basic travel quota rbi

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Et in the classroom: basic travel quota.

Foreign currencies that Indians are allowed to buy for leisure and/or business travel overseas come under the basic travel quota.

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Revised rules related to Submission of Form 15CA and Form 15CB

Updated on : Jul 10th, 2024

When it comes to international remittances, the first thing that comes to mind is Form 15CA and Form 15CB compliance. Most users find it difficult and time-consuming to comply with Forms 15CA and 15CB. Many of them are uninformed of the existing requirements and methods of compliance. As a result, today I'll go over some crucial points about Form 15CA and Form 15CB, as well as the compliance procedure.

The income tax department has revised the rules relating to preparation & submission of Form 15CA and Form 15CB.

The Revised Rules became effective from 1st April 2016.   The significant changes are as follows –

• Form 15CA and 15CB which does not require RBI approval will be NOT be required to be furnished by an individual for remittance.
• List of payments of specified nature mentioned in Rule 37BB, which do not require submission of Forms 15CA and 15CB, has been expanded from 28 to 33 including payments for imports.
• Form No.15CB will only be required for payments made to non-residents, which are taxable and if the payment exceeds Rs.5 lakh.

A person responsible for making a payment to a non-resident or to a foreign company has to provide the following details:

When payment made is below Rs 5 lakh: For such payments information is required to be submitted in Part A of Form 15CA

When payment made exceeds Rs 5 lakh:

Following documents is required to be submitted:

• Part B of Form 15CA has to be provided
• Certificate in Form 15CB from an accountant
• Part C of Form 15CA

When the payment made is not chargeable to tax under IT Act: Part D of Form 15CA is required to be submitted.

In the following cases, no submission of information is required:

• The remittance is made by an individual and it does not require prior approval of Reserve Bank of India [as per the provisions of section 5 of the Foreign Exchange Management Act, 1999 (42 of 1999) read with Schedule III to the Foreign Exchange (Current Account Transaction) Rules, 2000]
• The remittance is of the nature specified in the list below:

Overall list of payments where no forms 15CA and 15CB are required are as follows (Rule 37BB):

How To File 15CA And 15CB Online?

To know more about Form 15CA and 15CB in detail and how to file online, click here .

Frequently Asked Questions

Any person not being a company, who is responsible for paying to a non-resident or a foreign company should furnish such information the required information Form 15CA.

PART A:  Where the remittance or the aggregate of such remittance does not exceed 5 lakh rupees during the F.Y. PART B : Where remittance or the aggregate of such remittances exceed 5 lakh rupees during the FY and an order / certificate u/s 195(2) / 195(3) /197 of the Act has been obtained from the Assessing Officer. PART C:  Where the remittance or the aggregate of such remittance exceed 5 lakh rupees during the FY and a certificate in Form No 15CB from an accountant has been obtained. PART D : Where the remittance is not chargeable to tax under the Income Tax Act, 1961.

If an assessee who is required to file Form 15CA  & 15CB fails to furnish the same before making remittance to a non resident, then he has shall be liable to penalty provisions under section 271I of the Income Tax Act, 1961. Such penal provision shall be attracted even if the person furnished inaccurate information. The amount of penalty which the assessing officer may ask the assessee to pay for Non compliance is Rs.1 lakhs.

Yes, Form 15CA can be withdrawn within 7 days from the date of Submission. The link to withdraw the submitted form will be available on the website of the Assessee concerned.

No time limit is prescribed for filing this form. However, it should be filed before the remittance is made.

Any remittance to a non-resident person, such as gifts, maintenance of relatives abroad, etc., under LRS would attract TCS at 20%, this can be claimed as tax credit against the income tax payable for that financial year.

Yes, Form 15CA can be withdrawn within 7 days from the date of submission.

There is no time limit prescribed for filing Form 15CA. However, it should be filed before the remittance is made.

About the Author

Mohammed S Chokhawala

I'm a chartered accountant, well-versed in the ins and outs of income tax, GST, and keeping the books balanced. Numbers are my thing, I can sift through financial statements and tax codes with the best of them. But there's another side to me – a side that thrives on words, not figures. Read more

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Foreign Exchange Control Manual, Annexure-I, Guidelines For Release of Exchange for Travel Abroad and for Other Purpose.

PART A - TRAVEL ABROAD Quantum of exchange PART B - OTHER PURPOSES I. Consular fees II A. Casual (Gift) Remittances B. Maintenance Expenses Abroad III.A. Royalty on Books III.B Royalty on Reproduction of Audio Software IV.Royalty on computer software imports V. Other Remittances VI. Donations: VI. A. Donation for Victims of Calamities abroad VII. Electronic Data-base costs VIII. Claims against Indian Tour Operator/Travel Agent IX. Advertisements in Print Media Abroad or on Internet X. Maintenance/Annual Services Charges for Imported Machinery/Software XI (A). Feasibility/Pre-feasibility Studies for Projects in India XI(B). Architectural services provided by foreign architects XI (C). Feasibility studies for Projects Abroad XII. Training/Coaching Expenses for Sports Activities XIII. Remittance of Prize, Sponsorship Money for Sports XIV. Fees for ISO Certification XV. Other Sundry Remittances

Annexure I : Guidelines for release of exchange for travel abroad and for other purpose

Guidelines for release of exchange for travel abroad and for other purposes

PART A - TRAVEL ABROAD

• the Ministry of Finance (Department of Economic Affairs), Government of India, New Delhi (in case of officials of State Government and Members of Parliament/State Legislatures) or
• the Administrative Ministry of Government of India (in case of officials of Central Government). Quantum of exchange: Amount sanctioned by Government in its letter of sanction. NOTE: Officials of State Government/Union Territory (U.T.), holding ex-officio status in co-operative societies/ public sector undertakings funded by the State/U.T. Governments going abroad in delegation or for participating in exhibitions, workshops, seminars, etc. and also officials going abroad for training under World Bank, etc. aided schemes, will require approval of the Department of Economic Affairs, Ministry of Finance.
• Officials in the office of the Comptroller and Auditor General (C&AG) deputed abroad and personnel of the Indian Audit and Accounts Department (IAAD) on their posting abroad. Documentation: Letter (in duplicate) indicating name, address, nationality, passport number of the applicant, along with the letter of sanction in original issued by C&AG. Quantum of exchange: Amount sanctioned by C&AG in its letter of sanction.
•  Special scale For Chief/Senior Executives like Chairman, Managing/ Executive Director, etc. Up to U.S.$ 500 per day for a period not exceeding 45 days
• General scale For others up to U.S.$ 350 per day for a period not exceeding 45 days
• Chief Executives of Export/Trading/Star Trading Houses/Super Star Trading Houses - not exceeding U.S.$ 5000 per trip and;
•  If the amount of exchange asked for does not exceed U.S.$5000 (inclusive of entertainment/secretarial etc. expenses), it may be released regardless of the duration of the visit and the per diem rate of exchange.
• See paragraph 8A.1(ii) for release of exchange in excess of the prescribed scales and/or for longer duration.
• Exchange may also be released to foreign nationals if the visit is sponsored by the company/firm/organisation in India where they are employed on regular basis.
• Registration fee as per brochure.
• If the amount of exchange asked for does not exceed U.S.$ 5000, it may be released regardless of the duration of the visit and the per diem rate of exchange.
• If participation in the conference/ seminar is proposed to be combined with a business visit, exchange shall be released only for the actual number of days of conference/seminar.
• See paragraph 8A.1(ii) for release of exchange in excess of the scales prescribed at (ii) above.
• Course fee (applicable to training only) Up to U.S.$ 5000 per person on production of documentary evidence.
• If the course fee is inclusive of maintenance expenses, U.S.$ 50 per day (for incidental expenses) may be released for the actual period of training/study tour.
• See paragraph 8A.1(ii) for release of exchange in excess of the scales prescribed at (b) above.
• Business visits against foreign hospitality. Documentation: Letter (in duplicate) from the applicant indicating name, address, nationality and passport number of the traveller, country of visit, period of stay, name and address of the host, purpose of visit, etc. and documentary evidence in support of full hospitality. Quantum of exchange: Up to U.S.$ 500/- if the visit is for a period not exceeding 10 days. If the period of visit exceeds 10 days, U.S.$ 50 per day up to a maximum period of 45 days. Note: See paragraph 8A.1(ii) for release of exchange in excess of the scales prescribed above.
• Employment abroad Documentation: Letter (in duplicate) indicating name, address, nationality and passport number of the applicant together with the letter of appointment from the overseas organisation in original (with a copy). Quantum of exchange: Up to U.S.$ 2,500 per person.
• Emigration Documentation: Letter (in duplicate) indicating name, address, nationality and passport number of the applicant, country of emigration and enclosing documentary evidence in support of emigration. Quantum of exchange: Up to U.S.$ 3,000/- per person/per member of family or the amount required by the country of emigration subject to production of documentary evidence in support thereof from the Mission in India of the concerned country.
• Hospitalisation Not exceeding the estimate given by the overseas doctor/hospital.
• Pre/Post hospitalisation The period recommended in form TRM 1 subject to a maximum of 2 months @ U.S.$ 150 per day.
• For attendant @ U.S.$ 150 per day for the period of stay of the patient. Special conditions: Exchange shall be released subject to the condition that documentary evidence in support of the expenditure incurred on hospitalisation is submitted to the authorised dealer promptly on return to India. Authorised dealer should verify it and thereafter preserve it for audit/inspection.
• In the case of persons who have fallen ill after proceeding abroad for business etc. visits and who are in need of additional exchange, authorised dealers may release additional exchange for medical treatment on getting a certificate in form TRM 2 signed by the attending doctor/hospital abroad subject to submission of bills/vouchers in support of expenditure incurred on medical treatment on return of the person concerned to India.
• See paragraph 8A.1(ii) for release of exchange 3in excess of the scales prescribed at (a)(ii) and (b) above and/or for longer duration.
• For check up/consultations - Up to U.S.$ 1,000
• U.S. $ 150 per day to the patient for a period not exceeding seven days.
• U.S. 150 per day to the attendant for the period up to which exchange is released to the patient provided a certificate from the attending doctor in India is produced to indicate the need for attendant to accompany the patient. Note: See paragraph 8A.1(ii) for release of exchange in excess of the above referred per diem scales.
• Apprenticeship training under a foreign collaboration agreement etc. of persons employed in a manufacturing concern. Documentation: Letter (in duplicate) from the sponsoring organisation indicating the name, address, nationality, passport number of the trainee, the details of training and exchange required along with a letter from the overseas organisation indicating the facilities for the training. Quantum of Exchange: Up to U.S.$ 2000 per month up to 3 months. Note: See paragraph 8A.1(ii) for release of exchange in excess of the prescribed scales and/or for longer duration.
• Training abroad where the entire cost of training is borne by the overseas organisation/institution. Documentation: Letter (in duplicate) from the sponsoring organisation indicating name, address, nationality and passport number of trainee, amount of exchange required, name and address of overseas organisation/institution, nature, period and country of training, supported by documentary evidence giving details of facilities offered for the training and stating that the entire expenses of lodging, boarding, etc. will be met by the overseas organisation/institution. Quantum of exchange: Up to U.S.$ 500 if the period of training does not exceed 10 days. If the period of training exceeds 10 days, U.S.$ 50 per day up to a maximum period of 30 days. Note: See paragraph 8A.1(ii) for release of exchange in excess of the prescribed scales and/or for longer duration.
• Passport of the traveller should be verified by the authorised dealer to ensure his eligibility for release of exchange under BTQ.
• Passport of the traveller should be endorsed with the amount of exchange sold and notation 'Basic Travel Quota' under proper authentication with stamp and date. A photocopy each of the relevant pages of the traveler's passport where personal particulars are available for example, name, address, date of birth, signature, photograph and number, date, place of issue and validity period of passport, visa for country of visit and the pages where endorsement for BTQ has been made.
• In the event of cancellation of the journey and surrender of exchange to the authorised dealer, the endorsement on the passport relating to the exchange sold may be cancelled by the authorised dealer under his stamp and signature with date.
• Students holding Indian passports.
• Exchange facilities may be made available to eligible students who had gone abroad without availing exchange facilities from India for the remaining duration of the course.
• Exchange may also be released to students for continuing the same course for which exchange was released earlier or for any other course at the same or any other educational institution.
• It is not necessary that full exchange entitlement for the entire year or duration of the course is drawn from the same authorised dealer. Students are free to draw part of their foreign exchange entitlement from one authorised dealer and part from another .
• Deposit towards advance tuition fees/maintenance may be remitted if insisted upon by the overseas institution. Authorised dealer should obtain an undertaking from the student that in the event of his/her not joining the course he would obtain the admissible refund and repatriate it to India.

Duration of Course : The actual duration of the course. Quantum of exchange :

• U.S.$ 30,000 per annum towards tuition fees, maintenance expenses, books etc. Exchange in excess of U.S.$ 30,000 (at actuals) may be released to the extent of the requirement of exchange indicated in the letter from the overseas institution. If the student is in receipt of scholarship, the amount thereof may be adjusted against the amount of exchange admissible to him, only to the extent desired by the applicant.
• In cases where the student is in receipt of full sponsorship from a close relative, he will be eligible for full exchange, if he desires not to avail of the relative's hospitality.
• In case letter of admission from overseas university does not indicate the estimate of exchange requirements, exchange up to U.S.$ 15,000 may be released subject to adjustment while releasing further exchange.
• Exchange may be released for a period not exceeding one year at a time.
• Exchange may be released in the form of currency notes not exceeding U.S.$ 500 and balance amount may be released in the form of travellers' cheques/draft/T.T. in favour of the student or the educational institution, as desired by the applicant. Students going to Russia or other Republics of CIS countries may be released exchange in the form of currency notes for a period up to one year.

Maintenance of Records, Files, etc.: Authorised dealers should preserve the case papers duly indexed in student-wise files/folders for the purpose of internal audit/inspection

PART B - OTHER PURPOSES

I. Consular fees Remittance of visa fees and other consular collections of foreign diplomatic missions in India Documentation: Form A2 Special Conditions: A certificate as under should be appended on form A2 by the remitting mission. 'We hereby certify that the remittance represents visa fees/other consular collections made by us and the amount so far remitted during the current year is Rs....... The remittance during the previous year viz...... aggregated Rs.......' NOTE: If there is a significant increase in the amount to be remitted as compared to the previous year, a report should be submitted to Reserve Bank by the authorised dealer after ascertaining the reasons for the increase. II A. Casual (Gift) Remittances Gift remittance to persons residing abroad Documentation: Form A2 and a declaration as under: 'I hereby declare that including the remittance of (currency and amount) ……. now applied for, I have not remitted to (Name of the beneficiary) ……….aggregate amount exceeding the prescribed limit of US $ 1,000 in the calendar year ……'

Signature................................................................... Name of the applicant…………………………..... Address: …………………………………………....

Place ………… Date …………. Quantum of exchange: Upto U.S.$ 1,000 per calendar year per person/corporate for each beneficiary. B. Maintenance Expenses Abroad Maintenance expenses to close relatives namely son / daughter / father / mother / brother / sister / grand father / grand mother permanently residing abroad. Documentation : Form REM and form A2. Quantum of exchange : Up to U.S.$ 5000 per calendar year per beneficiary by a family unit III.A. Royalty on Books Royalty by Indian publishers on Reprint of foreign books and other copyright literature other than those which are on the proscribed/banned list for imports. Documentation: Form BRT and form A2 Quantum of exchange: 15% of Indian published price Special conditions:

• Copy of Reprint Agreement concluded should be obtained
• Amount of remittance should be net of Income-tax. In case gross amount of royalty exceeds U.S.$ 5,000/-, certificate from a Chartered Accountant on form BRT should be obtained.
• Advance remittance towards royalty may be allowed up to U.S.$ 3,000/- if provided for in the agreement subject to adjustment against actual royalty accruals.

III.B Royalty on Reproduction of Audio Software Royalty by Indian music company for reproduction of copyright music recorded by overseas company (other than those on the prescribed/banned list for imports). Documentation:

• Form MRR and Form A2
• Certified copy of Agreement
• Undertaking from the remitter regarding payment of Income-tax with a certificate from the Accountant in the prescribed form. (cf.paragraph 3 B.10)
• If the royalty exceeds 20% and remittance is not being made from funds held in EEFC account, the applicant may be advised to obtain specific approval from the Department of Electronics, Government of India, New Delhi.

Special Conditions:

• Copy of Agreement for reproduction of copyright music between Indian music company and overseas music company should be verified.
• The retail sale price of the records/cassettes should be computed by deducting applicable local taxes and packaging charges at the rate not less than 6.5% in case of records and CDs and 10% in case of magnetic tape cassettes from the retail price printed on the records/cassettes.
• Where the rate of royalty exceeds 20%, remittance may be allowed on verification of approval from the Department of Electronics, Government of India, New Delhi. A copy of the approval should be kept on record. This special condition, however, is not applicable if the remittance is being made out of funds held in the EEFC account of the applicant.
• Authorised dealers should keep a systematic record of the remittances allowed alongwith declarations in MRR which should be made available to their Internal Auditors/Reserve Bank of India for inspection.

IV.Royalty on computer software imports Payment of royalty by Indian software reproducers to overseas copyright holders for reproduction of computer software. Documentation:

• Form SRT and form A2
• Certified copy of agreement
• Undertaking/certificate regarding payment of Income-tax (cf.paragraph 3 B.10).

Quantum of exchange:

• Up to 30 (thirty) per cent of the Indian published price.
• If there is no Indian price, it may be arrived at by converting the list price in the currency of the country of publication at market rate.
• If the royalty exceeds 30 per cent, the applicant may be advised to obtain specific approval from the Department of Electronics, Government of India. Remittance may thereafter be allowed in accordance with the terms approved by the Government of India.

Special conditions:

• Authorised dealer should ensure with reference to documentary evidence that the amount of royalty is in conformity with the terms and conditions set out in the agreement.
• Applicant may be advised to obtain permission from the Department of Electronics, Government of India, wherever necessary.
• While allowing first remittance towards royalty under the agreement, applicant should be advised that all subsequent remittances should also be made through the same branch of the authorised dealer.
• Advance remittance of royalty on duplication of software should not be allowed without specific permission of Reserve Bank.
• Form SRT and Form A2 should be sent to Reserve Bank with the R Return.

V. Other Remittances Remittances towards cost of services including subscription to newspapers, magazines, etc. rendered/supplied by overseas parties to individuals, firms, companies or organisations in India for purposes other than for which specific provisions e.g., agency commission on exports, advertisements on overseas TV media, etc. exist elsewhere in this Manual. Authorised dealers may allow reimbursement/remittance against claims received towards subscriptions to foreign magazines, journals, etc. and access fee for Internet related services through Websites based abroad on behalf of ICC holders. Documentation: Form A2 and original invoice/bill/debit note, etc. from the overseas company/organisation indicating type/nature and cost of service(s) supplied to the applicant. Quantum of Exchange: Upto U.S. $ 25,000. Special Conditions:

• The applicant is a customer of the authorised dealer and the latter is satisfied about the bona fides of the remittance towards services supplied.
• Subscription to (a) magazines, etc. which are on the proscribed/banned list and (b) football pools, sweepstakes or lotteries should not be allowed.
• Remittances towards call back services provided by the overseas communication organisations direct or through their agents in India should be permitted only if the applicant is authorised/licensed by the Department of Telecommunications. This facility should, however, not be allowed to organisations which have been permitted by the Department of Telecommunications to provide only information services on marketing etc. on collect call basis.
• Certified copy of the documentary evidence in support of the remittance alongwith form A2 should be forwarded to Reserve Bank with R Returns.
• In case the applicants are not regular customers of an authorised dealer, remittance of exchange upto U.S.$ 1,000 (U.S. dollar one thousand) per transaction may be allowed provided authorised dealer is satisfied about the bona fide of the applicant/remittance.
• Authorised dealers may allow remittance towards consultancy fees to overseas agencies engaged in processing/sponsoring of applications of Indians for emigration to the concerned country subject to verification of suitable documentary evidence in support of payment.

VI. Donations: Remittance of donations by residents to Charitable/educational/religious/cultural organisations abroad. Documentation: Letter in duplicate with documentary evidence such as brochure indicating the name, address and activities of the organisation, the type of services offered etc. and purpose/s for making gifts/donations. Quantum of Exchange: Up to U.S.$ 1000 in a calendar year per person. VI. A. Donation for Victims of Calamities abroad Remittance towards donations collected in India for relief to victims of calamities like floods, earthquakes etc. to organisations / institutions abroad affiliated to inter governmental bodies like United Nations without any ceiling. Documentation Letter in duplicate with documentary evidence such as brochure indicating the name, address and activities of the Organisation, the type of services offered etc. and purpose/s for making donations. VII. Electronic Data-base costs Remittance of actual charges payable towards data-base costs, computer connect/time charges, software charges,hit charges, downloading of information from internet, etc. Documentation:

• Invoice or debit notes from the overseas data-base centres

Special Condition: Certified copy of the documentary evidence in support of the remittance alongwith form A2 should be forwarded to Reserve Bank with R Returns. NOTE:

• Foreign banks operating in India and desirous of remitting proportionate expenditure on electronic data base cost incurred by their Head Offices, may make such remittances to the latter, on the basis of a copy of invoice raised by the service provider indicating details of proportionate bifurcation of such charges to be paid by the Indian branches of the bank concerned, provided approval from Department of Banking Operations and Development, Reserve Bank of India, Central Office, Mumbai for the arrangement has been obtained.
• Remittance upto U.S.$ 250 or its equivalent may be allowed by authorised dealers if the applicant is not in a position to produce documentary evidence such as invoice or debit note from the overseas company provided they are satisfied about bona fides of the applicant/remittance.

VIII. Claims against Indian Tour Operator/Travel Agent Documentation Letter in duplicate from the Indian Tour Operator/Travel Agent indicating total tour cost in respect of which the claim is preferred together with documentary evidence indicating details of receipt of advance payment for individual/group tour and letter from foreign tourist/tour operator seeking the claim and indicating reasons therefor. Quantum of Exchange For individual or group tours Up to 10% of the tour cost or U.S.$ 5,000 whichever is higher. IX. Advertisements in Print Media Abroad or on Internet Remittance of the actual cost of advertisements in print media abroad such as overseas newspapers/periodicals or on Internet by firms/companies/organisations as well as banks/financial institutions in India. Documentation

• Invoice/bill from the overseas publisher
• Clippings of the advertisements
• Undertaking/certificate regarding payment of income-tax (cf. paragraph 3 B.10)
• In the case of advertisements released by State Government Departments / undertakings approval letter from the Ministry of Finance (Department of Economic Affairs), Government of India, New Delhi should be called for.

Special condition: Certified copy of the documentary evidence i.e. invoice/bill in support of the remittance alongwith form A2 should be forwarded to Reserve Bank with R Returns. NOTE: Authorised dealers may allow remittance in advance towards cost of advertisement in print media or on Internet, out of EEFC accounts of the advertiser concerned provided the overseas agency insists upon advance remittance and an undertaking has been obtained from the applicant that he would submit documentary evidence in support of publication of advertisement within 3 months from the date of remittance. Authorised dealers should follow up for submission of documentary evidence, with the remitter. X. Maintenance/Annual Services Charges for Imported Machinery/Software Remittance for providing maintenance/support services for imported machinery or softwares, by overseas companies to Indian importers. Documentation:

• Original invoice from the overseas company indicating the amount of charges, nature of services rendered and description of machinery/equipment/software imported.
• Copy of the relative contract/agreement specifying the terms of payment and providing maintenance/servicing of imported machinery/software.

Special conditions Authorised dealers should ensure that the machinery/equipment/software has been actually imported into India with reference to appropriate documentary evidence. Certified copy of the documentary evidence in support of the remittance alongwith form A2 should be forwarded to Reserve Bank with R Returns. XI (A). Feasibility/Pre-feasibility Studies for Projects in India Remittance of charges for conducting Feasibility/Pre-feasibility studies, for projects to be set up in India, to overseas consultants/agencies. Documentation

• Original invoice from the overseas company indicating the nature of services rendered.
• Certified copy of contract specifying the terms of payment.
• An undertaking from the applicants that they have complied with the provisions of Research and Development Cess Act, 1986, if applicable. Special Conditions Authorised dealers should obtain a confirmation from the applicant company that the relative study report has been received by it and certified copy of the documentary evidence in support of remittance alongwith form A2 should be forwarded to Reserve Bank with R Returns.

XI(B). Architectural services provided by foreign architects Remittance of charges for architectural services provided by foreign architects to Indian companies engaged in development of real estate and housing in India subject to the documents and special condition enumerated under item XI(A) above. Quantum of Exchange Up to U.S.$ 1,00,000. XI (C). Feasibility studies for Projects Abroad Remittances to overseas consultancy organisations for conducting feasibility/pre-feasibility studies for projects to be set up abroad by Indian companies in respect of their proposed joint venture/wholly owned subsidiary abroad. Documentation

• Invoice from the overseas consultancy organisation indicating the nature of and charges for the feasibility study.
• Applicant's Undertaking and Accountant's Certificate regarding payment of income-tax in the prescribed form.
• A declaration from the applicant that the assignment for which payment is being made has been completed. Quantum of Exchange Upto U.S. $ 100,000. NOTE: For remittance in excess of U.S. $ 100,000, please see instructions contained in paragraph 9 A.7(i)

A.D.(M.A. Series) Circular No.48 A.D.(M.A. Series) Circular No.48 - Slip 5

XII. Training/Coaching Expenses for Sports Activities Indian sportspersons undertaking training in sport activities abroad or engagement of overseas coaches/trainers for coaching of sportspersons in India. Documentation:

• Letter (in duplicate) giving particulars such as name, address of the applicant, country, period and nature of training in sport activity proposed to be undertaken.
• Letter of invitation/offer from the overseas party indicating inter alia, the nature of sport activity and quantum of exchange required.
• Original contract/agreement/correspondence with overseas coaches/trainers with two certified copies thereof.
• Original invoice from the overseas party with two certified copies thereof.
• Undertaking/certificate regarding payment of Income-tax (cf.paragraph 3 B.10)

Special Condition Certified copy of the documentary evidence in support of the remittance alongwith form A2 should be forwarded to Reserve Bank with R Returns. Quantum of exchange: Actuals as indicated in the letter of invitation/offer. XIII. Remittance of Prize, Sponsorship Money for Sports Documentation

• Letter (in duplicate) from the applicant giving particulars of nature of sport activity, name and address of the overseas party/Indian sponsorer, amount of foreign exchange required.
• Letter of offer or Memorandum of Understanding or Agreement entered into for the relevant sport activity and foreign exchange required.

Quantum of Exchange

• Upto U.S.$ 100,000 (U.S. dollars one lakh) or its equivalent if the applicant is a recognised International/National/State level sports body.
• Upto U.S.$ 25,000, in each case, in respect of cases not covered by (a) above. Special conditions Certified copies of the documentary evidence submitted in support of the remittance should be retained by authorised dealers for audit/inspection. NOTE: Requests for release of foreign exchange in excess of U.S.$ 100,000 or U.S.$ 25,000, as the case may be, may be referred to Reserve Bank.

XIV. Fees for ISO Certification Authorised dealers may allow remittances towards fees payable for ISO certification for products of Indian firms/companies. Documentation

• Invoice from the overseas accredited agency indicating details of product(s), fees payable for ISO certification. Quantum of Exchange: Actuals as per invoice. NOTE: Authorised dealers should, however, ensure that in case the overseas accredited agency in question had engaged the services of Indian firm/company to conduct the survey/inspection, the latter has been/would be paid by the overseas accredited agency in foreign exchange through normal banking channel for the services rendered.

XIVA. Registration of Patents/Trade Marks Authorised dealers may allow remittances towards registration charges payable to overseas Governments/Regulatory Authorities/International Organisations for registration of Patents/Trade Marks. Documentation

• Invoice/Documents from the overseas registering authorities indicating charges payable for registration or renewal of registration of Patent/Trade Mark. Quantum of Exchange Actuals as per invoice/documents.

XV. Other Sundry Remittances Authorised dealers may allow the following types of remittances on production of appropriate documentary evidence as indicated against each item.

Annexure IA

F.No.18/1/97.B.O.I. Government of India Ministry of Finance Department of Economic Affairs (Banking Division)

Jeevan Deep Building, Sansad Marg, New Delhi-110 001, Dated the 11, December, 1997

Subject:- Foreign visits by the wholetime directors of public sector banks and financial institutions Sir, As per the existing terms and conditions of appointment issued by the Government of India wholetime directors of public sector banks and financial institutions are required to obtain prior permission of the Government for undertaking any visit abroad for official purpose. Such visits are undertaken for reviewing the operations/performance of the banks' overseas branches/offices, attending seminars, conferences, workshops, meetings of World Bank/IMF/ADB and other international bodies, meeting the foreign correspondent banks, overseas clients, promotion of public issue etc. A copy of such requests is to be sent to Reserve Bank of India. On return from such visits they are required to submit a report on the foreign tour to the Central Government and Reserve Bank of India. However, in the event of their personal visit abroad, prior intimation only is required to be sent to the Government.

• The matter has been reconsidered by the Central Government in the context of granting more autonomy to the public sector banks and financial institutions. It has now been decided that prior approval of the Central Government would not be required for foreign visits for periods (excluding travel time) as indicated below:
•  The above wholetime directors shall keep their Board of Directors, Central Government and Reserve Bank of India informed of their visits which are within the above prescribed limits. Prior to undertaking the visits during Parliament session, it may be ensured that prior intimation is sent to Government at least 10 days in advance. In cases where it is proposed to undertake any foreign visit in excess of the above prescribed limits, prior permission of the Central Government as hitherto may be obtained. In regard to leave during foreign visits and the wholetime directors being accompanied by their spouses during such visits the existing instructions shall apply.
•  The receipt of this letter may kindly be acknowledged.

Yours faithfully, Sd/- (Sudhir Shrivastava) Director

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Table of Contents

What is Form 15CA CB?

International transactions come with many tax implications. So one oftens misses out on these.

Section 195 of the Income Tax Act requires us to deduct tax for amounts which are taxable under the Act. So for international transactions, the banks mantains these records. Further, when we make any payment to a non resident, the bank checks whether we’ve paid tax or not. So for this aspect, they rely on certificates from Chartered Accountants. We submit Form 15CA and CB to banks with this information. Generally CAs prepare and certify Form 15 CB.

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What is Form 15CA?

What is from 15cb, form 15ca cb applicability.

Whether each and every foreign transaction requires furnishing Form 15CA & 15CB?

In fact as per the Revised Income Tax Rules, now we need Form No. 15CB only for payments which are both taxable and amount exceeds Rs 5 lakhs. 

For the following types of transactions form 15 CB are not required:

• A transaction by an individual which does not require RBI approval.
• Payments of specified nature mentioned in Rule 37BB (shared in brief below).

However, even when not required, we’ve heard of cases where banks still ask for a 15CA CB.

Difference Parts of Form 15CA

We classify form 15CA into 4 parts–

• PART A: – Where the remittance or the aggregate of such remittance does not exceed 5 lakh rupees during the F.Y. (whether taxable or not).
• PART B: – Where an order /certificate u/s 195(2)/ 195(3)/197 of Income Tax Act has been obtained from the A.O. (Whether Nil rate or Lower rate Certificate).
• PART C: – Where the remittance or the aggregate of such remittance exceed 5 lakh rupees during the FY.
• PART D: – Where the remittance is not chargeable to tax unde

Mandatory information required while filing a Form 15CA and 15CB

Details of remitter.

• Name of the remitter
• Address of the remitter
• PAN of the remitter
• Principal place of business of the remitter
• E-Mail address and phone no. of remitter
• Status of the remitter (firm/company/other)

Details of Remittee

• Name and status of the remittee
• Address of the remittee
• Country of the remittee (country to which remittance is made)
• Principal place of the business of the remittee

Details of the Remittance

• Country to which remittance is made
• Currency in which remittance is made
• Amount of remittance in Indian currency
• Proposed date of remittance
• Nature of remittance as per agreement (invoice copy to be asked from client)

Bank details of the Remitter

• Name of bank of the remitter
• Name of branch of the bank
• BSR Code of the bank
• Father’s name of the signing person
• Designation of the signing person

Documents from the Remittee

• Form 10F duly filled by the authorized person of the remittee.
• Tax residency certificate from the remittee (tax registration of the country in which remittee is registered).

As per Income Tax Rules, No reporting in Form 15CA and 15CB is to be made in case of the following nature of foreign remittances (provided in Rule 37BB).

List of payments where Form 15CA CB is not required:

Have any questions on the article or services? We can be easily reached at [email protected].

Need help with any registration services, filing or any other compliances or services, reach us at the above email o r contact us .

2 Responses

15ca cb for nre nro: applicability, requirements & more - go for filing.

[…] However, even when not required, we’ve heard of cases where banks still ask for a 15CA CB. As per Income Tax Rules, No reporting in Form 15CA and 15CB is to be made in case of the following nature of foreign remittances (provided in Rule 37BB). See full list here. […]

15CA CB For Renting : Applicability, Requirements & More - Go For Filing

Basic Provision of Form 15CB & 15CA 

Page Contents

Basic Provision of Form 15CB & 15CA

What is form 15cb.

There are some provisions to make payments outside India, one of this compliance is the submission of Form 15CA and 15CB compliance . Rule 37BB  provides the manner of supplying information in form 15CB and making a declaration in form 15CA.

What form-15CA?

In 15CA, all the information concerning payments made to non-residents is given, making it a tool for the collection of data on international remittances. In general, this form is a statement used by the sender to gather information on payments due.

• Therefore, Form 15CA helps the country’s Income tax department keep track of international remittances and their taxability.
• Form 15CA will NOT have to be equipped for remittance by a person who does not need RBI approval.

Applicability of Form 15CA

Form 15CA is a declaration statement of any person who is planning to make a foreign remittance:

• To a non-resident or a foreign company (regardless of whether the remittance is taxable)
• Remitter who can be a resident/non-resident/domestic/foreign company
• Where income accrues/ arises/ acquired or considered to accrue/ arise/ received in India. (Section 5 of the Income Tax Act)

Non- Applicability of Form 15CA

Non-requirement of Form 15 CA

• When the Foreign remitter allows Foreign remittance in compliance with the list of payments stated in the Income Tax Rules of Rule 37BB.(Refer: Rules of Income Tax)
• Not applicable by Section 5 of the Foreign Exchange Management Act, 1999 to an individual who does not need RBI approval.

What is Form-15CB?

This is the kind of certificate that is required only if the remittance is not taxable. It is a channel for getting tax clearance/approval. In general, this form is a declaration used by the remitter to gather information on payments due.

Applicability Form 15CB certificate

Form 15CB certificate is required from Chartered Accountant when the foreign remittance is made in the following case

• Non-residen t or Foreign companies are Taxable,
• Payment above Rs. 5 lakhs; &
• Where the order/certificate has not been received from the Assessing Officer (AO).

Form 15CB is a form that a Chartered Accountant is required to sign. This certificate is regarding the rate and the correct type of tax paid by Assess. some information Form 15CB is requested at the time of submission of Form 15CA.

It appears at first glance that Form 15CA is not necessary to be completed if the remittance or payment to a non-resident Indian is not taxable.

According to Rule 37BB of the Income Tax (14th Amendment) Rule, 2013, There is no reporting of Form 15CA & Form 15CB in the case of international remittances of the following nature since October 2013.

List of payments where Form 15CA / 15CB is not required

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New RBI Guidelines for Foreign Exchange Transactions

Indians need foreign currencies to travel abroad and transfer funds across countries. The Reserve Bank of India governs the foreign exchange (Forex) transactions via the Foreign Exchange Management Act (FEMA) . The outward remittance limits, TCS on foreign remittance and guidelines for different entities/ organizations are defined under the various schemes and regulations of the FEMA Act. Hence it is important to know the RBI guidelines for foreign exchange transactions.

Highlights of RBI Guidelines for Foreign Exchange Transactions

• As per the RBI guidelines, up to USD 25,000 remittance is allowed during a calendar year.
• You are allowed to remit in a foreign currency for any permissible transactions.
• Resident Indians can buy FOREX up to USD 25,000.
• If you bring FOREX over and above the prescribed limit to India, you must declare it.
• You can keep a maximum of USD 2,000 or its equivalent in cash notes or tarveller’s cheques. 

RBI Guidelines for Outward Remittances

Listed below are the FEMA guidelines under the Liberalized Remittance Scheme (LRS) for money transfer abroad from India: 

Maximum Limit

Indian residents are allowed to remit funds up to the LRS limit of USD 25,000 each calendar year for any RBI-approved current or capital account transactions, or a combination of both. 

Authorized Institutions

The Reserve Bank of India grants permission to two kinds of institutions, or authorized persons, for transferring money abroad from India.

1. AD Banks (Authorized Dealer – I)

2. Currency Exchange Service providers having AD-II category license (Authorized Dealer – II)

Mandatory Requirements

For FOREX transactions conducted as per RBI guidelines for the same, you must fulfill requirements set by the Reserve Bank of India. You have to submit your KYC (Know Your Customer) documents and send funds for approved purposes. 

RBI Guidelines for Foreign Exchange Transactions (on currency exchange)

• You need to submit the required KYC documents to purchase foreign currency.
• You can’t buy the forex before 60 days of your travel date mentioned on your air ticket.
• As per RBI guidelines, you can buy forex of up to USD 25,000, or its equivalent in any currency. Out of USD 25,000, you can get cash of up to USD 2,000.
• You can get a Forex card or traveler’s cheque to carry the remaining amount.
• You can make transactions not exceeding Rs. 50,000, whether cash or online. 

RBI Rules for Selling Foreign Currency

You need to follow the below mentioned RBI guidelines for foreign exchange transactions to sell forex:

• You need to submit the KYC documents required for selling foreign currency.
• You must surrender the balance of Forex kept in the forex card, traveler’s cheque or cash, within 180 days of returning to India. You are only allowed to keep foreign exchange up to USD 2,000, or its equivalent in other currencies, in foreign currency notes or traveler’s cheques.
• Although you can bring back any amount of forex to India, you must declare the same through a currency declaration form (CDF) if you have currency notes of more than USD 5,000, or currency notes and traveler’s cheques more than USD 10,000.  

You can get preferential rates on currency conversion and a host of benefits when remitting from India to abroad for your loved ones by contacting SBNRI experts. At SBNRI , we keep an eye on the exchange rate on a regular basis to help NRIs with their remittances and investment . You can download SBNRI App to connect with our experts. They will help you evaluate the optimal time for remitting money to India from Australia. 

You can also click on the button below to ask any questions. Visit our blog and YouTube Channel for more details.

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Resident Indians traveling on a private/ business visit abroad can hold International Debit Cards (IDCs) and International Credit Cards (ICCs) for drawing cash or making payment to merchant establishments overseas during their visit abroad. The usage of IDCs shall be within the LRS limit.  

Banks authorized to deal in foreign exchange can issue international Debit Cards (IDCs) to Indians traveling abroad or for making international financial transactions in a foreign currency.

No prior permission from the Reserve Bank of India is required for the issuance of such cards. However, the use of the cards are limited to RBI-approved current account transactions and subject to the LRS limit.

You can use ICCs/ IDCs for traveling abroad for various purposes and for making personal payments like subscription to foreign journals, internet subscription, etc.  ICCs/ IDCs can’t be used for financial transactions mentioned in Schedule 1 of FEM (CAT) Amendment Rules 2015, including purchase of lottery tickets, sweepstakes, banned magazines, etc. Use of these financial instruments is prohibited for payment in foreign exchange in Nepal and Bhutan.

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All about form 15CA & Form 15CB

CA Manish S. Savalkar

1. Why Form 15CA?

Form 15CA is a Declaration of Remitter and is used as a tool for collecting information in respect of payments which are chargeable to tax in the hands of recipient non-resident. This is starting of an effective Information Processing System which may be utilized by the Income tax Department to independently track the foreign remittances and their nature to determine tax liability. Authorised Dealers/ Banks are now becoming more vigilant in ensuring that such Forms are received by them before remittance is effected since now as per revised Rule 37BB a duty is casted on them to furnish Form 15CA received from remitter, to an income-tax authority for the purposes of any proceedings under the Income-tax Act.

2. Whether Form 15CA has to be submitted in all cases since the Bankers demand it invariably?

In this regards the attention is invited to the Headings of the Form which provides as under:

“Information to be furnished for  payments, chargeable to tax , to a non-resident not being a company, or to a foreign company”

“(To be filled up  if the remittance is chargeable to tax  and the aggregate of such remittances made during the financial year does not exceed five lakhs rupees)”

(Underlined for emphasis)

As can be seen from above the Form clearly states that it needs to be filled only if the remittance is chargeable to tax in India. Therefore on the first blush it appears crystal clear that Form 15CA is not required to be filled if the remittance/ payment to non-resident are not chargeable to tax. However, No reporting in Form 15CA and 15CB is to be made in case of the following nature of foreign remittances has been provided in Rule 37BB.

SPECIFIED LIST  

Therefore no Form 15CA and 15CB are required in the abovementioned 33 nature of foreign remittances.

3. What stand customer can take if Bank demand Form 15CA but service is not taxable?

In such cases, the possible recourse is to submit a declaration in form of a note to Bank stating the nature of remittance and reason as to why it is not chargeable to tax and consequently exempted from the submission of Form 15CA.

4. Why Form 15CB?

The answer is Form 15CB. Chargeability can be ascertained and certified by obtaining the Certificate from a Chartered Accountant in Form no. 15CB. This certificate has been prescribed under Section 195(6) of the Income tax Act and is an alternate channel of obtaining Tax clearance apart from Certificate from Assessing Officer.

Perusal of Form 15CB makes it clear that there is no condition or exemption to obtain such certificate when the remittance is not chargeable to tax.  In fact this Form 15CB is the Tax Determination Certificate where the Issuer CA examines the remittance having regard to chargeability provisions under Section 5 and 9 of Income tax Act along with provisions of Double tax Avoidance Agreements with the Recipient’s Residence Country. Therefore in my opinion, it is advisable to obtain 15CB even in cases where 15CA is not mandated. Though there is no penal provision prescribed in the Act if such Certificates in Form 15CB and Declaration in Form 15CA are not obtained, but it is in the interest of Assessee to have a tax determination in Form 15CB from a CA, since Non-resident taxation involves various complex issues and the consequences of Non deduction are severe.

5. Once it is ascertained that Form 15CA and 15CB have to be made then one should ascertain the part of Form 15CA to be filled by the assessee, by reading the following extracts of Amended Rule 37BB; 

Rule 37BB. (1) Any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest or salary or any other sum chargeable to tax under the provisions of the Act, shall furnish the following, namely:

(i) the information in Part A of Form No.15CA, if the aggregate of such payments made during the financial year does not exceed five lakh rupees;                     

(ii) the information in Part B of Form No.15CA for payments other than the payments referred in clause (i)

6. Information to be required from the client 

A. Details of Remitter  

1. Name of the Remitter

2. Address of the Remitter

3. PAN of the  Remitter

4. Principal Place of Business of the Remitter

5. E-Mail Address and Phone No. Of Remitter

6. Status of the Remitter (Firm/Company/Other)

B.  Details of Remittee

1. Name and Status of the Remittee

2. Address of the Remittee

3. Country of the Remittee (Country to Which Remittance Is Made)

4. Principal Place of the Business of the Remittee

C.  Details of the Remittance

1. Country to Which Remittance Is Made

2. Currency in Which Remittance Is Made

3. Amount of Remittance in Indian Currency

4. Proposed Date of Remittance

5. Nature of Remittance as Per Agreement (Invoice Copy to Be Asked From Client)

D Bank Details of the Remitter     

1. Name of Bank of the Remitter

2. Name of Branch of the Bank

3.  BSR Code of the Bank

E.  Others 

1. Father’s Name of the Signing Person

2. Designation Of The Signing Person

F. Documents required          

a. Form 10f Duly Filled By the Authorised Person Of The Remittee.

b. Tax Residency Certificate From The Remittee (Tax Registration Of The Country In Which Remittee Is Registered)

c. Certificate That The Remittee Does Not Have Any Permanent Establishment In India. This Is Mandatory If The Income Is A Business Income And Not Chargeable To Tax As Per DTAA If There Is No P.E In India.

This Is Required If Any Benefit Under DTAA Is Taken, Whether By Way Of Lower Rate Of Deduction Of Tax At Source Or No Deduction Of Tax At Source As Per DTAA.

7. What are the impacts of new Rule?

a.     Department added 28 types of payments for which no information is required to be furnished at all.

b.    Form 15CB is not required where Part A of Form 15CA is to be filled in, i.e., in case of small payments.

c.     In case of other payments, it appears that either an order or a certificate of the Assessing Officer u/s. 197/195(2)/195(3) must be obtained, or a certificate of the Chartered Accountant should be obtained.

d.    Sub-rule (2) of the revised Rule 37BB mandates that Form 15CA shall be furnished to the authorised dealer prior to remitting the payment.

e.     The revised Rule 37BB casts a duty on the authorised dealer to furnish Form 15CA submitted by the remitter to an income-tax authority for the purposes of any proceedings under the Income-tax Act.

f.     The revised Forms state that in the absence of the PAN of the recipient, provisions of section 206AA shall apply.

g.    The revised Form 15CB requires detailed enumeration of the taxability of the amount under the Income-tax Act, without giving any effect to the DTAA. Where DTAA provisions are sought to be applied, the details of the Tax Residency Certificate, applicable DTAA and its relevant article, as also tax liability under the DTAA are to be furnished.  The nature of remittance is divided as — for royalties, FTS, interest, dividend; on account of business income; on account of short-term and long-term capital gains; and any other remittance.

(The author can be reached at [email protected] or on +91 9833862440 for any queries)

Republished with Amendments by Team Taxguru.

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Name: CA Manish Savalkar

Qualification: ca in practice, company: n/a, location: mumbai, maharashtra, in, member since: 02 may 2020 | total posts: 1, join taxguru’s network for latest updates on income tax, gst, company law, corporate laws and other related subjects..

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133 Comments

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• ← Older Comments

If I have paid the TDS to the government against foreign payment but 15CA and 15CB not filed, how to resolve this issue?

hi,I haveissued and uploded form 15ca cb dt 13-10-22for 50000 ponds but I have trfansfer only 25000 pounds from my nro accoun to my u.k bank account.To trfansfer remaning 25000 on today’s date can I use same form 15ca cb issued and uploded on 13-10-22???

Sir we have remitted $10000 using 15CA 15CB for one single invoice of USD 25000. My query is whether we can remit balance $USD again using fresh 15CA CB. Kindly advice.

I am Indian citizen. When i make legal gift deed and give money to my NRI son, why is bank not allowing him to deposit to his NRE account? why do they need him to go to CA and obtain 15CA, CB etc.,?

Remittance made to a foreign institute towards the fee for me attending their training conducted in India, which is about INR 4 lakhs – Does this need 15 CA /CB ?

MY CLIENT NEEDS TO REMIT 2500 EUROS TO A GERMAN FIRM TOWARDS “ARTICLE PROCESSING CHARGE” , BEFORE IT CAN PUBLISH THE ARTICLE IN MEDICAL JOURNAL. AT Rs 88 PER EURO, HE HAS TO PAY Rs 2,20,000. PLEASE ADVISE ME WHETHER HE IS REQUIRED TO SUBMIT FORM 15CA & 15CB

Is 15ca and 15 cb applicable for payment to indian company in currency usd

Can remittance be done before the proposed date of remittance on form 15CB?

What happened if we file 15CA after the remittance date mentioned in 15CB by CA?

No adverse consequences. Date mentioned in Form 15CB is only tentative date. Bank will not prohibit you from making remittance after that date.

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• Money Transfer Services

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Bharat Bank’s also provide remittance services for its existing as well as potential customers. As part of its Remittances service, Bharat Bank offers Inward Remittances and Outward Remittances. These remittance services allow the customer to make transactions in 6 different currencies including USD, GBP and EUR. Residents can avail the Foreign Exchange Remittance facility at any of our Branches.

Send/Receive money from abroad ?

To read as Bharat Bank offers both Inward & Outward Remittance service. You can make transactions in 8 different currencies including USD, AED,GBP, SGD, CAD, AUD EUR and JPY. You can avail this service from any of our branches.

• Inward / Outward Remittances

Studies Abroad

Students can make use of Foriegn Exchange Demand Drafts to apply to the desired universities, as well as fulfill their semester fee requirements, all at competitive rates. Exchange can be released up to USD 100,000/- or equivalent per academic year. Against Cash up to Rs. 50,000/-, the student can avail of speedy Foriegn Exchange in the form of drafts to pay for his/her application fees to universities etc.

Basic Travel Quota (BTQ)

Individuals deciding to go abroad for a holiday can fulfill his/her Foriegn Exchange needs and can avail of BTQ up to USD 10,000/- per year or equivalent.

Individuals going abroad permanently can avail fo Foriegn Exchange facilities up to USD 100,000/- or equivalent OR the amount prescribed by Country of emigration.

Employment Abroad

Persons going abroad for employement can avail of Foriegn Exchange up to USD 1,00,000/- or equivalent.

Medical Treatment

An Individual wishing to avail of medical treatment abroad can acquire Foriegn Exchange up to USD 1,00,000/- or equivalent OR more as per estimate from the doctor in India or Hospital/Doctor abroad.

Business Travel

An Individual traveling abroad on business or attending a conference or specialised training can on behalf of his/her Company, avail of Foriegn Exchange up to USD 25,000/- or equivalent per visit irrespective of period of stay abroad.

Gifts and Donations

Any resident of India can remit up to USD 5,000/- or equivalent (per remitter/ donor per annum) in a calender year, as a gift to a person residing abroad, or as a donation to a charitable/educational/religious/cultural organisation abroad.

Note : The above offers are subject to change as per RBI Regulations

Western Union Money Transfer Services, Money Gram & Xpress Money

Bank is offering the money transfer services of above Three International known Money Transfer Services provider.

• It is a person to person money transfer technology which enables a person to send money through any of Network agents of
• Quick, safe and cheap mode of send money to India. Beneficiary gets payment in India on real time basis.
• The remittance scheme conforms to the rules & regulation framed by Reserve Bank of India under Money Transfer Service Scheme (MTSS)
• Maximum amount of remittance that receiver can receive in a single transaction will not exceed USD2500 or its equivalent in Indian rupees. Payment in cash to receiver will be made up to and inclusive of Rs.50,000/- (Rs. Fifty thousand Only).
• Any single beneficiary can receive 30 transactions in a calendar year.
• The remitter, who is outside India goes to any of the agents of MoneyGram, fills in the remittance form and tenders the equivalent foreign exchange inclusive of charges to such agent. After processing application through Anti-Money Laundering Guidelines, remitter informs the receiver in India about remittance details, i.e. 8 digit unique reference number.
• Our bank verifies payment details submitted by the beneficiary in Receive Form along with the transaction 8 digit unique reference number along with valid photo identification and address proof.
• As soon as the beneficiary collects payment from our Bank, the remitter get SMS about the completion of transaction.

Non-permissible Transactions under Money Transfer Service Scheme as per RBI stipulations.

• Trade related remittances (export payment, payment of services, etc.)
• Remittances towards purchase of property, investments;
• Remittance for credit to NRE/FCNR accounts and
• Remittance as donations, contributions to charitable organizations.

This service is a boon to families of NRI’s as well as foreign students and foreign tourist visiting India. Overseas workers who need to provide financial support to their families in India.

• Receive money as cash in minutes.
• No Bank account required.
• No back-end charges.