What is Foreign Remittance? Definition: Remittance represents transfer of fund from one place to another through official channel. Foreign Remittance: Foreign Remittance refers remittance of Foreign currency that are received in and made out abroad. Foreign Remittance also includes purchase and sale of freely convertible foreign bills and currencies. Types: a) Foreign Inward Remittance b) …
Remittance and Bills Department
Remittance and Bills Department:
1. International remittance services
Inward remittances from abroad
Inward remittances from abroad represent a mode of the financial settlement, by which an overseas remitter transmits payment in currencies to a domestic recipient through a bank.
2. Outward remittances to foreign countries
Outward remittances to foreign countries represent a mode of the financial settlement, by which a domestic remitter transmits payment in currencies to the recipient abroad, through a bank.