We all know, millions of rupees are annually sent to India by non-resident Indians for a range of purposes. As an NRI, I send it for financial investments and to my family members living in India. The term "inward remittance" describes the flow of funds into India from overseas. So let’s understand the disposal instruction for foreign inward remittance.
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How to fill disposal instruction for handling foreign inward remittances?
Let’s take an example of HDFC bank to know how to fill disposal instruction for foreign inward remittances:
You need to log in to your internet banking profile first on the official website.
Then you have to select the option “Foreign Currency Inward Remittance” under the option called “Transact”.
After that, you have to select the inward remittance from the list.
You will see the page displaying the details of the transaction.
So click the “Continue” option to proceed.
Select the purpose code, agree to the declarations and click on the continue option.
After that, you need to provide additional details on the screen.
Enter the customer IE code and accept the declaration and click on the continue button.
Then you need to verify the transaction details and click the “Confirm” option.
You are done with the disposal instruction filling process now.
You will have to present additional documents to the home branch if required.
What are the RBI guidelines for inward transfers?
Every inward transfer needs to be accompanied by a foreign inward remittance certificate (FIRC), which is provided by the bank of the receiver.
The maximum amount of remittances received for personal use is uncapped under the RDA.
Each inward transfer is limited to $2500 under the MTSS.
Information such as the sender and receiver's names and bank account numbers, the transfer's goal, the exchange rate used for the transaction, etc. are included in this document.
One of two methods, the Rupee Drawing Arrangement (RDA) or the Money Transfer Service Scheme is available to Indian citizens for receiving inward remittances (MTSS).
A recipient of MTSS may get no more than 30 inbound transfers per calendar year.
This is all about the filling of the disposal instruction for foreign inward remittance.
Read More: How to fill out gratuity nomination form? How to fill ECS mandate form? How to fill RTGS form SBI? How to fill FATCA CRS declaration form for NRI?Your Feedback Matters! How was this Answer?
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How to fill disposal instruction for foreign inward remittance?
Ragini
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2 Year
2022-10-17T21:19:51+00:00 2022-10-17T21:19:53+00:00Comment
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