Outward Remittance - Overseas Fund transfer

Under this scheme, any Indian resident can transfer maximum up to USD 2,50,000 or equivalent in a given financial year (from 1st April till 31st March) abroad for allowed purposes by RBI. However, in cases where the purpose of transfer is- Education or Medical Treatment and emigration, an individual is allowed to remit more than USD 2,50,000 subject to submission of Actuals estimation supporting.

Yes, PAN is mandatory for outward remittance.

Each and every charge (including govt. taxes) levied on the transaction will be shared to your registered mail id as Debit Advice post execution of the transaction.

When you send money abroad, charges are imposed by various banks, such as the remitting bank, the beneficiary bank and the intermediary banks. These charges can be settled in multiple ways –

TCS is NOT applicable in conditions such as:

No. GST will not be applicable on the TCS amount, however, GST will continue to be applicable on the transaction value and other charges levied by the bank.

Yes, remitter can claim credit for the tax collected by the Bank while filing for their tax returns provided valid PAN of the remitter has been submitted to the Bank.

It takes approximately 24 to 48 working hours for the funds to reach the final beneficiary bank, subject to submission of correct Remitter and beneficiary details.

Yes, Dance Troupes, Artists etc who wish to undertake cultural activities at aborad, should obtain prior approval from Department of Education and culture), Govt of India, New Delhi.

You are required to have an Account with us for initiating an international remittance. Along with remittances, you can enjoy a host of other benefits as well.

Ujjivan SFB allows international remittances to its joint account holders,provided the availability of PAN to be updated in Bank's record.

The Minimum limit for an Outward Remittance is USD 100 or equivalent. Maximum Limit allowed upto USD 2,50,000 or equivalent in a Financial Year (April - March) against single PAN number.

Your transaction could be rejected due to one of the following reasons-

In a case where your transaction has been rejected, you will have to re-initiate the transfer. We strongly recommend that you furnish accurate and complete information as requested to avoid any delays and cancellations.

While it may happen rarely, your transaction may fail at the beneficiary bank due to incorrect information being entered at the time of adding payee or reasons at the discretion of the beneficiary bank due to certain compliance checks. Please note that it is the responsibility of remitter to ensure that the details being asked for are correctly entered to avoid such scenarios and kindly contact with your base branch within 7 days from the date of execution of transaction.

Please note that the charges are non-refundable and any correspondent foreign bank charges (if levied) will also have to be borne by the remitter.

Cancellation will be solely on discretionary basis and the decision will solely rest with Ujjivan SFB. However, any such request for recall of funds, are subject to applicable charges such as loss of currency conversion, Recall Charges etc. Any such request received for cancellation will be handled by Ujjivan Small Finance Bank on best effort basis and Ujjivan SFB shall not be responsible for any loss incurred by customer owing to the cancellation.

Below transactions are prohibited under the Foreign Exchange Management Act, 1999:

Please refer : https://www.rbi.org.in/commonman/english/Scripts/FAQs.aspx?Id=1834#Q2

Reserve Bank of India (RBI), through Clearing Corporation of India Ltd (CCIL), has rolled out an electronic trading platform ‘FX-Retail’ where customers have the option to buy and sell foreign outward remittance. FX Retail platform, currently offers Cash/Tom/Spot deals.

Yes, Customer needs to fill only the Relationship Bank details such as Bank Name, Trading Branch, Home Branch, Customer Account Details etc. Post filling the required fields, the request will sent to Relationship Branch for approval.

Yes, Customer has to select any one of the Relationship Bank which was enrolled in customer FX-Retail Platform.

Yes, Customer has the facility to cancel or Modify the placed request in FX-Retail Platform till the time the order is pending for executions.

Foreign nationals holding savings account with Ujjivan SFB can transfer their salary overseas by visiting any Ujjivan SFB branch.

Kindly refer to the Document Checklist as mentioned above.

The Remittance can be processed up to net salary received in India (after deduction of applicable taxes).

The fees and charges are as below:

No, TCS is not applicable for Non-Resident Indians holding NRE/NRO Accounts and Foreign Nationals working in India who are not permanent residents of India. In case, a Resident Individual has moved abroad and is settled there for more than 182 days, it is advisable to convert the account into an NRO Account to avoid any TCS being levied on repatriation proceeds from NRO Accounts.

Mandate holder in the NRE account can initiate an outward remittance, but only if the beneficiary of the remittance is the account holder himself.

For making an outward remittance from your NRO account, please walk into any Ujjivan SFB branch in India and initiate the outward remittance by filling up Retail Outward Remittance Application specifying the necessary details.

In addition to this, you have to provide documentary proof of the source of the funds sought to be remitted and C.A. Certificate in Form 15CA and 15CB. The formats and submission details are available at the website of the Income Tax Department.

In case of NRO account, the joint holder may be resident or non-resident. In case the remittance is being initiated by the resident joint account-holder or the mandate holder, the beneficiary must be the account holder/s. Mandate holder can only repatriate the current income from the NRO account.

The proceeds of sale of property can be repatriated out of NRO account.

The amount sought to be repatriated should not exceed the sales proceeds and should be within the limit of USD 1,000,000 per financial year.

For more details kindly refer the Document Checklist and Declarations to submit.

For NR Repatriation, only purpose code : S0014 (Repatriation of non-resident deposits) should be used.