What is the approved method of sending remittances into India?
• The approved method of sending remittances into India is through normal banking channels. • At what rates are remittances in foreign currencies made by NRIs converted by banks into rupees? • Such remittances will be converted by banks at the market rate of exchange. • Can remittances be sent into India otherwise than through the medium of a bank in the country of residence of the remitter? • Yes. Exchange House in the Gulf countries have been permitted to send remittances into India by means of DDs, MTs and TTs drawn on banks in India. • Can Exchange Houses draw drafts in foreign currencies? • Yes. Exchange House can draw drafts in U.S.dollar or Pound sterling on a limited number of branches of the drawee bank in India, if they have entered into such an arrangement with the drawee bank. • Can NRIs remit funds through Exchange Houses for investment in Government securities, National Savings Certificates and Units of Unit Trust of India? • Yes. • Can NRIs remit funds through Exchange H
