Forex Services - Remittance not processed
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- You can only make a remittance towards the following causes:
- Employment abroad
- Gifts or Donations
- Personal visits to any country besides Nepal and Bhutan
- Family Maintenance
- Travel for business, conference, etc.
- Medical Expenses
- Studies abroad
- Any other current account transaction
- If the remittance is made to Bhutan or Nepal, it won’t be processed.
- Remittance might not be processed if it is made to individuals and entities identified as posing a risk or doing acts of terrorism.
- Another reason can be non-compliance with FEMA
- If the amount of forex to be remitted exceeds Rs 2,50,000, it will not be processed.
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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