Types of Remittance in India
Remittance: Sending or Receiving money from/to abroad is called remittance. Types of Remittance 1. Outward Remittance 2. Inward Remittance Outward Remittance: Sending money abroad is simple called as outward remittance. But in India there are few rules to send money abroad . Such as Foreign Exchange Management Act(FRBM) 1999, which provides guidelines for sending money overseas. what is the limit for sending money overseas? RBI prescribed rules to limit on International money transfer . Here Indian nationals can send up to 2.5lakhs USD or equivalent to any other currencies. Inward Remittance: Receiving money from other countries is called as Inward Remittance. RBI made some laws such as RDA(Rupees Drawing Arrangement)