converted to Indian rupees and in Indian rupees as well. The money lies in Indian rupees in the NRO account.

The NRO account can be debited for the purpose of local payments, transfers to other NRO accounts or remittance of current income abroad

However, NRIs should give prominence to NRE accounts to remit income abroad because repatriation of money in NRE accounts does not require any permission and has no limits. rfr0The NRO account has a restriction of repatriating not more than 1 million US dollars, per financial year, inclusive of taxes. You also need to submit form 15CA/CB, which is a chartered accountant’s certificate confirming the tax payments as due.

Any gift in rupees or a loan by a resident Indian to an NRI within the remittance limits prescribed can be credited to the NRO account. There are certain drawbacks to