Fintotal News Analysis | Transfer of money from NRO account to NRE account permitted by RBI
Transfer of money from NRO account to NRE account permitted by RBI
Ruby Jacob, 09 May 2012

The central bank has allowed NRIs to transfer funds from their Non Resident Ordinary (NRO) account to Non Resident External (NRE) account subject to the cap of  $1 million USD in a financial year. Prior to this, non residents were eligible to move funds from NRE account to NRO account, but not the other way round. Transfer can happen subject to payment of applicable taxes.

NRE accounts are like savings account from which an NRI can repatriate funds. Deposits in NRE accounts are from earnings made abroad. NRO accounts, as against this, are like savings account from which funds are not fully repatriable.

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