📝 One-liners · 65 cards
Inward Remittances (Part 1)
What is the technical definition of an inward remittance?
An inward remittance is the transfer of funds from a foreign bank or institution to a bank account in India, starting in the foreign country with the customer's consent.
Under FEMA, what is the limit on money sent to India from abroad?
There is no limit on money sent to India from abroad.
Which country receives the highest inward remittances in the world?
India receives the highest inward remittances in the world.
Why does FEMA impose no limit on inward remittances to India?
To encourage foreign exchange inflows into India.
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