Xpress Money – Inward Remittance – Money Transfer Service Scheme
|Amount of remittance permitted
- Single remittance limited to USD 2500 or its equivalent.
- Payments made in Indian Rupees only.
- Payment upto and inclusive of Rs. 50000/- can be made to residents in cash on proper identification.
- Payments exceeding Rs. 50000/- can be made in cash on proper identification only to foreign tourists visiting India.
|Restrictions on remittances
- Only 12 remittances are permitted to a single recipient through “Xpress Money” in a year.
- Only one transaction is allowed to be made by the same sender favouring the same beneficiary through the same Send Agent on the same day.
- Outward remittances from India are not permitted.
|Other important details
- Only personal remittances are permitted.
- Remittances favoring foreign tourists visiting India are permitted.
- No trade related payments are permitted.
- No remittances towards purchase of (immovable) properties, investments are permitted.
- No credit to NRE / FCNR accounts.
- Remittances in the nature of donations / contributions to charitable organizations are not permitted under the arrangement.
- “Xpress Money” service is offered in arrangement with M/s. UAE Exchange Financial Services Ltd for remitting money to India.
- The scheme is operative from 15.02.2006.
- The remittance facility is available to receive the money through all our branches.
- Under the arrangement, money transfers to India can be made at any overseas agent location of UAE Exchange across the world.
- Money can be remitted from 180 countries across the globe.
- Around 35000 outlets are available outside India for remittance.