Bank Of Baroda — release of excess funds from capital gains account

Customer service team
Bank of baroda hq
India

Dear customer service manager,

I am an nri holding capital gains, nre & nro accounts with your bank.in march 2017, i deposited inr: 1.20 crores in my capital gains account whereas the concession certificate issued by the income tax authorities reflected inr: 58, 27, 448.00 as the capital gains amount to be deposited in my cg account.

In august i decided to withdraw the excess amount deposited into the capital gains account and have it transferred to my nro account. However the bank refused to release the excess funds stating that i needed to obtain approval from the income tax authorities to withdraw the excess amount from the cg account to my nro account.

On contacting the income tax authorities, i was told by the ito that it is in the bank’s capacity to reverse the excess funds deposited in the capital gains account and there was no approval required from the income tax authorities for the transfer of the excess funds from the capital gains account.

However, the bank has refused to transfer the funds into my nro account and has been insisting the approval from the income tax authorities, whereas the it authorities decline to issue any approvals for the release of excess funds as they have issued the concession certificate clearly indicating the capital gains amount to be deposited.

It’s been over 3 months now going back and forth with the bank on the subject issue but without any success?? I have now specially flown in to mumbai from overseas to try and have the issue resolved so i can have the excess funds released at the earliest without any further delays...

Appreciate your help and support on resolving the matter at the earliest so i can have my hands on the excess funds.

Thanks & regards,
Sunil
Email: [protected]@gmail.com