What is the RBI limit for outward remittance?
A.6
What are the documents required for outward remittance?
If you are sending money to a non-resident individual or a foreign company, you will also need to submit Form 15CA, and in some cases, Form 15CB, which is a certificate from a chartered accountant verifying the tax paid.
What is the process of outward remittance?
Outward remittance means the remitting bank, entrusted by the remitter, remit funds to his sister-banks or his correspondent banks by the certain instrument and instruct them to pay the certain amount to the nominated payee.
Which rate is applicable for outward remittance?
The GST rate applied for outward remittance, as a rule, is 18% for money coming into India. This rate applies to the commission value.
RBI AND FEMA provide the guidelines for outward remittance depending on the purpose and nature of remittance. Under the various schemes and regulations of the FEMA Act, the limits of remittance for different entities/ organizations are specified. The outward remittance rules post liberalization has been made liberal. Any individual can send or transfer money abroad without taking any prior permission from RBI or FEMA. The purpose of sending money abroad must not fall under any prohibited or ...
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FREQUENTLY ASKED QUESTIONS OF NON RESIDENT INDIAN karnatakabank com/sites/default/files/2017-08/NRIFAQ2014 pdf After the review of the Foreign Exchange Regulations Act 1973 in 1993 services and other miscellaneous remittances are current account transactions