Repatriating an inheritance from India to the UK means converting rupees to sterling, usually from an NRO account. The Reserve Bank of India caps repatriation from an NRO account at USD 1 million per financial year, and you will normally need Form 15CA and a chartered accountant’s Form 15CB before the money leaves India. India charges no inheritance tax, but UK inheritance tax may still apply. Because the sums are large, most beneficiaries use a specialist currency broker rather than a bank.
Who this guide is for
This guide is for UK residents inheriting money, property or investments in India — typically British Indians, non-resident Indians (NRIs) and OCI holders who have inherited from a parent or relative. It covers the RBI rules, the paperwork, the tax position, and how to protect the sterling value of the inheritance while it moves.
How much money can you send from India to the UK?
Inherited funds in India are generally credited to an NRO (Non-Resident Ordinary) account. From there, the Reserve Bank of India permits repatriation of up to USD 1 million per financial year. Three points matter in practice:
- The limit is per person, per financial year — not per property or per transaction.
- It is an aggregate cap covering all outward remittances and NRO-to-NRE transfers combined, including sale proceeds, rent, dividends and inherited funds.
- It resets on 1 April, and unused capacity does not carry forward.
If the inheritance exceeds USD 1 million, it must be staged across financial years. That staging is itself a currency decision, because each tranche converts at a different rate.
What paperwork do you need to repatriate an Indian inheritance?
India requires tax clearance before funds leave the country. Expect your bank to ask for the following.
- Form 15CA: an online declaration filed with the Income Tax Department before the remittance.
- Form 15CB: a certificate from a chartered accountant, generally required where the aggregate remittance exceeds Rs 5 lakh in a financial year.
- Proof of inheritance: the will, probate or succession certificate, plus the death certificate and your relationship to the deceased.
From 1 April 2026, Forms 15CA and 15CB are renamed Form 146 and Form 145 under India’s new Income Tax Act 2025. The substance is unchanged, but the reference numbers on your bank’s forms will differ. Build the accountant’s certificate into your timeline — it is the step that most often delays a transfer.
Do you pay tax on an inheritance from India?
India abolished estate duty in 1985 and levies no inheritance tax, so receiving the inheritance itself is not taxed in India. Tax can still arise in two places. In India, income generated by inherited assets — rent, interest, or capital gains if you sell inherited property — is taxable, and TDS may be deducted at source. In the UK, inheritance tax may apply depending on the deceased’s estate and connection to the UK, and the UK moved to a residence-based system from 6 April 2025.
This is general information, not tax guidance. Speak to a qualified adviser in both countries, and see our related guides on UK inheritance tax for expats and tax on money transferred to the UK from overseas.
What is the currency risk on a GBP/INR transfer?
In July 2026, GBP/INR traded at roughly 128 rupees to the pound, having moved within a broad ₹122–128 corridor through the year. For someone converting rupees into sterling, a lower GBP/INR rate is better, because each pound costs fewer rupees. A move of a few rupees on a large inheritance changes the sterling proceeds materially.
Because Indian probate and the 15CB certificate can take months, the rate at the moment of conversion is rarely the rate you saw when the process started. Our GBP to INR forecast tracks the drivers, including the Bank of England base rate, held at 3.75% in June 2026.
Worked example: a ₹2 crore inheritance
Imagine you inherit ₹2 crore (₹20,000,000) and expect to repatriate it once probate and tax clearance complete, perhaps four months away.
- At GBP/INR 128, ₹20,000,000 converts to about £156,250.
- If the pound strengthened to 132, the same rupees would yield about £151,515 — roughly £4,700 less.
- If the rupee strengthened to 124, you would receive about £161,290 — around £5,000 more.
A forward contract lets you fix the rate now for a conversion you complete later, removing that uncertainty. This is not a prediction of direction — the rate could move either way. The point is that a forward turns an unknown sterling outcome into a known one while the paperwork grinds on.
How can you manage the exchange rate?
- Spot transfer: convert at the live rate once the funds are cleared to leave India.
- Forward contract: fix today’s rate for a conversion up to around 12 months ahead, for a small deposit.
- Market order: set a target rate and convert automatically if the market reaches it.
A forward contract is particularly useful where an inheritance must be staged across financial years because of the USD 1 million cap. Anthony Bull, CEO of Cambridge Currencies, notes: “With an Indian inheritance the timing is dictated by probate and the tax certificate, not by the market. Clients who fix their rate early stop the exchange rate quietly eroding what a relative left them.”
What mistakes do beneficiaries make?
- Converting through a bank: banks often build a 3–4% margin into the rate. On a ₹2 crore inheritance that can quietly cost several thousand pounds. Compare the trade-offs in our guide to a currency broker versus a bank.
- Leaving the 15CB certificate to the last minute: without the chartered accountant’s certificate, the bank will not release the funds.
- Overlooking the USD 1 million cap: discovering it late forces an unplanned split across financial years.
- Being unprepared for UK checks: a large incoming transfer triggers source-of-funds questions. See our guide to proof of funds on large international transfers.
How does a currency specialist help?
A specialist holds a tighter margin than a bank, offers forward contracts and market orders that banks rarely extend to private clients, and can coordinate conversion around your Indian bank’s release of funds. Will Stead, who works with clients repatriating overseas assets, adds: “In our experience with Indian inheritances, the process is slow and emotional. What clients want is certainty over what will actually land in their UK account — and someone who picks up the phone.” Cambridge Currencies operates through FCA-authorised partners, including Currencycloud (an authorised electronic money institution, FCA reference 900199) and ScioPay, so funds are handled within a regulated framework.
Before committing a large sum, it is worth taking a moment to check any broker is FCA-authorised. Our sister guides cover inheritance from the USA and inheritance from Canada, and there is a broader overview of receiving an inheritance from abroad. For the mechanics of the corridor itself, see sending money from India to the UK.
Frequently asked questions
How much money can I repatriate from India to the UK?
Up to USD 1 million per financial year from an NRO account, under Reserve Bank of India rules. The limit is per person, covers all outward remittances combined, and resets on 1 April each year.
Is inheritance from India taxable in the UK?
India charges no inheritance tax, but UK inheritance tax may apply depending on the deceased’s estate and connection to the UK. Income or gains from inherited Indian assets can also be taxable. Speak to a qualified adviser in both countries.
What is Form 15CA and Form 15CB?
Form 15CA is an online declaration filed with India’s Income Tax Department before money is sent abroad. Form 15CB is a chartered accountant’s certificate, generally required where remittances exceed Rs 5 lakh in a financial year. From 1 April 2026 they are renamed Form 146 and Form 145.
Can I fix the GBP/INR rate before the money is released?
Yes. A forward contract can fix today’s rate for a conversion up to around 12 months ahead, usually for a small deposit. This suits inheritances where probate and tax clearance make the timing uncertain.
How long does it take to repatriate an inheritance from India?
The transfer itself takes one to two working days, but the preceding steps — probate or a succession certificate, crediting funds to an NRO account, and obtaining Form 15CB — commonly take several months.
Do I need an NRO account to receive an Indian inheritance?
Usually yes. Inherited funds and income from Indian assets are typically credited to an NRO account, which is the account type from which the USD 1 million annual repatriation allowance is applied.
Speak to a specialist about your Indian inheritance
Repatriating an inheritance from India? A Cambridge Currencies specialist can talk you through the current GBP/INR rate, how to time conversion around your 15CB certificate, and whether a forward contract fits — every transfer completed by phone with a dedicated broker. Request a quote or open an account to get started.
Related guides
- Inheritance from Australia to the UK
- Receiving a large international monetary gift
- Capital gains tax and currency when selling property abroad
Cambridge Currencies provides currency guidance and execution, not tax or financial advisory services. Indian and UK tax rules are complex and change; confirm your position with a qualified adviser in both countries. Services are delivered through FCA-authorised partners, including Currencycloud and ScioPay. Exchange rates cited are indicative and were accurate at the time of writing in July 2026.
