International bank transfer from Kolkata

The need for Overseas bank transfer from Kolkata has raised over period. However, a lot of people are still transferring funds abroad without having a proper awareness about of the guidelines and regulations in remitting money from India. There are quite a few regulations like FEMA guidelines for outward remittance and RBI guidelines for outward remittance has implemented to prevent misuses and fraud actions. Most of the common people around Kolkata are ignorant about it. If you are based in Kolkata and has an urgent requirement to make international bank transfer from Kolkata, then having a better understanding about these strategies will help you to carry out the money transfer safe and swiftly in line with the FEMA and RBI guidelines for outward remittance. Keep understanding about these aspects and gather the info you want and transfer your funds now without the worry of being a prey to frauds and scams.

Which are the basic two guidelines on outward remittance from Bangalore?

• FEMA guidelines for outward remittance
• RBI guidelines for outward remittance

FEMA guidelines for outward remittance

• The part dealing with the whole topic of outward transmittals for resident individuals of India in FEMA is called LRS. LRS is the acronym for the Liberalised Remittance Scheme.
• In the Liberalised Remittance Scheme, an inhabitant of India can make international bank transfer from Kolkata to any overseas bank accounts without the prerequisite for any special approvals. However, money transfers can be done only for a set of pre-assigned purposes, and payments are allowed up to the maximum of a yearly limit which is currently set at USD 250,000.
• LRS allows the residents of India to do international bank transfer from Kolkata to foreign countries for the following purposes like, to cover the expenditures of overseas education and living costs for students studying abroad, tour and travel costs, medical treatments abroad, purchase of shares or property abroad, supporting family members living overseas, gifts and donations and etc.

RBI guidelines for outward remittance

• An inhabitant of India is permitted to do international bank transfer from Kolkata to foreign nations within the limit of USD 2,50,000 per financial year. This limit can be appropriate in a one-time business or through multiple purchases.
• It is a must to submit the PAN card for all the international bank transfer from Kolkata to foreign countries irrespective of the amount being send. This is done to confirm that an Indian resident individual is acquiescent to the LRS limit of USD 2, 50,000 in a single financial year.

The above are the FEMA guidelines for outward remittance and RBI guidelines for outward remittance which is applied over all the international bank transfers from Kolkata. While choosing for international bank transfer from Kolkata, always go in line with these guidelines for a safe and secure money transfer from wherever you are.