The maximum amount that can be transferred from an NRO account depends on the source of funding, with a cap of $1 million per fiscal year for non-current income. There are no restrictions on remitting current income from an NRO account.
There are usually two types of bank accounts that are operated by an NRI in India. These are NRE and NRO bank accounts. The money lying in NRE bank account is easily remitted by an NRI outside India. However, the same cannot be said for the NRO bank account. There are certain rules that an NRI must comply with before making transfer either to overseas bank account or to NRE account.
According to a notification dated July 19, the KRERA emphasized the submission of Form 4 (Chartered Accountant Certificate) and Form 7 (Audit accounts of the project) by a chartered accountant annually. The notification highlighted that some real estate project promoters were borrowing money from banks and financial institutions by mortgaging the project land and apartments/units of the housing project.