Remittance and Bills Department:

Remittance Products
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.

Outward Remittance

Outward Remittance Foreign Outward Remittance: Foreign currency being made out abroad may be termed as foreign outward remittance. Purpose of outward remittance are: Import Bills Payment Payment against Contract or Agreement Travel Education Treatment Membership fees Fees for Application Examination fees (TOEFL, GRE, GMAT etc.), Registration Fees, Admission Fees, Tuition […]

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Outward Remittance

Outward Remittance Foreign Outward Remittance: Foreign currency being made out abroad may be termed as foreign outward remittance. Purpose of outward  remittance are: a)    Import Bills Payment b)    Payment against Contract or Agreement c)    Travel d)    Education e)    Treatment f)     Membership fees g)    Fees for Application h)    Examination fees (TOEFL, […]

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Foreign Remittance

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 […]

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