I have a question regarding the NRO Non-PIS account. I’d like to know if I can repatriate the investments and gains I make through trading shares/options using this account. I’ve come across information suggesting restrictions on repatriation through this route. Can you clarify if I’ll eventually be able to fully repatriate the amount (upto $1mn/year), including capital gains from shares/options?
I know these restrictions are not applicable for NRE PIS accounts, but I would like to know about the scenario with the NRO Non-PIS account since I’m considering the F&O segment as well.
I feel the best option is to ask a banker who does overseas remittance. They will give you current documents you need to submit before the bank tremuts the money from nro account.
Nro and resident ac is the same. Only distinction is that tds charged on nro is at the highest slab level when compared to resident ac
Also someone told me once that you need to get clearance from a ca that you have paid all taxes on these nro funds
Since so many rules have changed , do discuss with a banker who does such transfer and then also speak to your ca
The above are my personal views