I am an Indian citizen living in the USA.
Can I wire transfer money from the my NRO account in India to my checking account in the USA? This money, I originally wire transferred from my checking account in the USA to the NRO account.
Any limit on the amount and do I have to report this to IRS or any other legal formality?
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1 Answer
Can I wire transfer money from the my NRO account in India to my checking account in the USA?
Yes you can. However there is some paperwork you need to follow. As per FEMA [Foreign Exchange Management Act], any transfer by individuals outside of India need the 15CA & 15CB form. The 15CB is from a CA to state that taxes have been paid on the funds being transferred. The limit is 1 million USD per year. Read more at Liberalized Remittance Scheme and here.
Any limit on the amount and do I have to report this to IRS or any other legal formality?
Assuming you were already declaring the funds held in Banks outside of US in your regular IRS filings, there is no other formality.