00:00If you want to send button, you will not be able to send it.
00:05One purpose code, account, or a document, you will be able to transfer to your transfer.
00:10The tax and compliance issue can also be available.
00:13The most important thing is that if you have a family or a property or investment,
00:19or your savings in Bhairat, in every situation, there are rules that are not.
00:23So, first of all, you will need to check your money.
00:28You will need to check your money.
00:30In this video, we will cover the 7 things that you will need to know about in Bhairat.
00:41First of all, let's talk about the purpose of remittance.
00:45What is happening?
00:47The purpose of remittance is very important.
00:54Whether it is small or large, such as family maintenance,
00:58education, medical expenses, investment gift or property purchase.
01:02If you want to pay for the purpose of remittance,
01:06if you want to pay for the purpose of remittance,
01:32you can select the wrong purpose code, so the beneficiary account will be credit when the bank will be eligible
01:37for credit and the bank will be eligible for additional documents.
01:41Now, the second number of check is NRE or NRO account. This is very important to check the account.
01:48This is very important to check the account because the account is going to be tax treatment and future repatriation,
01:53so the account is also going to be tax-free. NRE or Non-Resident External Account is used by foreign
02:01income and overseas savings.
02:04NRE account is also going to be tax-free. Subject to applicable NRI status rules. Funds generally fully repatriable,
02:13so the account is also going to be tax-free. NRO or Non-Resident Ordinary Account is for Indian source
02:20income,
02:20such as RRN, Dividend, Pension or Property Sale Proceeds. NRO account is taxable and applicable TDS also can be cut.
02:30NRO is also going to be tax-free. Depatriation of 1,000,000 USD per financial year. Subject to RBI
02:39rules and necessary documents.
02:40This is a simple rule. If you understand your foreign earnings or savings in India,
02:48then NRE account is relevant. If you have income from India, such as RRN, property sale proceeds,
02:53then NRO account is used to use NRO account. But account type and repatriation rules depends on the exact situation.
03:00So, first of all, you need to take a confirmation from bank to bank.
03:06Now, let's go to the third number check. Exchange Rate and Total Cost.
03:11A lot of people see international transfer fees, but the actual cost is a margin of exchange rate.
03:19Now, imagine that you have a mid-market rate in the market,
03:24but the bank or the remittance provider is giving you a lower rate.
03:29This can be a small difference in the amount of 1,000 USD.
03:33This is why you can transfer to Google or some reliable currency platform,
03:39live mid-market rate check.
03:41Then, see how much rate you can bank or the remittance app.
03:45Now, you can see that you have $10,000 in India.
03:47If you have a provider, you have to pay $82.5 per dollar,
03:51which is $82.50 per dollar,
03:55and you have to pay $83.20 per dollar,
03:59and you have to pay $82.50 per dollar,
04:03and you have to pay $82.50 per dollar.
04:07So, you can see that the transfer fee is 0 or how much.
04:10So, see how much money is the final amount.
04:12In the final amount, you can see how much money is getting.
04:15Bank, dedicated remittance apps, exchange houses,
04:19where it is applicable.
04:20The total cost and exchange rate is better.
04:24Now, come to the checklist of the fourth number.
04:26Transfer method and speed.
04:29For India, you have many options.
04:32Bank-wide transfer, online remittance apps.
04:35In some cases, MTSS and some providers,
04:37UPI-based remittance.
04:39Bank-wide transfer is safe and reliable option,
04:42but processing time is more than possible.
04:45And fees and exchange rate is comparatively expensive.
04:49Online remittance apps,
04:51some cases are faster and faster.
04:53Some transfers, same day,
04:55or 1-2 days,
04:57depends on the country, provider, bank,
05:00and compliance checks.
05:01MTSS, or Money Transfer Service Scheme,
05:04small remittances.
05:06This is the transaction limits and annual limits,
05:08RBI rules,
05:09according to RBI rules.
05:11You can see that in UK,
05:12US, or UAE,
05:13India,
05:14UPI-linked accounts,
05:16and also money transfer service.
05:18In some cases,
05:19credit is much more than possible.
05:21But,
05:22the method in the same time,
05:23is not just speed.
05:25If there is an emergency,
05:26medical, or education payment,
05:27then faster options are useful.
05:29So,
05:30there is an investment,
05:31FD,
05:32or major financial transactions,
05:34bank transfer,
05:35and proper documentation
05:36will be more important.
05:38Now,
05:38to the checklist point number 5,
05:40recipient,
05:41tax implications.
05:42This is an important point.
05:44Because,
05:44here is a very important distinction
05:46to understand.
05:47One is,
05:49legally earned foreign income,
05:51or savings,
05:51India,
05:52because of that amount,
05:54the amount of income tax,
05:56will not be lost.
05:57But,
05:57India,
05:58tax treatment,
06:00will depend on what purpose is.
06:03If,
06:04family maintenance,
06:05education,
06:06or medical expense,
06:07generally,
06:07just receipts,
06:08taxable income,
06:09will not be made.
06:11If,
06:11your spouse,
06:13your spouse,
06:14your partner,
06:15your parents,
06:16your siblings,
06:17your children,
06:17your relatives,
06:19then,
06:19there is a different treatment.
06:22And,
06:22if,
06:23your spouse,
06:24your spouse,
06:25your spouse,
06:47anything wrong,
06:49then,
06:49your house,
06:52even more.
06:55In this case, bank records, remittance advice and source of funds documents are very necessary.
07:00Now, to number 6, documentation and compliance.
07:05Checklist of this is also an important point.
07:07After sending the remittance, do not ignore the documentation.
07:12First of all, FIRC and Foreign Invered Remittance Certificate.
07:16In significant Invered Remittance case, beneficiary can prove FIRC applicable Invered Remittance proof.
07:23In this case, we have a help to establish how much money came from.
07:27When it came from the transaction, when it came from the transaction.
07:30This documentation, IDR filing, property purchase or other financial verification can be used.
07:37Now, let's talk about Form 15CA and 15CB.
07:40Because if in NRO accounts, money is repatriated from any other country,
07:46then in applicable cases, Form 15CA can be used.
07:50And in some cases, Chartered Accountant or C.A. Form 15C can also be used.
07:56This form, tax compliance and remittance's nature to establish.
08:01In addition, PAN and KYC documents can also be updated.
08:05Banks can be used as Passport, Visa, Overseas, Address Proof and other documents.
08:10You can see that if you don't have documentation complete,
08:13then you can hold the bank transactions or additional clarification.
08:17So, you can see that before the documents are ready to be used.
08:22Now, let's go to the last point.
08:24But this is a very important point.
08:26Security and scams.
08:27So, you can see that in international remittance,
08:30there is a risk of fraud.
08:31So, you can use authorized banks or legitimate remittance providers.
08:35You can use any random app, whatsapp, forward or unknown agent.
08:39You can use the transfer of money.
08:42Beneficiary details, 2-3 times check.
08:45Account number, IFSC, Accounts Holder's name and bank details.
08:50You can use a small amount of money in the wrong account.
08:53And you can recover it very difficult.
08:56OTP, passwords, PIN or banking credentials.
08:59Don't share any of these.
09:01General Banking Rules and General Banking Safety Policies.
09:06You can also apply.
09:07If you are a genuine financial provider,
09:09you don't need such sensitive information.
09:11You don't need such sensitive information.
09:14If you have a big transfer,
09:16then, first of all,
09:17you can use a small test transaction to the beneficiary account.
09:20And then, you can transfer the full amount.
09:24Phishing emails and fake links.
09:26You can also use the banking or remittance account.
09:29You can use the official website or official app.
09:35And if you need a bank name,
09:37you need additional documents or information.
09:41If you need a bank name,
09:44you can also use the official website.
09:45If you need a bank name,
09:46you can use the bank name.
09:47So, these are the critical checks.
09:50You should keep the money in India.
09:54First, you should keep the purpose code clear.
09:57Second, you should use the NRE or NRO.
10:00You should use the total cost.
10:03You should use the total cost.
10:10If you need a bank name,
10:10you should use the tax implications.
10:12Next, you should use the FIRC, 15CA, 15CB,
10:15PAN and KYC.
10:18And, last but not the least,
10:21you should use the authorized channels.
10:23You should use fraud and scam.
10:25If you want to send India to USA,
10:27UK, UAE, Canada and Australia,
10:28India,
10:29you should also be able to send out
10:30this video.
10:31You should also save your friends
10:33and share your friends with your family.
10:35And, comment,
10:35please tell me how to engage India
10:37for which method you will use.
10:39If you have a specific country
10:41to send your experience,
10:42you will also share your experience.
10:44And,
10:44you should also share your family.
