What is the RBI limit for receiving inward remittance?
9
What are the documents required for inward remittance?
Ans: For general remittances received you need to submit copy of invoices (if any). For Trade related services you need to submit copy of proforma invoices depicting therein details of trade transaction. However, Bank may ask for any other documents if required.
Is inward remittance taxable in India?
As per the RBI guidelines, the money sent to India is not taxed either if it is for the following reasons: Getting married, receiving an inheritance, and. from any fund, foundation, university, educational or medical institution.
How long is foreign inward remittance?
FEMA permits receipt of foreign inward remittance by Indian residents either directly or through ADs. Foreign exchange received directly has to be surrendered to ADs within 7 days, except for retention limit of USD2,000 referred to earlier.
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