Inward remittance involves the sender, remitter, receiving recipient, and remittee. The sender submits payment information to the recipient’s bank, while the recipient receives payment for services. The sender’s bank updates the recipient and sends remittance advice. Proper record-keeping and obtaining a Foreign Inward Remittance Certificate are essential.
FIRC is a document that serves as proof of inward remittances to India. It acts as a receipt for exporters or businesses receiving payment in foreign currency. Obtaining an FIRC helps authorities like the Customs Department and DGFT to track transactions and prevent illegal activities like money laundering. It also protects against legal hassles if suspicious foreign transactions are scrutinised.
Unipay simplifies the process of inward remittance, allowing individuals worldwide to send money to India effortlessly. Money is increasingly sent worldwide, leading to the need for multiple remittance solutions. The most popular method is bank transfer, which sends money between two banks. Mobile money is another option for e-wallets.
The Rupee Drawing Arrangement (RDA) is a mechanism used by Authorised Category-I banks to receive cross-border remittances from non-resident Exchange Houses in FATF-compliant countries. This scheme allows individuals to transfer personal remittances to India without any upper limit. It focuses on facilitating convenient and cost-effective money transfers for various purposes, emphasising personal remittances.
Yes, the RDA Scheme is primarily designed for personal remittances and does not support outward cross-border transactions. Its main objective is to simplify and streamline transferring funds to India for personal reasons.
Under the Money Transfer Service Scheme (MTSS), individuals can easily send money to India for family expenses. This scheme allows for inward remittances of up to $2500 per transaction, providing a reliable and convenient way to support your loved ones back home.
Unipay has established strategic partnerships with leading banks, allowing customers to avail of Foreign Currency Drafts over the counters at our branches. This collaborative approach ensures an effortless and comprehensive experience for all inward remittance needs.
For any inquiries, assistance, or information, you can reach our customer support through our helpline, email, or by visiting our branch. Our dedicated support team is committed to addressing your queries promptly and providing the assistance you need.
