SBI For outward remittance from NRO account

Based on the document provided, here are the key points regarding the SBI Request for Outward Remittance from NRO account (Form NRI-11.2):

Purpose and Mechanism

• Transaction Type: This form is used to request a debit from an NRO savings or time deposit account for transfer to an overseas beneficiary.

• Transfer Method: Remittances are processed through the SWIFT mechanism.

• Beneficiary Details: Mandatory fields include the beneficiary’s name, address, account number, bank name, branch name, and SWIFT code.

Regulatory and Tax Documentation

The required documentation is determined by whether the remittance is “Chargeable to Tax” and the total annual value:

• Not Chargeable to Tax:

  • For purposes listed in “Table A”: Requires Form A2 if the amount exceeds USD 25,000 or equivalent.

  • For purposes not in Table A: Requires Part D of Form 15CA and Form A2 (if over USD 25,000).

• Chargeable to Tax:

  • Up to ₹5,00,000: Requires Part A of Form 15CA and Form A2 (if over USD 25,000).

     

  • Above ₹5,00,000: Requires Part B of Form 15CA (if an Assessing Officer’s certificate is obtained) or Part C of Form 15CA along with Form 15CB from a Chartered Accountant.

Mandatory Declarations

• FEMA Annual Limit: Applicants must declare that the total foreign exchange remitted from all sources in India during the year is within the USD 1 million limit prescribed by the RBI.

   

• Source Verification: The remitter must confirm the funds arise from legitimate receivables in India and are not borrowed or transferred from another NRO account.

• Compliance & Indemnity: The user agrees to abide by FEMA 1999 provisions and the Income-Tax Act, 1961, and undertakes to indemnify State Bank of India for any penalties resulting from non-compliance or non-deduction of tax.

   

Specialized Remittance Categories

• Table A Purposes: Includes codes for specific activities like Indian investment abroad (S0001-S0005), medical treatment (S0304), education (S0305), and family maintenance (S1301).

• Sale of Immovable Property: Remitting sale proceeds requires a specific Annexure undertaking. For residential property, repatriation is limited to the proceeds of no more than two such properties.

   

• Form A2: This additional application-cum-declaration form is required for various purposes and includes a detailed list of “Purpose Codes for Reporting under FETERS”.