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IndusInd Bank Inward Remittance Letter

The document is a remittance request to IndusInd Bank, confirming the receipt of inward remittance and providing details such as the remitter's name, amount, and purpose. It includes a declaration under the Foreign Exchange Management Act, ensuring that the transaction complies with regulations and does not involve sanctioned countries. The account holder requests the credit of proceeds to their account and agrees to provide necessary documentation if required.

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Sanjay Gohil
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104 views1 page

IndusInd Bank Inward Remittance Letter

The document is a remittance request to IndusInd Bank, confirming the receipt of inward remittance and providing details such as the remitter's name, amount, and purpose. It includes a declaration under the Foreign Exchange Management Act, ensuring that the transaction complies with regulations and does not involve sanctioned countries. The account holder requests the credit of proceeds to their account and agrees to provide necessary documentation if required.

Uploaded by

Sanjay Gohil
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

To,

IndusInd Bank Limited


Ahmedabad

Dear Sir / Madam,

We have received the inward remittance as detailed below.

Remitter’s Name:

Amount in Foreign Currency:

Purpose of Remittance:

Country of export: Place of final destination:

(Applicable in case the purpose of remittance is “Export Advance” and/or “Export Realisation”)

We hereby confirm that we know our counter party / Remitter and their nature of business and aware that the country
of counter party / Remitter / (country of final destination of goods, in case of exports), does not fall under list of
sanctioned countries and as such, transaction does not come under regulatory scanner of other banks / countries
including chances of seizure / blockade of payment proceeds by Banks / countries involved in the chain of payment
mechanism

Description of supporting documents submitted: Invoice

I/We request you to credit the proceeds of the Inward remittance to my a/c CA/EEFC no. held with
you.

Please debit my account no. for all applicable charges towards this transaction.

----------------------------------------------------------------------------------------------------------------------------------------------------------
DECLARATION-cum-UNDERTAKING
(Under Section 10(5), Chapter III of The Foreign Exchange Management Act, 1999)

 I/We hereby declare that the transaction the details of which are specifically mentioned in the Schedule
hereunder does not involve, and is not designed for the purpose of any contravention or evasion of the
provisions of the aforesaid Act or of any rule, regulation, notification, direction or order made there under.

 I/We also hereby agree and undertake to give such information/documents as will reasonably satisfy you
about this transaction in terms of the above declaration.

 I/We also understand that if I/We refuse to comply with any such requirement or make only unsatisfactory
compliance therewith, the Bank shall refuse in writing to undertake the transaction and shall if it has reason
to believe that any contravention/evasion is contemplated by me/us report the matter to Reserve Bank of
India.

 I/We further declare that the undersigned has/have the authority to give this declaration and undertaking on
behalf of the firm/company.

Place : Ahmedabad

Date : Signature of the Account Holder / Authorized Signatory

For Branch use


Customer Signature verified

(Signature verifier name and seal)

Common questions

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The transaction requires details such as the remitter’s name, amount in foreign currency, purpose of remittance, country of export, and place of final destination. Additionally, supporting documents like an invoice must be submitted. This information ensures the transaction does not involve contravention or evasion of regulatory acts .

The bank confirms that it knows the counterparty/remitter and their nature of business, ensuring that the country of the counterparty/remitter does not fall under sanctioned countries. This verification is crucial to prevent involvement in illegal activities and potential seizure or blockade of payment proceeds by other banks or countries involved in the transaction chain .

IndusInd Bank requires a declaration-cum-undertaking to be signed by the customer, declaring that the transaction does not involve contravention or evasion of the Foreign Exchange Management Act, 1999. The customer agrees to provide satisfactory information/documents, and the bank reserves the right to refuse to undertake the transaction or report the matter to the Reserve Bank of India if there is any suspicion of contravention/evasion .

Knowing the counterparty and their business helps the bank identify any potential risks of engaging in transactions with entities from sanctioned countries. It acts as a preventive measure against regulatory issues by ensuring that the bank is involved with parties operating within legal frameworks .

If a bank processes a transaction with a party from a sanctioned country, it risks encountering seizure or blockade of payment proceeds, legal repercussions, detrimental scrutiny from regulatory bodies, and reputational damage .

The details on handling disputes regarding signature verification are not explicitly provided, but typically, such measures would include re-verification of documents, obtaining additional identification, and possibly involving higher authority reviews to resolve disputes while maintaining compliance and security .

The verification of the customer's signature is crucial to authenticate the identity of the account holder or authorized signatory, thereby preventing fraud and ensuring that the transaction is legitimate and authorized by the right person .

The declaration-cum-undertaking serves as a formal assurance by the customer that their transactions comply with the Foreign Exchange Management Act, 1999. It ensures that transactions are not designed to contravene or evade the provisions of the Act, reinforcing regulatory compliance .

The declaration obligates the customer to furnish information/documents that satisfy the bank about the legitimacy of the transaction. If the customer fails to provide satisfactory compliance or refuses to comply, the bank can refuse the transaction and report to the Reserve Bank of India, thus ensuring regulatory adherence .

If the bank suspects contravention of the Foreign Exchange Management Act, 1999, it reserves the right to refuse in writing to undertake the transaction and report the matter to the Reserve Bank of India, ensuring compliance with regulatory norms .

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