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Outward Remittance Send Money Abroad
Outward remittance in India can be described as a transfer of money in foreign exchange by a resident in India to a beneficiary situated outside the country (except Nepal and Bhutan) for a purpose as approved under FEMA (Foreign Exchange Management Act).
Guruji Forex as an Authorized Dealer- Category – II, are being permitted by RBI permitted to remit money abroad for 17 purposes as listed below apart from regular money changing business. The OR transactions can be either a Telegraphic Transfer or a Demand Draft. These 17 purposes are within the overall limit under LRS scheme.
The transactions are processed only on verifying the KYC of the remitter. Our branch staff – Asst Manager – Operations or Sales / Manager Sales / Branch Manager certifies the KYC with Original Seen & Verified seal and signature.
Can I send money abroad from India?
One can definitely send money abroad from India following the guidelines under FEMA by RBI. The rules are broadly based on residential status of remitter and purpose. Business related transactions relating to import and export of goods and services are restricted to be handled only by Authorised Bank. With the introduction of Liberalised Remittance Scheme on February 4th ,2004, GOI has allowed general public to transfer money abroad for permitted current or capital account transactions. Presently residents of India are allowed to remit money up to USD 2.5 lakhs or equivalent per financial year.
We, Guruji Forex, has been granted an AD-Cat II license and has been permitted to facilitate outward remittances for 17 specified purposes. Send money abroad through us to your loved ones at much better rates than banks.
The purposes permitted by RBI under AD-II license –
- Private Visits,
- Remittance by tour operators / travel agents to overseas agents / principals / hotels,
- Business Travel,
- Fee for participation in global conferences and specialized training,
- Remittance for participation in international events, competitions (towards training sponsorship and prize money),
- Film Shooting,
- Medical Treatments abroad,
- Disbursement of Crew Wages,
- Overseas Education,
- Remittance under educational tie up arrangements with universities abroad,
- Remittance towards fee for examinations held in India and abroad and additional score sheets for GRE, TOEFL etc.,
- Employment and processing, assessment fees for overseas job applications,
- Emigration and emigration consultancy fees,
- Skills / credential assessment fees for intending migrants,
- Visa Fees,
- Processing fees for registration of documents as required by Portuguese / other governments,
- Registration / subscription / membership fees to international organizations.
