Inward Remittances (Part 1)
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Foreign Exchange Facilities for Individuals — Foreign Exchange Facilities for Individuals.
One-liners from this chapter
Free sample — 8 of 65 rapid-fire Q&A cards.
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.
Who mainly sends inward remittances to India?
Inward remittances to India are mainly sent by Non-Resident Indians (NRIs).
Within how many days must foreign exchange received as income from abroad be surrendered to an authorised dealer?
Within 180 days.
In which direction does the fund flow occur in an inward remittance?
In an inward remittance, funds flow into India from a foreign country — not out of India.
For which types of transactions is a Foreign Inward Remittance Certificate (FIRC) mainly required?
For business or export transactions to claim tax concessions.
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