3A.2
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Inward Remittances
There are no restrictions on receipt of remittances in India from any foreign country through authorised dealers in India. Reserve Bank has also permitted by its Notification No. FERA.48/77-RB dated 24th November 1977, any person to receive directly from persons resident outside India, foreign exchange in the form of bank drafts or travellers cheques issued outside India or cheques drawn on banks situated outside India, provided the foreign exchange so received is surrendered to an authorised dealer within seven days of receipt.
NOTE: Where the amount of remittance exceeds Rs. 100,000, the purpose of inward remittance, i.e. whether it represents transfer of capital, savings, profit, dividend, etc. should be ascertained and reported in the supplementary statement annexed to the relative R Return. The payment should not, however, be delayed for want of this information which may be obtained separately and furnished to Reserve Bank later.