My Forex Adda simplifies the process of inward remittance, allowing individuals worldwide to send money to India effortlessly. You can now securely transfer funds to Indian bank accounts without the need for tedious paperwork or bank visits.
Efficient and Secure Online Platform
With My Forex Adda, sending money to India has never been easier. Our advanced online platform ensures a seamless and secure inward remittance experience. Say goodbye to lengthy paperwork and time-consuming bank visits. Utilize our user-friendly interface to transfer funds conveniently from any foreign country to an Indian bank account.
RDA Scheme: Personal Remittances with No Limits
individuals to transfer personal remittances abroad to India without an upper limit. It allows convenient and cost-effective money transfers for various purposes. RDA is primarily for personal remittances and does not support outward cross-border transactions. It aims to facilitate easy and reliable fund transfers to India.
MTSS Scheme: Convenient Transfers for Family Expenses
With the MTSS (Money Transfer Service Scheme), you can easily send money to India for family expenses. The MTSS scheme allows for inward remittance of up to $2500 per transaction. You can make a maximum of 30 MTSS transfers annually, ensuring a reliable and convenient way to support your loved ones back home.
Streamlined Limitations and Exclusions
It is important to note the limitations of the MTSS scheme. While you can transfer funds for family expenses, certain activities are excluded. myforexadda does not facilitate money transfers for donations, commercial activities, investments, purchasing property, or depositing funds into non-resident external (NRE) accounts. However, our dedicated customer support team is available to assist you with any queries or alternative solutions.
FAQ
Frequently asked question
Inward remittance involves the sender, remitter, receiving recipient, and remittee. The sender submits payment information to the recipient’s bank, while the recipient receives payment for services. The sender’s bank updates the recipient and sends remittance advice. Proper record-keeping and obtaining a Foreign Inward Remittance Certificate are essential.
FIRC is a document that serves as proof of inward remittances to India. It acts as a receipt for exporters or businesses receiving payment in foreign currency. Obtaining an FIRC helps authorities like the Customs Department and DGFT to track transactions and prevent illegal activities like money laundering. It also protects against legal hassles if suspicious foreign transactions are scrutinised.
My Forex Adda simplifies the process of inward remittance, allowing individuals worldwide to send money to India effortlessly. Money is increasingly sent worldwide, leading to the need for multiple remittance solutions. The most popular method is bank transfer, which sends money between two banks. Mobile money is another option for e-wallets.
The Rupee Drawing Arrangement (RDA) is a mechanism used by Authorised Category-I banks to receive cross-border remittances from non-resident Exchange Houses in FATF-compliant countries. This scheme allows individuals to transfer personal remittances to India without any upper limit. It focuses on facilitating convenient and cost-effective money transfers for various purposes, emphasising personal remittances.
