Inward Remittance

Inward Remittance is used for remittance from Overseas Bank to Domestic Bank. Inward Remittance can be against Export of Goods/ Services, Investment purpose, Donations, Gifts, etc. Reserve Bank of India has permitted foreign inward remittance through banking channels without any restrictions (except in the case of remittances attracting the provisions of Foreign Contribution Regulation Act, 1976). Indian residents can also receive foreign currency payments directly subject to the condition that the foreign exchange is surrendered to authorized dealers within 7 days from the date of receipt. RBI has also permitted retention of foreign currency notes and coins by Indian residents up to USD2000, exclusive of collection for numismatic purposes. Inward remittances are generally received in the following forms:

• Demand drafts, personal cheques, bankers cheques, International Money Orders(IMO)
• Foreign currency notes, coins, foreign currency travellers’ cheques.
• T.s/T.T.s through banking channels.