4 Major Outward Remittance purposes from India to Abroad

send remittance abroad


Outward remittance from India refers to the sending money abroad within ambit of laws made by RBI such as FEMA 1999. The reasons for outward remittance can vary widely, but they generally fall into a few broad categories.

In this article, we will explore some of the most common purposes of outward remittance from India.

Education

One of the most common reasons for outward remittance is education. Many Indian families send their children abroad to pursue higher education, either for undergraduate or postgraduate degrees. These educational opportunities may not be available in India, or the quality of education may be better in foreign countries. Outward remittance is used to pay tuition fees, accommodation, and living expenses for the duration of the course.

Travel

Outward remittance is also used to fund international travel. Many Indians travel abroad for business or leisure purposes, and they need to exchange Indian currency for foreign currency to pay for their travel expenses. Outward remittance is used to transfer money to foreign bank accounts or to purchase foreign currency from authorized dealers.

Family Maintenance

Indian citizens who live and studying abroad may need some money to support their basic needs. Outward remittance is used to transfer money to family members in India for various reasons, such as to pay for medical expenses, education expenses, or other necessities.

Gifts and Donations

Outward remittance can also be used to make gifts or donations to family members or charitable organizations located outside India. Many Indian citizens have relatives or friends living in foreign countries and may choose to send gifts or money to them as a way to maintain their relationships. Similarly, many Indian citizens choose to donate to foreign charitable organizations as a way to support causes they care about.

In conclusion, outward remittance from India is used for a wide range of purposes, including education, travel, family maintenance, gifts and donations.

 As India continues to grow as an economic power, outward remittance is likely to play an increasingly important role in facilitating international transactions and strengthening relationships between India and other countries.

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