Forex Services - Outward remittance related
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- RBI allows you to send money abroad for more than one reason. Be it for education, medical purpose, gifting, or maintenance for close dependent or donation for a cause.
- Outward remittance is a remittance of foreign exchange by a resident of India to a beneficiary abroad (except for Nepal and Bhutan) for any genuine purpose.
- Liberalised Remittance Scheme of USD 25,000 is a facility for all resident individuals of India where they may freely remit up to USD 25,000 per year for any lawful current/capital account transaction or a mix of both.
- You are free to use this Scheme to acquire and hold immovable property, shares or any other asset outside India without prior approval of RBI.
- Remittance cannot be made directly/indirectly to Bhutan, Nepal, or countries identified as ‘Non-Cooperative Countries’
- Remittance of forex cannot be made towards individuals and entities identified risk to national security or acts of terrorism.
If you face an issue with the Foreign Exchange Service Provider, You may:
- Lodge the complaint in writing (online/offline) at the consumer care department of the concerned branch of your bank. Specify all the essential details and documents to support your complaint.
- If the Bank is unable to resolve the issue you may contact the Grievance Redressal Officer of the concerned Bank. Thereafter you may approach the Principal Nodal officer.
- Thereafter, take the complaint to the Internal banking ombudsman.
- If still not satisfied, escalate the matter to the External Banking Ombudsman, appointed by the RBI.
- If the issue still persists, you may lodge the complaint with RBI online by accessing the website of the Reserve Bank, under the link ‘For Common Person’ on the Home page.
- The Award by the Ombudsman is not binding on the Non-Banking Financial Company (NBFC) or the complainant as they have the right to appeal against the decision of the Ombudsman before the Appellate Authority. In case the NBFC doesn't comply with the directions, you can approach the RBI directly.
- Further, you may also take a long route by taking the bank to the Consumer Court.
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