CSB Bank Request letter cum FEMA declaration for fund transfer from NRO to NRE from Download

• Regulatory Reference: The transfer is governed strictly under the guidelines of RBI Circular No. A.P. (DIR Series) Circular no. 117.
• Transfer Limit: The total amount repatriated or transferred cannot exceed USD 1 million per financial year across all sources.
• Exclusive Bank Clause: The applicant must declare that they are utilizing this specific USD 1 million transfer scheme only through CSB Bank.

• Legitimate Indian Earnings: The funds must originate solely from the client’s legitimate receivables in India (e.g., rent, dividends, pension) accumulated in the NRO account.
• No Borrowing: The balance cannot be sourced by borrowing money from any other individual.
• No Inter-Account Transfers: Funds cannot be shifted from another person’s NRO account to qualify for this transfer.

• NRI Status: The applicant explicitly confirms their status as a Non-Resident Indian (NRI) as defined by the Income Tax Act, 1961.
• Anti-Evasion Declaration: The transaction cannot be designed to bypass or evade any provisions under Section 10(5), Chapter III of FEMA 1999.
• Right to Refuse: If the customer fails to provide satisfying documentary evidence of the source of funds, the bank must refuse the transaction in writing and report the suspected evasion to the Reserve Bank of India (RBI).
• Penal Liability: Any false declaration or contravention of these guidelines makes the applicant directly liable for penal action under FEMA regulations.

• Applicant Data: Full name, physical address, nationality, and signature.
• Account Specifics: Explicit debit NRO Savings Account number and corresponding credit NRE Savings Account number.
• Financial Details: The exact transfer amount in Indian Rupees (INR) alongside a written description of the exact source of those funds.

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