Get Inward Format 2020-2024

Inward Remittances is accepted in 22 currencies namely.

Inward remittances mean receipt of funds acquired either locally or from offshore locations (or accounts), while outward remittances refer to funds that are transferred to recipient(s) located within the country or internationally.

There are two types of remittance: Inward Remittance and Outward Remittance.

Money received in an Indian bank account from relatives based abroad is known as inward remittance, which is governed by the Foreign Exchange Management Act (FEMA). The amount is not taxable only if it is for meeting living expenses, medical treatment, education, donations, travel expenses, and gifts.

Every inward remittance has an upper limit of $2500. A beneficiary can receive a maximum of 30 MTSS transfers annually. You can send money to India for family expenses. However, you cannot send money for any donation, commercial activity, investments, buying property, or non-resident external (NRE) account.

Inward remittances mean receipt of funds acquired either locally or from offshore locations (or accounts), while outward remittances refer to funds that are transferred to recipient(s) located within the country or internationally.

Now, whenever he transfers money to their bank account, probably a savings account, he is making an outward remittance. For the parents who receive the money, it is an inward remittance.

FTT (Foreign Telegraphic Transfer)2. FDD (Foreign Demand Draft)3. TC (Travelers' Cheque)4. Foreign Currency NotesSo, Telegraphic Transfer (TT)/SWIFT Transfer, Demand Draft (DD), Mail Transfer(MT) and Travellers Cheque (TC) are the common modes of Foreign InwardRemittances.