Welcome to MDB Tours and Forex Private Limited
Remittance
Remittance
If you need to transfer money to someone in a foreign country, then it can be done through outward remittance as per the RBI guidelines. The Foreign Exchange Management Act (FEMA) delineates various purposes under which money can be transferred in foreign currency exchange by an Indian resident to a beneficiary located in a foreign country (except Bhutan & Nepal).
Business purpose outward remittance transactions about imports and exports are carried out only by authorized banks. LRS allows individuals as well to transfer money to a beneficiary abroad for permitted capital accounts and current transactions. Indian residents are permitted to remit up to USD 2.5 Lakhs per financial year.
Purposes permitted by RBI
- Business Travel
- Private Visit
- Remittance by travel agents and tour operators to overseas agents / hotels, etc.
- Fees to participate in specialized training or global conferences
- Film Shooting
- Overseas Education
- Medical Treatments
- Disbursement of Crew Wages
- Remittance to participate in international events, competitions, etc.
Purposes permitted by RBI
- Emigration and Emigration Consultancy Fees
- Visa Fees
- Employment and processing, assessment fees for overseas job applications
- Remittance towards fees for examinations held in India and abroad and additional score sheets for GRE, TOEFL, etc.
- Remittance under educational tie-up arrangements with universities abroad
- Skills/ Credential assessment fees for intending migrants
- Processing fees for registration of documents as required by Portuguese /other governments
- Registration/ subscription /membership fees to international organizations
AD II TT purpose-wise mandatory documentation for Remittance
01
Remittance by Individual under Private Visits-S0306
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Valid Passport, Ticket, Visa.
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Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration
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Invoice from overseas hotel/travel agent confirming the amount of remittance
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Pan Card Mandatory
02
Remittance by tour operators / travel agents to overseas agents / principals / hotels,
(For code creation of the travel agent, the KYC of the Travel Agent like Registration with authorities- copy, PAN card copy, telephone bill copies to be furnished to HOT & IT) – S0306-
Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration
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Travel Agent letter - remittances, giving passengers list on Letter Head of Tour Operator with Passport details duly attested.
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Invoice from overseas hotel/ travel agent confirming the amount of remittance. With seal & signature of overseas agent
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Undertaking from tour operator for the Remittance on behalf of travelers
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Pan Card Mandatory
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Passport copies need to be collected and retained at branches.
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15 CA CB – in case the remittance is done by tour operators other than individuals.
03
Business Travel – S0301
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Valid Passport, Ticket, Visa.
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Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration.
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Pan Card Mandatory
04
Fee for participation in global conferences & specialized training – S0301
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Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration
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Conference Invite along with the details of the participation fee and Remittance details.
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Photocopy of the Passport, Ticket, and Visa.
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Pan Card Mandatory
05
Remittance for participation in international events / competitions -S0301
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Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration
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KYC of the remitter, Copy of Passport.
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Letter / Prospectus from the organizer of the event /competition stating the amount to be remitted.
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Pan Card Mandatory
06
Film Shooting – S0301
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Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration, The request letter should provide the purpose of travel, details of people traveling, Along with their designation and Passport numbers.
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It should also include the date, venue of travel, and Breakup of Amount / Cost involved.
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Invoice from the overseas agent organizing or felicitating for shooting processes.
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15 CA CB – in case the remittance is done by a film shooting company.
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Undertaking from the company stating that no Foreign Exchange has been drawn from any other AD for the said trip.
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Pan Card Mandatory
07
Medical Treatment abroad S0304
For the Patient
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Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration
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Passport, Ticket, Visa.
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Prescription and recommendation from local Doctor/ Hospital, Estimate from the Overseas Hospital/ doctor.
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Pan Card Mandatory
For the accompanying person
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Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration.
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Passport, Ticket, Visa. Retain copies
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Pan Card Mandatory
08
Disbursement of crew wages
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Application cum Declaration under LRS Scheme & FEMA Declaration.
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Captain passport, Inward swift (Captain Name & Passport no /Ship Name & Port name for Forex delivery)
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Instruction Mail from the Shipping Agent.
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Crew List
09
Overseas Education – S0305
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Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration.
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Passport, Ticket, Visa. Retain copies.
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Proof of Admission to the college/university aboard / I-20 (in case of 1st remittance of FEX)
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Proof of continuing the course (in case of subsequent FEX remittance)
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Pan Card Mandatory
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Above USD 250000/- (Non-LRS) Admission letter/demand letter from College/University specifying the amount to be remitted.
10
Remittance under Educational Tie-up
(KYC of the Educational Institutes to be established and confirmed by remittance desk before execution of the first transaction)-S0301-
Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration.
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Copy of arrangement, Invoice.
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Photocopy of the Pan card of the remitting institute Authorization letter to the Authorized signatory to sign the Form-A2 and the declaration
11
Remittance towards fees for examinations held in India & abroad & additional score sheet for GRE, TOEFL, etc. – S0305
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Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration.
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Examination Guidelines specifying the Fee
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Pan Card Mandatory
12
Employment & processing, assessment fees for overseas job applications.– S0306
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Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration.
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Passport, Ticket, Visa, Offer Letter. Retain copies.
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Self-Declaration.
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Pan Card Mandatory
13
Immigration Emigration Consultancy Fees – S1109
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Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration. Only once at the time of immigration.
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Passport, Ticket, Visa Retain Copies.
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Self-Declaration
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Certified Copy of Invoice / Debit Note.
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Certified copy of the agreement/contract.
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Pan Card Mandatory.
14
Skill / credential assessment fees for intending migrants
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Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration.
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KYC of the remitter.
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Letter / Prospectus from the Embassy authorizing the amount to be collected and the agency authorized to collect the fee.
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Pan Card Mandatory
15
Visa Fee – S1109
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Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration.
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Embassy guidelines.
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Pan Card Mandatory
16
Processing fees for registration of documents as required by the Portuguese / other governments
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Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration.
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Letter issued by the consulate
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Any ID proof & address proof
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Pan Card Mandatory
17
Registration /subscription/membership fees to international organizations
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Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration.
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Invoice / Letter stating the amount to be remitted.
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Pan Card Mandatory
Remittance for Overseas Education
Indian students preparing for admission to their dream university abroad have to take various examinations such as GRE, GMAT, SAT, IELTS, etc. Students are required to pay in foreign currencies via Swift Transfer or Demand Draft to the universities for assessments of credentials. MDB Tours & Forex Pvt. Ltd. not only offers the best and most competitive forex rates but also hassle-free services for wire transfers and demand drafts. Right from paying tuition fees directly to foreign universities, or forex for examination fees, we provide seamless remittance services to students.