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Remittances to India

Money can be remitted to India by applying to New York Branch in six ways as mentioned below.

(1) Rupee Remittance to Account: This method refers to the rupee remittances for the credit of the account of the beneficiary. In fact, banks like SBI have an extensive network of over 15000 branches and they can also do instant transfer of money and there is no ceiling on such remittances. The remittance can be sent electronically if the beneficiary’s computerized account number in completely mentioned in the remittance application. The electronic transfer is done by either wire transfer (SWIFT) or Real Time Gross Settlement System (RTGS), and State Bank Electronic Payment System (STEPS).

Remittances to India (b) Rupee Remittance to Beneficiary: This method involves the rupee remittances where the money up to $2500 can be sent directly to the beneficiary in India. For example, the remittance is sent by the wire transfer to the branch of bank in Indian city and this branch issues a rupee draft and arranges to send it by courier or registered post to beneficiary. The draft is crossed “Account Payee Only” and it is payable to the beneficiary.

(c) Rupee Drafts: Sender can also buy the rupee drafts from the bank that is payable at a desired branch. The rupee drafts issued by New York branch have the MICR band and, thus it can be collected by the bank via the clearing system in any Indian city.

(d) Dollar Remittance to Account: This method refers to the dollar remittances for the credit of the account of the beneficiary. It can be sent to any branch of any bank in India. All such remittances are converted to Indian rupees by the Indian Bank. The remittance is sent as wire transfer to the bank branch that forwards it to the beneficiary branch.

(e) Dollar Official Checks: Sender can also buy U.S. dollar official checks that are payable at par at foreign exchange dealing branches of banks in India.

(f) GBP/Euro Remittance to Account: This method refers to the GBP/Euro remittances for the credit of the account of the beneficiary. It can be sent to the branches of banks in India that are authorized to handle foreign exchange. This remittance is sent by wire transfer and such remittances are sent by customers who like to make savings in these currencies in India.

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