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INWARD REMITTANCE
 

Receipt of foreign exchange in India is called Inward remittance. Apart from exports there are other transactions, which generate inward remittance. For example Non-resident Indian staying abroad may remit foreign exchange to their relatives in India. Inward remittances are usually in the nature of foreign currency notes, foreign currency traveller cheques, foreign currency cheques / foreign currency demand drafts and inward telex transfers. Part A

Part - A

Exchange Management Regulations

1.  There are no restrictions on receiving re mittances from abroad through authorised dealers in foreign exchange in India.

  • Persons resident in India are also permitted to receive directly from persons resident outside India foreign exchange in the form of bank drafts or traveller’s cheques issued outside India or cheques drawn on banks situated outside India provided the instruments so received are surrendered to an authorised dealer in foreign exchange in India within a period of seven days from date of receipt.

  • Persons resident in India are also permitted to receive from any person resident outside India and who is on a visit to India payment in foreign currencies for services rendered or in settlement of any lawful obligations - subject to the condition that the foreign currencies so received will be surrendered to an authorised dealer in foreign exchange within seven days of receipt.


(Note: General permission has been given by RBI to persons resident in India to retain with them foreign currency up to the value of USD 2,000. In other words, the amount held by residents should not exceed USD 2,000 or its equivalent at any point of time. The amount, which is in excess of USD 2,000 mentioned above, must be surrendered to an authorised dealer within a period of seven days of acquisition. Needless to state that the foreign exchange mentioned above should have been acquired by the resident in conformity with the provisions of the FEMA).

  •  Exporters in India are permitted to receive directly from the overseas buyers during their visit to India foreign exchange in the form of bank drafts, personal cheques, currency notes, pay orders, banker’s cheques and traveller’s cheques in payment of goods already exported or to be exported. The exporters must surrender these foreign currency instruments to an authorised dealer in foreign exchange in India within a period of seven days from date of receipt. Authorised dealers have been advised by RBI to treat such payments as realisation of export proceeds.
  • If the amount of inward remittance exceeds Rs.1,00,000 (or its equivalent in foreign exchange), then the purpose of remittance should be ascertained by the authorised dealer. This information should be reported to RBI in the supplementary statement annexed to R-Returns.
  • Authorised dealers should issue foreign Inward Remittance Certificate (FIRC) in the prescribed form if  requested by the beneficiary.
 
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Latest News
 

1."Prevent Unauthorized Transactions in your demat account --> Update your Mobile Number with your Depository Participant. Receive alerts on your Registered Mobile for all debit and other important transactions in your demat account directly from NSDL on the same day.....issued in the interest of investors."

2. KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.

3.To book a Railway Ticket in IRCTC site,Choose Credit Card option and select HDFC or ICICI or AXIS or CITI BANK Gateway then type CUB VISA card details to book your tickets.

4.Customers are requested to use their 15 digit account number for NEFT/RTGS/ECS remittance.

5.You can walk into any of our CUB branches and pay Chennai Corporation Property Tax by Cash or Cheque

6.Customers are requested to update their mobile no., email id etc., with the branches where they are having their accounts to facilitate us to send the maturity intimation of deposits through SMS, Mobile, email from 01.01.2013 as we are going to discontinue the practice of sending the same through post

7.Disabling of Cash Retraction in our ATM’s

8.Now Customers can Pay their Taxes online using CUB NetBanking.To Know More Click here

9.CUB Launches corporate Net Banking with Transactional Facility.......To Know More Click here

10.Customers can View t?eir Form 26-AS for their Registered PAN in OUR net Banking.

11.Open Deposit in two clicks.Customer can open Term Deposit online using their Net Banking .

12.Now you can pay TamilNadu Commercial Tax payment through our Netbanking

 
 
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