RBI allows individuals to transfer balances in their NRO account to their NRE account within the overall cap of $1 million in one financial yea
I am a non-resident Indian (NRI). I have non-resident ordinary (NRO) and non-resident external (NRE) bank accounts in India. I want to transfer my NRO account balance to my NRE account held in the same bank. According to the notification by the Central Board of Direct Taxation (CBDT), Forms 15CA or 15CB are not required for this. However, the bank is asking me to submit them. The bank is justifying by citing strict penalties and disclosures required by the Reserve Bank of India (RBI). What is the correct position? How should I go about transferring the balance from one account to the other?
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