NRO to NRE transfer rules: $1 million limit, taxes and documents every NRI must know
- NRIs can transfer eligible funds from NRO accounts to NRE accounts under FEMA rules and RBI regulations.
- The transfer limit is capped at USD 1 million per financial year, from April to March.
- NRO interest remains taxable in India, while qualifying NRE account interest is exempt from Indian income tax.
- Banks can require tax declarations, source-of-funds proof and other documents before processing the transfer.
Source: ndtvprofit.com
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