What Purpose of remittance is to be given to the bank on withdrawals (wire transfer) from forex currency trading account (foreign company)?
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Indians trading on currency markets(forex) transfer the capital to the trading company usually abroad. But while receiving the money back, the banks ask for purpose of inward remittance. What purpose is acceptable in this context to ensure quick transfer to the account?
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Answer:
1.Legitimate dues in India of the account holder. This includes current income like rent, dividend, pension, interest, etc. 2.Sale proceeds of assets including immovable property acquired out of rupee/foreign currency funds or by way of legacy/inheritance.
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