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 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

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

What is Forex Card? A Forex Card, sometimes called a Forex Travel Card or Prepaid Travel Card, is like a prepaid card you use when you travel to other countries. You load it up with a set amount of foreign currency before your trip.  Lots of banks, such as ICICI and HDFC, provide forex cards.