INSIGHT INTO FOREIGN EXCHANGE BUSINESS

TFCPC
WHAT IS FOREX ?
Forex generally means conversion of a foreign currency to domestic currency or
vice versa.

Sub text here

Any transaction or activity (business) involving conversion of foreign currency is

generally known as foreign exchange business.
FOREIGN EXCHANGE MANAGEMENT ACT, FEMA 1999

 An Act to consolidate and amend the law relating to foreign exchange with the
objective of facilitating external trade and payments and for promoting the
orderly development and maintenance of foreign exchange market in India.
Sub text here
 FEMA replaced the FERA ,1973 & it gives the Central government & RBI
extensive powers to control & regulate foreign exchange transactions.
WHO CAN UNDERTAKE FOREIGN EXCHANGE BUSINESS?

The financial institutions are authorized by Reserve Bank of India various licenses
to undertake various foreign exchange transactions and these licenses are issued
according to the nature of business undertaken.
Sub text here
1. AD Category I
2. AD Category II
3. AD Category III
4. FFMC
AD CATEGORY I
 Banks are permitted to do all kinds of foreign exchange business, a s per guidelines
of RBI. Our bank is empowered under AD category I license since 5th July 1975.

 AD Category I License is a delegation of authority to act on behalf of RBI in various

foreign exchange transactions.
AD CATEGORY II Sub text here
 RBI grants licenses to certain entities by authorizing them as Authorized dealers-
category II to undertake a range of non trade current account transactions like
private visits, business travel, film shooting, medical treatment abroad, overseas
education , fee for participation in global conferences, international events,
competitions etc. Eg. RRB’s, Co-operative banks etc
AD CATEGORY III
 They are the authorised dealers who are permitted to do transactions
incidental to the foreign exchange activities undertaken by Select Financial and
Other Institutions.

FFMC
Sub text here
 Full fledged money changers are involved in purchase and sale of foreign
exchange for private and business visits abroad. Eg, Department of Posts.
Urban Co-operative Banks etc. These institutions are also issued AD category II
and AD category III licenses as per the nature of activities.
A CATEGORY, B CATEGORY & C CATEGORY BRANCHES

 A-CATEGORY BRANCHES ARE BRANCHES WHO MAINTAIN THE NOSTRO ACCOUNT AND
VOSTRO ACCOUNTS WITH THEM

 B-CATEGORY BRANCHES ARE BRANCHES WHO OPERATE ON THE NOSTRO AND VOSTRO
Sub text here
ACCOUNTS MAINTAINED BY THE A CATEGORY BRANCHES

 C-CATEGORY BRANCHES ARE BRANCHES WHICH ARE NEITHER A NOR B CATEGORY. FOR
OPERATION ON THE NOSTRO AND VOSTRO, C CATEGORY BRANCHES HAVE TO DEPEND
ON THE B CATEGORY BRANCHES
TYPES OF ACCOUNTS

I. NOSTRO ACCOUNT
 USD,EUR,GBP,JPY,CAD,CHF,AUD,AED,SGD & SAR

Sub text here

II. VOSTRO ACCOUNTS
 57 Exchange Houses & 2 Banks
TYPES OF EXCHANGE RATES

 Ready Rate/Cash Rate- Settlement of funds on the same day (date of the deal)

 TOM- Settlement of funds takes place on the next working day of the date of the
deal
Sub text here
 Spot- Settlement of funds takes place on the second working day following the
date of the deal

 Forward- Settlement of funds takes place on a date farther than the spot date
TYPES OF FOREIGN TRANSACTIONS

 Retail Forex Transactions

 Trade Forex Transactions

Sub text here

 Capital Account Transactions

RETAIL FOREIGN EXCHANGE TRANSACTIONS

 Foreign Inward Remittances

 Outward Remittances.
 NRE,NRO,FCNR,RFC accounts.
Sub text here
 VOSTRO transactions.
 Foreign Currency Note Exchange
 Foreign Currency Travel Cards
 MTSS
 INWARD REMITTANCES
Inward Remittances

Personal Non-Trade & Export Related

remittances Sub text
Miscellaneous here Remittances

Below USD 10K & Above USD 10K & Advance against
Export Realisation
equivalent equivalent export
INWARD REMITTANCES
 For Receiving Inward Remittance in Foreign Currency our customer needs to provide our correspondent bank
details and SWIFT codes to the remitter

 All inward remittances received in our Nostro correspondent banks with value date today will be taken up for
processing on T+1 day.

 NRE customers who want to open FCNR Sub text

deposit and the here
remittance is below USD 10000, please inform the
customer to give remittance information as “for opening FCNR Deposit” in the swift while remitting the fund.

 Branches are requested to check the BPM Queue on a daily basis in the morning to get the information
regarding Inward remittances pertaining to their customers. (Automated email alert is also sent to branches)

 New Customer Intimation Mechanism : Real time SMS/Email alert is given to customers regarding Inward
remittance related Swift messages (MT103)
MANDATORY PARTICULARS TO BE FURNISHED FOR SUCCESSFUL
TRANSFER OF FUNDS IN FOREIGN CURRENCY

 Furnish full name of remitter

 According to currency select convenient Bank from Nostro Banks
 Pick Swift code of convenient Bank selected from Nostro Bank
 Pick South Indian Bank Account Number with selected Bank from Nostro Bank
 Always furnish South Indian Bank SWIFTSubCode:
text here
SOININ55
 Furnish Name of beneficiary in the same format mentioned in Account of Beneficiary
 Furnish 16 digit of beneficiary with South Indian Bank
 If remittance is meant for FCNR deposit ensure that it is mentioned in Field 72 to avoid deduction
of charges.
 Sample Inward TT Format is available in InsightForex PortfolioForex MiscellaneousInward
Remittance
EXPORT RELATED REMITTANCES
Documents required to be submitted for Advance against Export.
• Customer Application
• Proforma Invoice or Sale Contract
• Exporter declaration in Annexure I for receiving advance remittances towards exports
• If PC/PCFC liability exists, Advance against Export to be given to PC/PCFC
Sub text here
Documents required to be submitted for Export Bill Realisation (Lodge and Realise)
• For Export realization - Bill Reference Number
• For Export Realisation (Lodge and Realise) - Following documents to be submitted
- Customer Application
- Commercial Invoice
- Bill of Lading/Airway Bill/Courier Receipt, etc.
- Shipping Bill
OUTWARD REMITTANCES

Outward Remittances

Miscellaneous Trade Remittances Import Related

Remittances other than Import Remittances

LRS Remittances Merchanting Trade Advance Remittance

Transaction for Import

NRI Remittances Import Settlement

Payment
OUTWARD REMITTANCES – Basic Information required
 Remitter Name • Remitter Address
 Remitting Currency • Remitting Amount
 Beneficiary Name • Beneficiary Address
 Beneficiary A/c Number • Beneficiary IBAN Number (Mandatory in case of
EUR,GBP,AED,[Link],QAR,OMR etc)
 In case of Australian Dollars (AUD) BSB code
 Subdigittext
In case of Canadian Dollars (CAD) 11/12 here
a/c number or transit number along with the a/c
number
 Beneficiary Bank Name • SWIFT Code / Full Address of Beneficiary Bank
 In case of payments to Educational Institutions , letter from Educational Institution with payment
instructions , Student ID , Full Name of Student , Passport Number ,any other details as specifically
required by the University / Educational Institution.
 Any other remittance information to be specifically given in the SWIFT message
OUTWARD REMITTANCES – Liberalised Remittance Scheme(LRS)

 Private Visit/Business Trip

 Gift / donation
 Going Abroad on Employment
 Emigration
 Medical Treatment *
 Education*
 Family Maintenance
Sub text here
(* In case of medical treatment , higher amounts may be released based on estimate from doctor / hospital. In case of
education , higher amounts may be released based on estimate received from institution abroad.)

 Customer Application / Form A2

 PAN should be updated in CIF ID
 Supporting Documents (if any)
 TCS (Tax Collected at Source)
OUTWARD REMITTANCES
Remittance from NRE account
 Customer Application / Form A2
 Supporting Documents (optional)

Remittance from NRO account

 Up to USD 1 million in FY subject toSub text
payment of taxhere
 Source of Funds to be ascertained as Remittance should not be loan proceeds or transfer from other
NRO accounts
 Customer Application / Form A2
 Income tax Forms 15 CA/CB (CFM Circular 742/CFM-TAX/41/15-16 dt 24.03.2016)
 NRO Declaration
ONLINE OUTWARD REMITTANCES
 REMIT MONEY ABROAD THROUGH MIRROR+
 FOREIGN OUTWARD REMITTANCES THROUGH SIBerNet
Product Features Resident SB NRE SB
Purpose of
remittances Remittances of a personal nature Repatriation from NRE account

Purpose Codes
S1301- Family Maintenance
S1302- Gift
S0305- Education
S1307- Emigration
Sub text here
S0014- NRE Repatriation
S0304- Travel for Medical Treatment
S0306- Private Visit

Available Currencies USD,EUR,GBP,CAD,JPY, USD,EUR,GBP,CAD,JPY,

AED,CHF,AUD, SAR, SGD & other 100+ Exotic Currencies AED,CHF,AUD,SAR,SGD & other 100+ Exotic Currencies
Transaction Limit USD 25000 per day within the Overall ceiling of USD 25000 per USD 25000 per day within the Overall ceiling of USD 100000
FY per FY
Timings Window 24x7 for US Dollar, GBP, EUR & AED Remittances 24x7 for US Dollar, GBP,EUR & AED Remittances
10 AM to 3 PM for other Currencies 10 AM to 3 PM for other Currencies
Mode of Operation Self, Either or Survivor Self, Either or Survivor & Former or Survivor
Account Vintage Three Months No Account Vintage
FOREIGN CURRENCY NOTE EXCHANGE(PURCHASE/SALE)
Foreign Currency Note Purchase from Customers
Documents to be collected from Customer
 Valid Passport, Visa, Immigration stamp in passport for arrival to India, Application Form
 Declaration Form (CDF) – Mandatory if the Foreign Currency tendered is above USD 5000 or
equivalent.
 Remittance Advice can be generatedSub text
from CBS here Remittance ID in HSIBREP1724
by inputting

Foreign Currency Note Sale to Customers

Documents to be collected from Customer
 Valid Passport, Visa, Travel ticket & Form A2(INSIGHTFOREX PORTFOLIOFOREX
FORMATSCustomer Application Formats- Forex TrasnsactionsSection III.1 Form A2).
 Branches should ensure that PAN is updated in CBS before proceeding with sale of Foreign
Currency Notes.
FOREIGN CURRENCY NOTE EXCHANGE SALE
Limit of Foreign Currency that can be sold to person travelling abroad

 Out of the overall foreign exchange (USD 250,000 per financial year) being sold to a traveller,
exchange in the form of foreign currency notes and coins may be sold up to the limit indicated
below.
 Travellers proceeding to countriesSub othertext here
than Iraq, Libya, Islamic Republic of Iran, Russian
Federation and other Republics of Commonwealth of Independent States - not exceeding USD
3000 per visit or its equivalent.
 Travellers proceeding to Iraq or Libya - not exceeding USD 5000 per visit or its equivalent.
 Travellers proceeding to Islamic Republic of Iran, Russian Federation and other Republics of
Commonwealth of Independent States - full exchange may be released.
 Travellers proceeding for Haj / Umrah pilgrimage- full amount of entitlement in cash or up to the
cash limit as specified by the Haj Committee of India, may be released.
FCNR ACCOUNT
 FCNR deposit is a deposit account denominated in foreign currency eligible for all our NRI account
holders. The deposits are accepted in following currencies:-
 USD, GBP, EUR –Min amount preferably in units of 1000.
 AUD, CHF, CAD -Min amount -5000
 JPY - Min amount – 500000
Mode of Receiving Deposits
Sub text here
 Inward remittance through our correspondent banks
 Through foreign cheque received
 From the conversion of Indian rupees in NRI account at TTS rate
FCNR PLATINUM DEPOSITS
 FCNR deposit of USD, GBP, and EUR having a minimum unit of 10000 & JPY minimum unit of
500000. The maturity amount on respective due dates are covered at forward premium exchange
rate and maturity value in INR is determined. Due to which higher rate of return is assured to our
Platinum deposit in comparison with Rupee NRE deposits. (Deposit in denominated FCY + Forward
premium= Assured maturity
RFC DEPOSITS
 Can be opened by resident individuals as savings / term deposit.

Permitted Credits
1) Foreign exchange received by him as superannuation / other monetary benefits from overseas
employer
2) Foreign exchange realised on conversion of the assets referred to in Sec 6(4) of FEMA
Sub text here
3) Gift / inheritance received from a person referred to in Sec 6(4) of FEMA
4) Foreign exchange acquired before the July 8, 1947 or any income arising on it held outside India
with RBI permission
5) Foreign exchange received as earnings of LIC claims / maturity / surrendered value settled in forex
from an Indian insurance company
6) Balances in NRE / FCNR (B) accounts on change in residential status
Permitted Debits
No restrictions on utilisation in / outside India
TRADE FOREIGN EXCHANGE TRANSACTIONS

 FEMA guidelines related to Cross Border Trade Transactions of Corporates

(Companies)
 EXPORTS (Goods & Services)
 IMPORTS (Goods & Services) Sub text here
 FOREIGN LC
 FOREIGN BG
 EEFC ACCOUNTS
 PRE-POST SHIPMENT FINANCE
TIME LIMIT FOR COMPLETION OF EXPORT
Receipt of advance against exports (IRM): Where an exporter receives advance payment,
from a buyer outside India, the exporter shall be under an obligation to ensure that the
shipment of goods is made within ONE year from the date of receipt of advance payment
and the documents covering the shipment are routed through the AD Category – I bank
through whom the advance payment is received.
Sub text here

Shipping Bills: Within 21 days from the date of export, exporter shall lodge the duplicate
copy together with relative shipping documents to the AD Bank named in the EDF. The
period of realization and repatriation of export proceeds is NINE months from the date of
export.
TIME LIMIT FOR COMPLETION OF IMPORT

Advance Remittance for Import (ORM): Importer need to furnish the documentary
evidence of import, within 3 months from the date of remittance irrespective of value.

Sub text
Bill of Entry: Remittances against imports shouldhere
be completed not later than SIX months
from the date of shipment.
Merchanting Trade Transactions(MTT)-
Important Guidelines & Timelines

In Merchanting Trade, a trader in India is procuring goods or arranging

shipments of goods from a supplier outside India to be bought by a buyer
who is also outside India. The goods acquired will not enter Domestic Tariff
Area, ie, will not be delivered at any of the Indian Ports, but will go straight
Sub text here
to the port of destination abroad.

The goods involved in the trade to be permissible under the prevailing FTP
in force and all regulations applicable to export (Except EDF/Shipping Bill)
and import (except Bill of Entry) to be complied.
Merchanting Trade Transactions(MTT)-
Important Guidelines & Timelines

Both legs of Merchanting Trade to be routed through the same Bank. Entire
transaction to be completed within a period of Nine months, provided there is no
outlay of funds beyond Four months. That is, the Merchanting trader has to
realize the export proceeds within Four months of import payment and settle the
outward remittance made.
Sub text here
Any receipts for the export leg, prior to the payment for import leg, to be parked
either in Exchange Earners Foreign Currency (EEFC) account or in an interest-
bearing INR account till the import leg liability arises. The amount has to be
earmarked / lien-marked for the payment of import leg.

Third party payments for export and import legs of the MTT are not allowed.
EDPMS – Export Data Processing and Monitoring System

 EDPMS is introduced with a view to simplify the mechanism of reporting the export related transactions to
RBI and to enable the regulator/AD Banks to get real-time information on status of shipping Bills. Under
EDPMS, there is two-way flow of data across RBI and AD Banks:
i. details of all export documents generated at customs end (Shipping Bill, Airway Bill, Softex Form etc) flow
into the Banking system, categorised AD Code –wise,
ii. realisation details of exports (Shipping Bill-wise) flow into the RBI monitoring system, in turn adjusting the
export document with the corresponding payment.
Sub text here
 The system enables IE Code wise reconciliation of bills with the corresponding realisation details. Hence any
bill remaining in open status (not adjusted against payment details) for more than two years will lead to the
exporter being caution listed by RBI.

 Any extension granted/write-off of bills can be reported in EDPMS to adjust/close the entry therein.
IDPMS – Import Data Processing and Monitoring System

 IDPMS is a mechanism brought in by RBI to bring about tighter control in payments made towards
import, submission of evidence of import etc.

 Under the mechanism there is two way flow of information in the following stages:
Sub text here
a. AD Banks report outward remittances made towards import (ORMs) to the RBI portal.
b. Data of Bill of Entries generated from various EDI ports in India flows into the RBI portal (from
customs).
c. AD Banks will match off the open ORMs at their end, with the corresponding Bill of Entry based
on the declaration given by the importer and report settlement of outward remittances with Bill
of Entry (common parameter between ORM and BoE being IE Code of the customer).
EXPORT FINANCE

Export Finance

Sub text here

Pre-Shipment Post-Shipment
(PC/PCFC) (FBP/EBD)
IMPORT FINANCE

Import Finance
Sub text here

Foreign LC Trade Credit FCDL/FCTL

ALTERNATE REFERENCE RATES

 Foreign currency loans like FCDL, PCFC, PSFC are given at a spread over Alternate Reference
Rates(ARR) of the respective currencies:

Currency Benchmark Replacement

Sub text hereReference Rate)
(Alternate
USD SOFR(Secured Overnight Financing Rate)
GBP SONIA
(Sterling Overnight Inter-bank Average Rate)
EUR ESTR(Euro Short Term Rate)
CHF SARON(Swiss Average Rate Overnight)
JPY TONAR(Tokyo Overnight Average Rate)
CAPITAL ACCOUNT TRANSACTIONS

Capital Account
Sub text here

External
Overseas Direct Foreign Direct
Commercial
Investment Investments
Borrowings
Exchange Earner's Foreign Currency (EEFC) Account
A person resident in India is eligible to open EEFC
Permitted Credits
100 percent of the foreign exchange earnings by way of inward remittance
Payments received for the purpose of counter trade
Advance remittance received by an exporter towards export of goods or services;
Sub text
Professional earnings including director's here fees, lecture fees etc
fees, consultancy
Repayment of trade related loans/ advances
Disinvestment proceeds received by the resident account holder on conversion of shares
held by him to ADRs / GDRs
Payments received in foreign exchange by an Indian startup arising out of sales/ export
made by the startup or its overseas subsidiaries
EEFC Account Cont..
Permitted debits
 Payment outside India towards capital or current account transactions
 Payment in foreign exchange towards cost of goods purchased from a 100 percent EOU or a Unit in an
Export Processing Zone/ Software Technology Park / Electronic Hardware Technology Park
 Payment of customs duty in accordance with the provisions of Export Import Policy
 Trade related loans/ advances

EEFC Other guidelines Sub text here

 Non interest bearing account
 The sum total of the accruals in the account during a calendar month should be converted into
Rupees on or before the last day of the succeeding calendar month after adjusting for utilization
of the balances for approved purposes or forward commitments.
 Fund-based/ non-fund based credit facilities should not be granted against the balances held in
EEFC Accounts.
 Exporters can repay packing credit advances, whether availed of in Rupee or in foreign currency,
from balances in their EEFC account to the extent exports have actually taken place
 Foreign Currency Accounts for SEZ Units
An approved SEZ Unit with valid letter of Approval from the SEZ Development
Commissioner can open the account.
Salient features
A unit located in a Special Economic Zone may open hold and maintain a Foreign
Currency Account provided that
All foreign exchange funds received by the unit in the Special Economic Zone
Sub text here
(SEZ) are credited to such account,
No foreign exchange purchased in India against rupees shall be credited to
the account without prior permission from the Reserve Bank,
The funds held in the account shall be used for bonafide trade transactions of
the unit in the SEZ with the person resident in India or otherwise,
The funds held in these accounts shall not be lent or made available in any
manner to any person or entity resident in India not being a unit in Special
Economic Zones
FOREIGN TRADE POLICY 2023

The government launched the Foreign Trade Policy (FTP) in an effort

to increase Indian exports of goods and services, create jobs, and
boost value addition

Sub text here

The foreign trade policy (FTP) outlines government strategies and

steps to promote domestic production and exports with the objective
of driving economic growth.
FEDAI-Foreign Exchange Dealers Association of India

FEDAI (Foreign Exchange Dealers’ Association of India) is a non-profit making

body formed in 1958 with the approval of RBI

Members are authorised dealers and it prescribes guidelines and rules of the
Sub text here
game for market operations, merchant rates, quotations, delivery dates, holidays,
interest on defaults, etc.

FEDAI also advises RBI on market related issues and supplements RBI on
strengthening the market
INTERNATIONAL CHAMBER OF COMMERCE (ICC)

The International Chamber of Commerce is an organization designed

to promote international trade and investment as means of
achieving growth and prosperity. The ICC's flagship International
Court of Arbitration administers arbitration proceedings involving
international commercial and
Subbusiness disputes.
text here

Headquarters: Paris, France

INTERNATIONAL CHAMBER OF COMMERCE (ICC)

ICC publishes global rules –

ICC Uniform Rules for Collections (URC 522)

ICC Uniform Customs andSub Practice
text for Documentary Credits (UCP
here
600)
Uniform Rules for Demand Guarantees (URDG 758)
Uniform Rules for Reimbursement (URR 725)
TRADE ONLINE PORTAL- SIB TF ONLINE

Sub text here

REMIT MONEY ABROAD- SIB MIRROR+(MOBILE APPLICATION)

Sub text here

FOREIGN OUTWARD REMITTANCE- INTERNET BANKING

Sub text here

 Trade Finance Central Processing Centre
– Core Functions

Forex Domestic

Export Import Misc. SWIFT Inland LC/BG TReDS /SCF

* Inward Remittance / * Outward * Foreign Cheques * LC/BG Issuance

* SWIFT Admin * Vendor Finance
Advance against Export Remittance * FCNR Deposits * BG Invocation &
* TF – SWIFT Ops * Dealer Finance
* Export Bills – LC / NLC * Import Bills * Vostro Confirmation
* Treasury – SWIFT * Administration of TReDs
Purchase / Collection * Import LC/ BG * Travel Cards
Ops Platform
* Export Bill Realization Issuance * MTSS * Acquisition of SCF and TReDS
* eBRC / eFIRC * Bill of Entry Relationships
* EEFC / SEZ /PCFC/EBD
* Forward Contract
* PC/Bill Extension
* Crystallization
FOREX QUIZ
UCPDC stands for:
A. Universal Custom and Practice for Documentary
Credit
B. Uniform Custom and Procedure
Sub text here
for Documentary
Credit
C. Uniform Custom and Practice for Documentary
Credit
D. Universal Custom and Practice for Direct Credit
FOREX QUIZ
NOSTRO ACCOUNT means:
A. Account maintained by a Bank outside India with a
Bank in India in Foreign Currency
B. Account maintainedSub by text
an Exchange
here
House with a
Bank in India in Foreign Currency
C. Account maintained by a Bank in India with a Bank
outside India in Foreign Currency
D. Account maintained by a Foreign Bank in India in
Indian Currency
FOREX QUIZ
Which of the following document is evidencing
transport of goods by ocean mode?

A. Bill of Entry Sub text here

B. Bill of Exchange
C. Bill of Lading
D. Shipping Bill
FOREX QUIZ
Under Liberalized Remittance scheme which of the following is correct?

• i) Scheme is available to all resident individuals

• ii) Under this scheme any resident individual may remit up-to USD 2,50,000 in
one FY as gift to a person residing outside India or as donation to an
organization outside India.
• iii) The Scheme is available toSub text partnership
corporates, here firms, HUF, Trusts, etc.
• iv) Only upto USD250000 can be released for medical treatment abroad.

A. Only i and iv is correct

B. Only i and ii is correct
C. All of the above are correct
D. i, ii and iv is correct
FOREX QUIZ
Full form of SWIFT is
A. Society for Worldwide International Financial
Telecommunication
B. Society for Worldwide International Financial
Sub text here
Transaction
C. Society for Worldwide Interbank Financial Transaction
D. Society for Worldwide Interbank Financial
Telecommunication
FOREX QUIZ
EEFC account stands for

A. Exchange Earner’s Foreign Currency Account

B. Exchange Earning Foreign Currency
Sub text here Account
C. Exchange Earner’s Foreign Contribution Account
D. Exchange Earning Foreign Contribution Account
FOREX QUIZ

What is the limit of Foreign currency purchase

transactions without obtaining Currency Declaration
form?
Sub text here
A. Equivalent to $2500
B. Equivalent to $10000
C. Equivalent to $5000
D. Equivalent to $3000
FOREX QUIZ

Unspent foreign currency brought by a customer after

foreign travel must be exchanged within

A. 21 days Sub text here

B. 180 days
C. 90days
D. 30 days
FOREX QUIZ
NRI / PIO may remit from the balances held in NRO account
an amount not exceeding __________________per financial
year, subject to payment of applicable taxes.

Sub text here

A. USD 1000000
B. USD 250000
C. USD 100000
D. Freely repatriable
FOREX QUIZ
How much amount can a resident individual receive
from a foreign source under gift/ donation?

A. USD25000 Sub text here

B. USD100000
C. INR10000
D. INR100000
FOREX QUIZ
What is the limit for making an outward remittance
from an NRE account?

A. USD 2,50,000 Sub text here

B. USD 50,00,000
C. INR 50,00,000
D. No Limit
FOREX QUIZ
Importer-Exporter code (IEC) is issued by

A. Reserve Bank of India

B. Director General of Sub
Foreign
text Trade
here
C. Ministry of Home Affairs
D. Ministry of Commerce and Industries
FOREX QUIZ
Which of the Authority is responsible for designing
Foreign Trade Policy of the country?

A. RBI Sub text here

B. International Chamber of Commerce (ICC)
C. DGFT
D. EXIM Bank
E. ECGC
FOREX QUIZ
The Declaration form to be submitted by the Exporter
in triplicate in respect of export made for Software is

A. EDF Form Sub text here

B. GR Form
C. Softex Form
D. Shipping Bill
FOREX QUIZ

As per FEMA 1999, Exporter to realize and repatriate full value

of goods/software/services to India within ________ period
form the date of export except export made to warehouse
established abroad?
Sub text here
A. 15 months
B. 9 months
C. 12 months
D. 6 months
FOREX QUIZ
LRS Scheme is applicable for

A. Non Resident Individuals

B. Resident Individuals
Sub text here
C. Firms
D. HUFs
FOREX QUIZ

An Individual propose to remit foreign currency abroad

under LRS should submit AD Bank

A. Form A1 Sub text here

B. Form A2
C. Form A3
D. Form A4
FOREX QUIZ
ABC Ltd is a Export oriented Unit and also has imports
of raw materials. Which type of account we may
suggest to them
Sub text here
A. RFC Account
B. Rupee Current Account
C. FCNR Account
D. EEFC Account
ALL THE BEST….
Sub text here
THANK YOU
Sub text here