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2 B INWARD REMITTANCES, REMITTANCES CARD, FIRC
What is an inward remittance in the context of foreign exchange?
An inward remittance is a transfer of funds from abroad into India, received by a resident or non-resident individual through authorized banking channels in foreign currency that is converted to Indian Rupees.
What is the full form of FIRC in foreign exchange transactions?
Foreign Inward Remittance Certificate issued by authorized dealer banks.
Which regulatory framework governs inward remittances into India?
Inward remittances into India are governed by the Foreign Exchange Management Act (FEMA), 1999 and the regulations and directions issued by the Reserve Bank of India (RBI) thereunder.
Which RBI scheme allows overseas entities to remit money to Indian beneficiaries through authorized banks?
Rupee Drawing Arrangement (RDA) and Money Transfer Service Scheme (MTSS).
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