International Bank Transfer from Mumbai

International bank transfer from Mumbai has a growing necessity today. A large group of people from Mumbai is going out to other nations for meeting their various needs and requirements. While a person opts for an international bank transfer from Mumbai, there are a few things he/she need to take care of. In order to prevent misleading activities, crime, etc, the Indian government has set several regulations and controls on outward remittance from India and these include FEMA guidelines for outward remittance and RBI guidelines for outward remittance. If you don’t know about it, then keep reading to get an idea about the restrictions in outward remittance that will help you to have a hassle-free money transfer from Mumbai.

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

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

FEMA guidelines for outward remittance

•  The portion of FEMA that covers outward transmittal for Indian citizens is called the Liberalised Remittance Scheme.
• Under the LRS, Indian residents can do an international bank transfer from Mumbai to abroad bank accounts without needing to get special consent. However, money can only be transferred for a set number of purposes, and payments are allowed only up to a maximum annual limit which is currently set at USD 250,000.
• LRS allows Indian residents to do an international bank transfer from Mumbai to abroad for the following purposes, 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, etc.

RBI guidelines for outward remittance

•  A resident individual can do an international bank transfer from Mumbai to overseas within the limit of USD 2,50,000 per financial year. This financial limit can be used in a one-time transaction or through multiple purchases.
• It is obligatory to produce the PAN card for all international bank transfer from Mumbai to abroad irrespective of the amount being transferred. This is done to pledge that a resident individual is acquiescent to the LRS limit of USD 2, 50,000 in a single financial year.

The above mentioned are the FEMA guidelines for outward remittance and RBI guidelines for outward remittance applicable for all the international bank transfers from Mumbai. While opting for an international bank transfer from Mumbai, always go in line with these guidelines for a safe and secure money transfer from wherever you are.