Remittances to India are in the form of money transfers from non-resident Indians (NRIs). Those sending individuals are employed outside the country. They send forex in form of inward remittance to family, friends or relatives residing in India. You may know that India is one of the world’s leading receiver of remittances.
After receiving funds and the SWIFT message mentioning all the mandatory details from the remitting bank, it usually takes 24 to 48 working hours to credit the funds. Sometimes timelines may get impacted in case additional information and documentation is required. GST is applicable with minimum amount being Rs 200 to Rs 250. Most banks allow 9-10 currencies for inward remittances.
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