Author- Ridhika Kapoor
In the contemporary era of globalization and digitalisation, there is a growing trend of international trade and transactions. It has led to a rapid increase in money transfers internationally. Other factors like global commercial services, international production of goods and services, migration to foreign countries and overseas tourism have also contributed to this growth. People working overseas need to be able to send their earnings to their family members. These money transfers are regulated by strict rules as it involves huge amounts of cash and to prevent illegal transfers and money laundering. To prevent transfer of laundered money to offshore untraceable accounts, countries have placed stringent transfer rules.
The cross-border transactions are not only governed by strict rules and regulations but the respective money transfer companies and banks also have their laws to protect the parties involved in such transactions. A growing number of scandals and terrorist attacks have led to these laws being more rigid and stringent. People who transfer money abroad have a number of options to choose from, however, they have to keep in mind certain laws and rules to prevent any sort of cancellation or delay.
Everyday, there are millions of international transactions taking place. These transactions can take place between individuals, companies, bank institutions or government agencies. All countries have their specific rules and regulations for governing these transactions. The Reserve Bank of India is obligated to fulfil this duty in India. The umbrella legislation regulating the inward and outward remittances in India is the Foreign Exchange Management Act, 1999 (FEMA). The purpose of this legislation is:
Certain mandatory provisions that have to be kept in mind before making money transfers internationally are:
In India, the transfer of money involves two processes, inward and outward remittances. Inward remittances refer to the money being transferred from abroad to India and outward remittances mean money being transferred from India to a foreign country About 12% of all worlds’ remittances are to and from India as per the Ministry of Overseas Indian Affairs making India the largest remittance recipient globally. The RBI has set a maximum limit of 2500USD for remittances to India. It is essential to pay attention to the money exchange rates imposed by both the countries involved in any transaction.
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