitting money for eligible transactions, as long as they adhere to the specified limits and regulations.

💡Capital account transactions

Capital account transactions refer to the movement of funds that affect a country's assets or liabilities, such as investments or sales of assets. In the video, these transactions often require prior permission from RBI, unlike revenue account transactions, which are more freely allowed under the automatic route. Understanding the difference between capital and revenue account transactions is crucial for viewers to know when they might need special permissions for remittance.

💡$1 million scheme

The $1 million scheme is a specific provision under FEMA that allows non-residents, including NRI, to remit up to $1 million per financial year without prior permission from RBI, provided the funds meet certain criteria. The video explains this scheme in detail, emphasizing its benefits for NRI who wish to transfer larger sums of money legally and the exceptions to its use.

💡Authorized dealer (AD) banker

An authorized dealer (AD) banker is a bank authorized by the RBI to deal in foreign exchange. In the context of the video, the AD banker plays a crucial role in facilitating the remittance process, ensuring compliance with FEMA regulations, and conducting necessary due diligence. The video emphasizes the importance of selecting an AD banker for remittances and the procedures involved.

💡Tax liabilities

Tax liabilities refer to the taxes that must be paid on certain types of income or transactions. The video discusses the importance of settling any tax liabilities before remitting money outside of India. It clarifies that while taxes must be paid on the income earned, there is no additional tax like TCS (Tax Collected at Source) applicable on remittances under the $1 million scheme, which is a critical point for viewers to understand.

💡PAN card

A PAN card is a Permanent Account Number issued by the Indian Income Tax Department to taxpayers. The video emphasizes that having a PAN card is mandatory for any individual, including NRI, who wishes to remit funds from India. It serves as a key identification document and is required for compliance with Indian tax regulations, making it an essential component of the remittance process.

Highlights

The episode discusses legal ways for NRIs and residents to transfer money outside of India for various purposes.

CA Sri Rra explains the regulations for sending money out of India, including when prior permission from RBI is required.

Capital account transactions, which modify assets or liabilities, usually require prior permission for fund remittance.

Revenue account transactions, such as dividend or rental income, can be remitted without much restriction under the automatic route.

The $1 million scheme allows NRIs to remit funds without prior permission, but with certain exceptions.

The $1 million remittance limit is exclusive to NRIs and not applicable to residents, who have a limit of $250,000.

The $1 million scheme is not for making payments to others but for transferring to one's own foreign account.

Remittances from NRE or FCNR accounts are not subject to the $1 million scheme as these accounts are considered outside of India.

There is no additional tax like TCS required for remittances under the $1 million scheme.

An NRI must have a PAN card in India to avail of the $1 million remittance scheme.

The process for remittance involves designating an AD (Authorized Dealer) bank and providing necessary documentation.

Banks may require a CA's certification for due diligence, but it is not necessary for every transaction.

Form 15CA and 15CB are not required under FEMA for remittances to one's own foreign account.

The video promises a separate episode to address the remittance queries of resident Indians.

The host encourages viewers to subscribe and share the video for its informative content on financial guidance.

Transcripts

dear viewers welcome to yet another

episode of expert PE I'm picking up a

very popular topic I'm picking up a

topic which is relevant to every NRI and

to a lot of Resident individuals as well

everyone is looking to transfer money

outside of India could be education

expenses could be health related

expenses to buy a property to start a

business to invest outside of India but

people hit hurdles there are legal

hurdles there are law requires them to

do certain things in this episode I'm

going to talk to expert of the week

chartered account SRI ra about how

people can move money out of India in a

legally correct way and what are the

steps that you need to follow stay till

the end of the video very fine points

I'm going to discuss with chartered

accountant SRI ra this is NR clinic for

you and I am Dr chra your financial

guide for a happy living

[Music]

NRI money Clinic no hype just the right

advice dear viewers to talk about this

very important sensitive topic I have

requested my eminent faculty ever

willing chartered accountant CA Sri rra

CA Sri rra has deciphered so many finer

points of income tax for the benefit of

our audience he is here today yet again

to talk about how money can be remitted

outside of India this video is all about

for nris who want to remit money outside

of India we are also trying to pick up

certain threads for the resident Indians

how they can Reit money but if the video

becomes very large probably I request

CRA to come again on our channel to do

one specific video for the benefit of

President IND uh for those people who

haven't seen camra till now I'll give

you a brief introduction of s ra he is a

practicing chartered accountant partner

at n city at PO he practice direct taxes

he appears for litigations on income tax

he has helped countless of NRA audiences

in solving the tax queries welcome yet

again sham for this episode you're

welcome uh my first question to you is

can nris only Reit money into India or

do they have a right to take money

outside India as well any person who has

funds in India which is ear earned from

a source which are not prohibited under

FMA and also on which the applicable

taxes in India as been paid such funds

will be eligible to be remitted from

India there is no issues however there

are certain regulations which needs to

be followed before remittance of funds

and certain of funds which are to be

remitted they are you know require

specific prior permission from RBI and

most most of the funds which are

required to be limitted are you know

does not require any prior permission

from RBI or central government and it is

it can be covered within an automatic

route and funds can be remitted without

the prior fission you talked about prior

permission of RBI and you also said in

an automatic route which does not

require anyone's permission you can send

this money out of India uh can you

explain when the permissions are

required at when the automatic route we

opted for yes certainly there are

certain Capital account transaction that

is to say a transaction which is

modifying the asset or liability and say

remittance of funds which are soured out

of modification of asset or liability

will be considered as capital account

transaction and generally funds soured

out of capital account transaction will

come under the prior permission category

and any Revenue incomes that is to say

dividend income received from their

investment in India or say interest

income received or say they are

receiving rental incomes which are you

know a current year income we can say

saying that every year that income is

being earned by that particular person

from their investments in India these

Investments are called as revenue

account transactions as such and which

are free for remittance without much of

a restrictions under pemma under

automatic route there is no requirement

for prior permission of RBA in this

regard uh we have heard about this $1

million scheme uh specifically for NRA

it says that every NRA is entitled to

reparate money at the rate of $1 million

per person per year uh can you throw

some light on this what are the S

features of it who can use it what does

it cover and what it does not yes

absolutely I can you know throw some

lights on that this particular $1

million scheme is applicable for

remittance by a person being a

non-resident under Foreign Exchange

Management act which is pemma it is an

exception rule that means to say

whatever may be the other rule say this

$1 million scheme is a specific rule

which is allowing the person to remit

funds even though certain uh those funds

require prior permission of RBA before

remittance for example if there's a

capital account transaction on sale of

an iner so this is the consideration

received there from which is lying in

the bank account is a capital account

transaction if that fund has to be

remitted outside of India at that time

it is mandatory for that part particular

person to take the permission of RBI

however the fund if it is less than $1

million for a financial a to be remitted

then there is no requirement for Prim

permission by that non-resident he can

Avail the benefit of this ke and whereby

he can remit the funds under this key

without requirement of fire prior

permission under an automatic rule

however this EX exception rule has got

some further exception say for example

if there is an asset which is in India

which is held by that particular person

in contravention of the provisions of

feema that means say a non-resident had

purchased an immobile property being an

agricultural property this is prohibited

under femma for a non-resident to

purchase some he came to know that he

has purchased you know with the

violation that's why he sold it now and

the conservation is received in the bank

account that money will not be eligible

to be remitted outside of India because

that money was originated from a

transaction which is pried under feema

so this is an exception to exception

otherwise all the capital account

transactions generally will be allowed

to be limitted unless they are

specifically prohibited for from

remittance of from India when we talk

about $1 million schem is it only

applicable to nris when I say not

nonresident individuals I am refering to

non-resident Indians does it apply only

for them or even a resident Indian can

make use of this scheme the $1 million

scheme is applicable only to

non-resident or ocas overseas citizen of

India for remittance of funds from India

under an automatic and they have an

higher limit of $1 million per Financial

year for remittance however whereas a

resident has an similar rout but it is

called as liberalized the remittance

scheme under this he can remit up to .25

Millions only .25 million dollar that is

2 and a half lakh USD or financial year

he can remit that is the rule applicable

for Resident but nonent the additional

threshold of $1 million per has been

provided Mr sham ra let's do a separate

video for the benefit of our resident

Indians we had done a video earlier also

which has quite become quite popular now

the relevance of this video could be

much higher we were doing the statistics

last year we saw about 13 and a half

lakh children have gone outside of India

for higher education alone uh consider

the amount of uh people who are

traveling people going abroad for

Medical Treatments people uh these days

buying properties outside of India like

in Bali in duai so the need for

remittance of money to outside of India

is on the rise so we will promise our

audience that we'll do separate video

with all the Kat all the rules and

regulations that you need to follow when

it comes to question of remitting money

to outside of India in case of President

Indians now coming back to our subject

now we talked about $1 million for the

NIS I'll ask you some of the

ramifications of it or some of the

complications that could be there in it

let's say that I an N I am eligible to

transfer $1 million outside of India now

my friend wants to start in hospitals

can I remit $1 million from India to a

friend of mine who is outside of India

under the scheme the answer is no the

sent scheme is only for the purpose of

remittance to sell and not for the

purpose of making payment to the others

that means you have an account outside

of India you from your Indian bank

account you transfer it to your own bank

account outside of India so that is

eligible under the $1 million scheme if

you want to make a payment to somebody

else $1 million scheme will not do your

rescue you have to either take

permission if it is required otherwise

if it is a revenue account transaction

you can remit under normal other rules

the $1 million scheme will not apply

under those circumstances here one more

K if you want to invest outside of India

say you are a non-resident in India you

transfer from your own bank account to

your bank account outside of India from

there you can make investment but from

India to directly there cannot be done

under $1 million so which means to say

the the ad bank will check to whom the

money is going so you are to your own

account so that's permitted but if you

say the beneficiary is a third party so

they will object for it so make sure you

collect this money in your account and

decide what you want to do with this

money once it reaches your back account

when it comes to question of $1 million

scheme you mentioned about uh one

restriction assets are acquired uh In

Contention of the F law then you can't

remit this money outside of India are

there any other restrictions other than

these ones normally any funds remittance

of which are allowed or which are not

specifically prohibited in the PMA can

be remitted under $1 million however if

any transaction by remittance which are

specifically prohibited under PMA then

such remittance cannot be remitted under

the scheme if the amount to be remitted

over and about $1 million scheme then

prior per permission of RBI is required

so this is how it is so almost

everything is covered but then exception

so to just summarize as long as it does

not violate the FMA law the source of

funds that's permitted as long as it is

within the threshold of $1 million per

person per year it's permitted anything

beyond that either it is not permitted

or you need RBA permission to transfer

money outside of India one doubt uh in

case of n is nris maintain heal of a lot

of nfds they have fcnr deposits now the

law says it is freely reparable outside

of India now when somebody moves money

out of India from their NRE or fcnr

account has it to be computed under $1

million scheme or it is something

different the answer to that is $1

million scheme will not apply for

remittance out of the NR or fcnr fund

because even though they are the type of

bank accounts maintained with an Indian

Bank from the perspective of Foreign

Exchange Management act that is femma

these accounts have the balances which

are already outside of IND India that

means if any funds are there it is

already considered as outside of India

so the funds can be freely repatriable

outside of India without any limit hence

they are not covered by the regulations

of $1 million scheme for threshold of

calculation of $1 million if any

remittance out of NRE and fcnr that will

not be counted so if my understanding is

correct whatever an NRI transacts from

his NR fcnr account with respect to

moving money outside of India has

nothing to do with the 1 million schem

you can do it you can transfer money at

your will whenever you want whichever

the day you wanted no questions ask over

there yes however your funds which are

there in India if it has to be moved

that is where the $1 million scheme uh

will apply so you don't need to uh take

into account any transactions you have

made from your NRA account into this uh

Mr sham uh sometime back we also have

done a video on this there was a

sensational news that to remit money out

outside of India you need to Shell down

20% tax and it becomes such a Hot Topic

divoted topic trending topic Google

YouTube all over the place now when it

comes to question of $1 million schem

are nris required to Shell down 20% tax

before they Adit money outside of India

see the money which is lying in the bank

account on that whatever is the tax

liability if any that needs to be

discharged that means to say say I have

sold sold the property I earn sale

consideration on that if any tax

liability is there that needs to be paid

but once it comes to my bank account and

taxes all that uh already been paid then

for remittance purpose there is no tax

applicability I think you're referring

to TCS which is applicable for

remittance of funds under liberalized

remittance scheme the lrs scheme

liberalized remittance scheme is

applicable only when a resident remit

fund from India to outside of and at for

$1 million scheme there is no

applicability of TCS so for the purpose

of remittance of funds there is no

additional tax to be paid uh in terms of

TCS or any other particular TDS or

whatever it is when somebody wants to

transfer uh money under $1 million can

he just walk into a bank and say that I

an NRA I want to transfer money $1

million outside of India and do it or is

there a documentation that needs to be

done are there clearances which are

required before the money leaves India

here one need to make sure that for a

financial year when a person is

remitting funds outside of India he can

only have one Banker that we normally

call it as authorized dealer Banker ad

banker and from only one Banker he can

make the remittance from India to

outside of India in One Financial year

so he can do that in tranches also so

there is no restriction that in one go

only the Entre money has to go outside

of India under $1 million so he has to

First make sure one of his Banker where

his funds are that Banker is termed as

ad Banker for the purpose of remittance

if he has funds in multiple bank

accounts in India he has to bring the

those monies into One bank account and

from there he can make the remitance

outside of India this is one of the

requirement second requirement is the

documentation there are documentation

requirement under the foreign management

act so under RBI guidelines they have

you know prescribed certain forms to be

filled up wherein they have to mention

the source for the what is the purpose

of remittance provide certain other

documentary evidences for remittance of

funds those are actually very subjective

and there there are forms which are

similar to form2 for remittance of funds

and and declarations certain

declarations to be given by the nonr

which the banker will help you to you

know fill up those forms and make the

submissions along with the were check

for remittance Etc if you provide it to

the banker they will make the remittance

out of India to their bank accounts

outside of India now the banker is

supposed to do other due diligence also

for example the source of fund whether

that has been taxed or not whether the

tax relevant tax on that has been paid

or not in this regard they may ask for

certain other documents say if the

proceeds are from sale of an immovable

property then they will ask for the

immovable property sale uh registered uh

deed of the that immovable property sale

they will ask for say um form 16a for

the TDS being directed on the sale of

immovable property say they may ask for

the return of income whether that has

been you know filed by that particular

person declaring this income so on and

so forth so these are the certain other

documents or information which the

banker may ask for which the person who

is reming funds from India to outside of

India has to provide to the bank which

means there is a need of a chartered

accountant to ify certain of these

documents it is not necessary in each

and every transaction that there is a

requirement of a Char accountant but for

certain due diligence procedures which

the banker will you know have to take

care at that time he may require certain

certification from a child accountant

for if there are no proper documentary

evidences are available at the disposal

of the banker which means to say uh here

an NRA must have a pan card before he

uses the $1 billion scheme I suppose is

that correct 100% a person remitting

funds from India to outside of India

must have a pan in India without the pan

he cannot remit funds from India to

outside of India at all so there is a

huge responsibility here in these cases

on the ad Banks to assertain that the

thresholds are not violated and the

required regulatory requirements

pertaining to the applicable taxes if

anything has to be paid are paid here

and take a certificate from chartered

accountant or as the case may be

whatever that the procedures say have to

be ensured so the control points here is

only one ad bank is allowed ad Bank May

track their par to know has he used it

multiple number of times at multiple

number of places to keep a

control we have heard about this

certificates called 15ca and 15 CB uh is

it something which is applicable to $1

million SK I will explain this in a very

lucid manner this form 15 csb is a

requirement under Income Tax Act it is

not a requirement under Foreign Exchange

Management act or say RBI none of them

prescribe These funds when a person

remits from India that to his own bank

account to his bank account outside of

India then no Banker can insist on form

15 CA or CB this is because of the fact

that these are the forms which are

required under Income Tax Act and not

under F hence RBI does not frame any

directions in this regard mandating such

forms to be provided by the remitter

secondly form 15 cacb is a requirement

of section 195 subsection 6 of the

income tax act read with rule 37 BB of

the income tax rule these provisions and

the rule specifically say that these

forms are required only when a person is

making the remittance in respect of a

payment which he needs to make to a

non-resident meaning thereby when a

person is transferring his fund from his

own pocket one pocket to the other

pocket say his Indian bank account to

his foreign bank account or say from his

nro bank account to his NR bank account

the bankers are also aware of this fact

so under these fact and circumstances

there cannot be any form 15 cacb

required to be furnished by the remitter

as such further the RBI Master

directions on this issue of $1 million

scheme in the one of the par it clearly

says that it is the form 15 csbs are the

requirement of income tax act and it

requires that the banker must comply

with the requirement of the tax laws as

applicable that means to say the banker

has to do the due diligence while doing

the due diligence he may ask for CER

information documentary evidences which

if the person is you know able to

furnish then there is no requirement of

form 15 csb but if the person is not

able to furnish then also there is no

requirement of form 15 CB because that

is not a requirement under income tax

but for the due diligence purpose the

banker May insist on certain other

certification required by that

particular Char accountant or in respect

of a particular transaction which the

source for the funds which is being

remitted outside of India so in a

nutshell the banker may ask for certain

certifications but that certifications

are not or cannot be provided in form 15

cacb because that is not the requirement

under income tax act when a person makes

a remittance from his own bank account

to his foreign bank account this is as

clear as that uh Mr shamra thank you

very much for all these find points you

added a lot of points from the videos

that we have done in the past and we are

Guided by the comments that received by

our audience uh my dear audience please

make note here if you have certain

doubts if you want certain clarification

uh please do raise them in the comment

section below we may or may not be in a

position to answer them immediately

however we read your comments definitely

we make note of when more and more

people ask more and more questions to us

we will collect them ask to our

faculties and will try to do a video to

solve these issues or to give you

authentic information which is asper law

uh thank you very much for your time and

uh I again request you let's try and do

one more video for the benefit of our

resident Indians how they can remit

money outside of India there are more

questions for the resident Indians with

respect to transfer of money to outside

of India than probably for the NS let's

do this videos once again very soon

thank you again for your time patience

and your ever willingness come on our

channel for the benefit of our audence

thank you very much you're welcome dear

viewers hope the video that I have done

today helped you to understand if you

were to be an NRA how you can transfer

money outside of India what are the

rules and regulations that government

what kind of certifications have to be

done what are the threshold what you can

do what you cannot do we have tried our

best to answer all the final points

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