Foreign Exchange- Know About Inward Remittance
Apravasi bhartiya (NRIs) often transfer money from their foreign bank accounts to their home country for various reasons such as supporting family expenses, paying off loans, making investments, or donating to charities. The Central Bank of India offers two methods for NRIs to transfer money to their own country - Rupee-Drawing Arrangement and Cash Transfer Service Scheme. However, it is essential to understand the methodology of both these methods to choose the most suitable option for your specific needs. Inward remittance is the replica of our ward process of transferring money from a foreign bank account to one's own country. For, Apravasi bhartiya term inward remittances used to transfer money to an NRE account that enables them to manage their finances effectively in India. The Central Bank of India has set specific rules for inward remittances. Under R-D-A, funds can be directly transferred into an Indian bank account, and there is no limit on the amount of funds that can