All you need to know about Citibank NRO Repatriation.
Yes, balances from the NRO Account can be remitted, after producing the required documents.
As per the Master Circular for Non Resident Ordinary (NRO) Rupee Account Scheme, the permissible debits (up to USD 1 million per financial year for all bonafide purposes) in the account are -
a. Remittance of proceeds from sale of assets -
i. Assets acquired in India out of Rupee/Foreign Currency Funds -
This can include -
- Immovable property
- Financial assets (e.g. Shares/Mutual Funds)
ii. Assets acquired by way of inheritance/legacy
b. Remittance of current income (such as rent, dividend, pension, interest, etc., in India).