Chapter No. Page No. 10 210 International Finance FOREIGN REMITTANCES REMITTANCES INWARD � THERE IS NO RESTRICTION ON RECEIVING REMITTANCES IN INDIA FROM ANY FOREIGN COUNTRY IN FAVOUR OF A RESIDENT IN INDIA AND EXCEEDS US $ 50,000 THE PURPOSE SHOULD BE ASCERTAINED AND REPORTED IN THE SUPPLEMENTARY STATEMENT WITH RELATIVE R RETURN. � FOREIGN REMITTANCES MAY BE IN THE FORM OF TTs, MTs, DDs etc. � AUTHORIZED DEALERS MAY FREELY PURCHASES FROM THE PUBLIC TTs,MTs,DDs etc., DRAWN IN ANY FOREIGN CURRENCY AGAINST RUPEES. CONT….
Chapter No. Page No. 10 210 International Finance FOREIGN REMITTANCES REMITTANCES INWARD THE RESERVE BANK HAS ALSO PERMITTED � ANY PERSON TO RECEIVE PAYMENT IN FOREIGN CURRENCY FROM ANY PERSON RESIDENT OUTSIDE INDIA FOR SERVICES RENDERED � ANY SUCH CURRENCY HELD IN EXCESS OF US $ 500 INTO ACCOUNT EXISTING FOREIGN CURRENCY HOLDINGS IF ANY IS SOLD TO AUTHORIZED DEALER WITHIN SEVEN DAYS FROM ITS RECEIPT.
Chapter No. Page No. 10 210 International Finance FOREIGN REMITTANCES FIRPS THE FOREIGN INWARD REMITTANCE PAYMENT SYSTEM (FIRPS) IS A SYSTEM DEVISED BY THE FEDAI FOR QUICK TRANSMISSION TO BENEFICIARIES IN INDIA OF THE PROCEEDS OF INWARD REMITTANCES RECEIVED FROM ABROAD THROUGH THE BANKING CHANNEL.
Chapter No. Page No. 10 211 International Finance FOREIGN REMITTANCES CERTIFICATE FOR INWARD REMITTANCE � AN AUTHORIZED DEALER MAY ISSUE A CERTIFICATE TO THE BENEFICIARY OF AN INWARD REMITTANCE EITHER IN FOREIGN CURRENCY RECEIVED THROUGH HIS MEDIUM OR IN RUPEE BY DEBIT OF A NON-RESIDENT ACCOUNT, OR TO A PERSON SURRENDERING FOREIGN EXCHANGE TO HIM.
Chapter No. Page No. 10 211 International Finance FOREIGN REMITTANCES REFUND � AN AUTHORIZED DEALER MAY AT THE REQUEST OF HIS OVERSEAS CORRESPONDENT, CANCEL AND REFUND, WITHOUT REFERENCE TO THE RESERVE BANK, AN INWARD REMITTANCE IN FOREIGN EXCHANGE.
Chapter No. Page No. 10 211 International Finance FOREIGN REMITTANCES REMITTANCES OUTWARD � REMITTANCE FROM INDIA IN ANY PERMITTED CURRENCY TO A BENEFICIARY ABROAD MAY BE MADE BY AN AUTHORIZED DEALER AGAINST AN APPLICATION BY A PERSON, FIRM, OR BANK OTHER THAN AUTHORIZED DEALER RESIDENT IN INDIA.
Chapter No. Page No. 10 214 International Finance FOREIGN REMITTANCES RECURRING REMITTANCES � FOREIGN NATIONALS WHO ARE NOT PERMANENTLY RESIDENT IN INDIA � HAVE REGULAR EMPLOYMENT WITH AN INDIAN FIRM,ON MONTHLY SALARY BASIS ARE PERMITTED TO MAKE RECURRING REMITTANCES FOR FAMILY MAINTENANCE, UPTO 75% OF THEIR NET SALARY. � EVERY TIME A REMITTANCE IS MADE THE AUTHORIZED DEALER SHOULD OBTAIN FROM THE APPLICANT A DECLARATION.
Chapter No. Page No. 10 214 International Finance FOREIGN REMITTANCES RECURRING REMITTANCES (EXCEPTION) � FOREIGN NATIONALS EMPLOYED / ENGAGED IN THE HORSE-RACING TRADE, CABARET ARTISTS, WRESTLERS AND OTHER ENTERTAINERS ARE NOT ELIGIBLE FOR REMITTANCE FACILITIES. � IRANIAN NATIONALS NOT PERMANENTLY RESIDENTS IN INDIA, MAY BE PERMITTED TO MAKE REMITTANCES TO THE EXTENT OF RS.1,000 PER MONTH PER APPLICANT TO THEIR DEPENDENTS, PROVIDED THE AUTHORIZED DEALER IS SATISFIED.
Chapter No. Page No. 10 215 International Finance FOREIGN REMITTANCES CANCELLATION � ANY REMITTANCE IN A FOREIGN CURRENCY MAY BE CANCELLED IN PART OR IN WHOLE BY THE AUTHORIZED DEALER SUBJECT TO A REPORT TO THE RESERVE BANK UNDER RELEVANT RETURN. THE REPORT SHOULD BE MADE BY CONVEYING FOLLOWING PARTICULARS. THE NUMBER AND DATE OF THE RETURN IN WHICH THE o SALE WAS REPORTED. o THE NAME AND ADDRESS OF THE APPLICANT. o THE AMOUNT SOLD. THE AMOUNT CANCELLED. o THE REASON FOR CANCELLATION. o
Chapter No. Page No. 10 215 International Finance FOREIGN REMITTANCES REMITTANCES NOT PERMITTED � TO NON CO-OPERATIVE COUNTRIES, VIZ. COOK ISLAND, EGYPT, GUATEMALA, INDONESIA, MYANMAR, NAURU, NIGERIA, PHILIPPINES AND UKRAINE. � REMITTANCE BY DRAFT, etc., IN FAVOUR OF THE APPLICANT, EXCEPT IN THE CASE OF A TRAVEL ALLOWANCE. � REMITTANCE REPRESENTING TRANSFER OF FREIGHT OR PASSAGE EARNING. � REMITTANCE ON ACCOUNT OF FOOTBALL POOLS, SWEEPSTAKES OR OTHER LOTTERIES IN FOREIGN COUNTRIES. CONT....
Chapter No. Page No. 10 215 International Finance FOREIGN REMITTANCES REMITTANCES NOT PERMITTED � REMITTANCES REPRESENTING INCOME ON ASSETS WHO EMIGRATED WITHOUT EMIGRATION FACILITIES. � REMITTANCE REPRESENTING TRANSFER OF ASSETS OUT OF INDIA , OWNED BY INDIAN NATIONALS. � REMITTANCE OF ADVANCE COMMISSION TO EXPORTERS. � REMITTANCE TO A FOREIGN CURRENCY ACCOUNT. � REMITTANCE BY WAY OF MEMBERSHIP FEES FOR ANY RELIGIOUS/ SOCIAL ORGANIZATIONS. � REMITTANCE ON ACCOUNT OF OVER PRICING OF EXPORTS.
Chapter No. Page No. 10 216 International Finance FOREIGN REMITTANCES REMITTANCES REQUIRING PRIOR PERMISSION OF THE RESERVE BANK � REMUNERATION OF BREAK-BULK AGENT ABROAD. � FREIGHT PREPAID ON INWARD CONSOLIDATION. � COST OF EURO RAIL, etc. PASSES / TICKETS, OVERSEAS HOTEL RESERVATION etc. FOR INDIAN TRAVELERS. o CLAIMS BY NEIGHBOURING COUNTRIES FOR SERVICES RENDERED TO TRAVELERS UNDER CONSOLIDATED TOUR ARRANGEMENT. � OPERATING EXPENSES OF INDIAN SHIPPING COMPANIES. � SURPLUS COLLECTIONS OF FOREIGN OFFLINE CARRIERS CONT….
Chapter No. Page No. 10 220 International Finance FOREIGN REMITTANCES REMITTANCES REQUIRING PRIOR PERMISSION OF THE RESERVE BANK � REMUNERATION OF AGENTS APPOINTED ABROAD BY INDIAN SHIPPING COMPANIES. � CHARTER HIRE OF FOREIGN SHIPS / AIRCRAFTS. � PURCHASE MONEY OF SHIP / AIRCRAFT BY INDIAN AIRLINE / SHIPPING COMPANY. � LEGACIES / BEQUESTS / INHERITANCES. CONT….
Chapter No. Page No. 10 220 International Finance FOREIGN REMITTANCES REMITTANCES REQUIRING PRIOR PERMISSION OF THE RESERVE BANK � OPENING OF OVERSEAS BRANCH / OFFICE. � ADVERTISEMENT ABROAD. � OPENING OF OVERSEAS BRANCHES BY INDIAN BANKS. � THE MAINTENANCE OF AN OVERSEAS BRANCH.
Chapter No. Page No. 10 225 International Finance FOREIGN REMITTANCES FREE REMITTANCES i.e. ALOWABLE BY AUTHORISED DEALERS � COMMISSION TO BUYING AGENTS ABROAD, OF IMPORTERS AND OF EXPORTERS. � VALUE OF IMPORT UNDER PENALTY. � WAR RISK INSURANCE PREMIUM / BUNKER OR CONGESTION SURCHARGE / PREMIUM FOR EXTENDED INSURANCE COVER. � SURPLUS PASSAGE AND FREIGHT COLLECTIONS OF FOREIGN AIRLINES COMPANIES. CONT….
Chapter No. Page No. 10 225 International Finance FOREIGN REMITTANCES FREE REMITTANCES i.e. ALOWABLE BY AUTHORISED DEALERS � SURPLUS PASSAGE AND FREIGHT COLLECTIONS OF FOREIGN SHIPPING COMPANIES. � PASSAGE FARE IN RUPEES OF FOREIGN AIRLINE / SHIPPING COMPANIES. � EXPENSES TOWARDS DRY-DOCKING / REPAIR OF SHIP / SURVEY FEES / PURCHASE OF SPARES INCURRED ABROAD. � REMITTANCES FOR OTHER PURPOSES. (Ref. slide 19/20)
Chapter No. Page No. 10 226 International Finance FOREIGN REMITTANCES VALUE OF IMPORT UNDER PENALTY GOODS IMPORTED WITHOUT AUTHORITY BUT LATER ON ALLOWED BY THE CUSTOMS AUTHORITIES TO BE CLEARED AGAINST PAYMENT OF A PENALTY, MAY BE REMITTED TO THE OVERSEAS EXPORTER BY AN AUTHORIZED DEALER, PROVIDED THAT THE AMOUNT OF THE REMITTANCE DOES NOT EXCEED THE c.i.f. VALUE OF THE IMPORT.
Chapter No. Page No. 10 226 International Finance FOREIGN REMITTANCES SURPLUS PASSAGE AND FREIGHT COLLECTIONS OF FOREIGN AIRLINE /SHIPPING COMPANIES. THE SURPLUS PASSAGE AND FREIGHT COLLECTIONS OF A FOREIGN AIRLINE / SHIPPING COMPANY OPERATING IN OR THROUGH INDIA MAY BE REMITTED TO ITS NON-RESIDENT OPERATORS BY THE AUTHORIZED DEALER WITH WHICH THE COMPANY MAINTAINS ITS BANK ACCOUNT IN INDIA.
Chapter No. Page No. 10 228 International Finance FOREIGN REMITTANCES REMITTANCES FOR OTHER PURPOSES � CONSULAR FEES. � CASUAL (GIFT) REMITTANCES. � ROYALTY ON BOOKS. � ROYALTY ON SOFTWARE IMPORTS. � COST OF SERVICES RENDERED BY OVERSEAS PARTIES. � DONATIONS. � ELECTRONIC DATA-BASE COSTS. CONT….
Chapter No. Page No. 10 231 International Finance FOREIGN REMITTANCES REMITTANCES FOR OTHER PURPOSES � REPAIRING CHARGES FOR DEFECTIVE GOODS. � EXPORT CLAIMS. � CONTROLLING CHARGES, LEGAL EXPENSES. � PARTICIPATION IN TRADE / BOOKS FAIRS AND EXHIBITION ABROAD. BIDS IN FOREIGN CURRENCY FOR PROJECTS TO BE EXECUTED IN INDIA. � APPOINTMENT / POSTING OF CORRESPONDENTS / REPRESENTATIVES BY NEWSPAPERS / PERIODICALS / NEWS AGENCIES.
Chapter No. Page No. 10 229 International Finance FOREIGN REMITTANCES CASUAL (GIFT) REMITTANCES � GIFT REMITTANCES ON OCCASIONS LIKE MARRIAGE, BIRTHDAY FESTIVAL etc., TO � SON / DAUGHTER / FATHER / MOTHER / BROTHER / SISTER / GRANDSON / GRANDDAUGHTER. � QUANTUM OF EXCHANGE ---- U.S. $ 5000 PER CALENDAR YEAR PER BENEFICIARY BY A FAMILY UNIT. � DOCUMENTATION ---- FORM REM AND FORM A2
Chapter No. Page No. 10 229 International Finance FOREIGN REMITTANCES ROYALTY ON SOFTWARE IMPORTS � DOCUMENTATION: o FORM SRT AND FORM A2. o A CERTIFIED COPY OF THE AGREEMENT. o NO OBJECTION CERTIFICATE FROM THE INCOME TAX AUTHORITIES. � QUANTUM OF EXCHANGE: o UP TO 30% OF THE INDIAN PUBLISHED PRICE. o IF THERE IS NO INDIAN PRICE, CONVERT THE LIST PRICE IN THE CURRENCY OF THE COUNTRY OF PUBLICATION. o IF THE ROYALTY EXCEEDS 30% , APPROVAL FROM DEPT. OF ELECTRONICS, GOVT. OF INDIA IS NEEDED.
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