Get Bt National Bank Application For Foreign Outward Remittance 2015

As the name suggests, outward remittance refers to sending money out, into the bank account of a beneficiary living overseas (except Nepal and Bhutan) by a resident Indian account holder. Ideally, these transfers can only be made in ance with purposes listed by the Foreign Exchange Management Act (FEMA) of 1999.

RBI Guidelines for Outward Remittance from India - The recipient of the outward remittance must be declared to the authorised financial institution at the time of making the transaction. - The required documents include: Permanent Account Number (PAN) card copy. Form A2.

Liberalised Remittance Scheme (LRS) was brought into effect by the Reserve Bank of India in 2004. ing to it, residents of India can remit a maximum of $250,000 within a given financial year to individuals living overseas. This includes both capital and current account transactions.

An outward remittance (aka wire transfer outward remittance) is the process of transferring money (in the form of foreign exchange) from a worker or business, to another country. Incredibly, money transferred this way is now on par with the amount given in financial aid to some countries.

The said Rule provides in case of foreign payment, the person making the payment is required to furnish Form 15CA and 15CB subject to certain exceptions. Form 15CB is a certificate issued by a Chartered Accountant as regards to rate of tax to be deducted on foreign payment.

5. Processing Time - The request for foreign outward remittance submitted through this facility will be checked and processed by HDFC Bank at the earliest but may take up to the end of next working day for foreign exchange transactions ('working day' as per FEDAI rules).

* Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration. * KYC of the remitter. * Letter / Prospectus from the Embassy authorizing the amount to be collected and agency authorized to collect the fee. * Pan Card Mandatory.

An outward remittance (aka wire transfer outward remittance) is the process of transferring money (in the form of foreign exchange) from a worker or business, to another country.