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What is foreign inward remittance?

Updated: 9/21/2023
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What is inward and outward remittance system in India?

An Inward remittance system in India includes receipts of money that has been transferred into India. An Outward remittance system is used to track money transferred overseas.


What is Inward and outward remittance system in Nepal?

The inward & outward remittance system includes the mechanism to send or recive money from nepal through various means. It may be Swift transfer,Bank drafts,Travellers cheque or hundi and so on. Pointedly,inward remittance is the process of receiving money from any place (internal-within nepal or external-outside nepal) and vice versa.


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Do western union money transfer allow transfer of money from India to other countries?

no. it is available for only inward remittance in to india.


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Can I receive foreign remittance?

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What is foreign remittance?

Foreign remittance can be defined as 'the purchase and sale of freely convertible foreign currencies as admissible under Exchange Control Regulations of the country'.A looser translation is the sending of money home while working in a foreign country. Thousands of people are currently working and living in a country that is not their home, and sending funds regularly back to their families in their home country.There are two type of remittances:1. Foreign Outward Remittance: The sending country, where the wage earner is located. The sender uses a bank or foreign exchange company to send money to foreign country. Many of the receiving banks have established remittance relationships with currency houses and banks in other countries to better facilitate the flow of remittances into the country.2. Foreign Inward Remittance: The receiving country, where the beneficiary resides. The bank receives the money that has been sent from the sending person in the country in which the money has been earned.


What is FIRC?

FIRC (Foreign Inward Remittance Certificate) refers to a document which acts as a testimonial for all the inward remittances entering to India. Most of the statutory authorities use this document as a proof that an individual has received a payment in foreign currency from outside the country. FIRC is considered a very important document as it serves a lot of purposes. If shares are issued on the name of a person or company which exists outside a country then FIRC acts as the proof of money received in lieu of share application.


How old do you have to be to receive money form western union?

You have to be at least 18 years of age(on the date of transaction) to receive cross border inward remittance in India.