Foreign Remittance (Inward & Outward) Request
In today’s global world, it’s a pretty common for people to move abroad to live and work. Many Experts working overseas want to send money home from time to time – Known as making remittances to family and loved ones.
The remittance industry is big business and India is one of the countries which receives the most money from abroad – thanks to the large number of Indian Citizens who choose to live and work overseas and remit money back home as a Foreign Inward Remittance.
The document usually contains the following information
- 1. Beneficiary’s Name.
- 2. Indication of whether the amount is paid by cash or to the person’s bank account.
- 3. Name and address of the person who sent the money.
- 4. Name and address of the first bank who processed the foreign transaction.
- 5. Demand Draft (DD) or Telegraphic Transfer (TT) number or Cheque number.
- 6. The amount denominated in that foreign currency.
- 7. The equivalent amount denominated in rupees (both fully written out and using just numerals).
- 8. Name of the recipient of the funds.
- 9. The exchange rate that was applied to the Transaction.
- 10. The purpose of the remittance (according to the recipient of the monies).
Outward Remittance is the process of sending money from your country to another country abroad. Outward Remittance can be described as a transfer of money in foreign exchange by a resident in India to a beneficiary situated outside the country (except Nepal and Bhutan) for a purpose as approved under FEMA (Foreign Exchange Management Act). In June 2015, RBI updated the rules of FEMA.
If you want to perform outward remittance from India, then check out our Republic Outlets across India are present on this platform offering the forex services online. Easily compare the exchange rates offered by forex stores near you and select the most profitable one.
Home delivery and Pickup of forex service is also available, so perform remittance from the comfort of your home.
Required Documents for Remittance
All documents should be Self Attested
- 1. Self-Declaration Regarding Relation with Beneficiary.
- 2. Government issued ID Proof.
- 3. PAN Card (Mandatory if amount Exceeds USD 25,000/-).