RBI Guidelines for Foreign Inward Remittance If any amount is transferred from any foreign country and is received in India, it is called an ‘Inward Remittance’. It defines the flow of money in the transaction. RBI has issued certain guidelines related to inward remittance which can be explained as follows: Also Read : Education Loan […]
Inward Remittance Meaning To put it in very simple terms, whenever someone transfers money from a foreign country to someone staying in India, it is called inward remittance for the person receiving it. Inward remittances can be for multiple purposes including personal and business. Inward remittances come under the ambit of the Reserve Bank of […]
What is Inward Remittance? Remittance typically means money transfer from one party to another. In reference to this blog, remittance means a transfer of an amount of money across international borders. If an amount is transferred from India to any other country, it is termed as an ‘outward remittance’. On the other hand, if any […]
What are the Requirements for Opening an Indian Bank Account? Opening a bank account in India involves meeting specific requirements and providing certain documentation. The requirements can vary slightly between banks, but the core documentation needed is typically consistent. Below is the list of some standard requirements that you need to complete your KYC (Know […]
What are Standard Settlement Instructions (SSI)? Standard Settlement Instructions (SSI) are predefined, standardized templates that provide the necessary details for the settlement of financial transactions. They include information about the beneficiary, the beneficiary’s bank, the receiving institution, and other relevant parties involved in the transaction. Essentially, SSIs act as a blueprint for executing a financial […]
Transfer Money Abroad: Know the Options Before we proceed to understand options for sending money abroad, it is important to note that overseas money transfers come under the administration of the Reserve Bank of India (RBI) via the Liberalised Remittance Scheme (LRS). This scheme is applicable to all Indian residents and permits them to send […]
Understanding the Liberalized Remittance Scheme The TCS on Outward Remittance Under LRS was introduced by the Reserve Bank of India (RBI) in 2004 to simplify the process for Indian residents to remit money abroad. Under the LRS, individuals are permitted to remit up to USD 250,000 per financial year for any permissible current or capital […]
What are Methods for Outward Remittance from India to the USA First, let’s discuss the methods for outward remittance from India to the USA. Here, we have mentioned the most common methods for transfer money from India to the USA. Documents Required for Transfer Money From India to the USA Transferring money from India […]
What is a Remittance Fee? When you send money abroad, the banks or money transfer services (through which you are doing the transaction), charge a remittance fee. The following points merit consideration in relation to understanding international remittance fees: Understanding remittance fees is crucial for individuals and businesses to ensure they get the best value […]
How Much Money Can You Carry from India to Study Abroad? The Reserve Bank of India (RBI) has issued specific guidelines related to carrying cash when going abroad. For the students, relevant limits include: It is advisable for students to always check the guidelines of the country they are travelling to for studies, as different […]
