Prime Forex is a Private Limited Company incorporated in the Year 2006 and have been licensed by Reserve Bank of India
Chennai Airport - Phoenix mall - T.Nagar
Outward remittance in India can be described as a transfer of money in foreign exchange by a resident in India to a beneficiary situated outside the country (except Nepal and Bhutan) for a purpose as approved under FEMA (Foreign Exchange Management Act).
Players are permitted by RBI to remit money abroad for 17 purposes as listed below apart from regular money changing business. The transactions can be either a Telegraphic Transfer or a Demand Draft. These 17 purposes are within the overall limit under LRS scheme.
The transactions are processed only on verifying the KYC of the remitter.
One can definitely send money abroad from India following the guidelines under FEMA by RBI. The rules are broadly based on residential status of remitter and purpose. Business related transactions relating to import and export of goods and services are restricted to be handled only by Authorised Bank. With the introduction of Liberalised Remittance Scheme on February 4th ,2004, GOI has allowed general public to transfer money abroad for permitted current or capital account transactions. Presently residents of India are allowed to remit money up to USD 2.5 lakhs or equivalent per financial year.
Send money abroad through us to your loved ones at better rates than banks & AD's.
Sending money overseas through Prime Forex has been made simple through our online booking platform. Over the years, the regulators have made few documents mandatory for remittances under LRS. A sheet detailing purpose-wise documentation has been listed out here for the benefit of our customers
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1 |
Remittance by Individual under Private Visits - S0306 |
* Valid Passport, Ticket, Visa. |
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2 |
Remittance by tour operators / travel agents to overseas agents / principals / hotels, (For code creation of the travel agent, the KYC of the Travel Agent like Registration with authorities- copy, PAN |
KYC documents are mandatory as per RBI Gudielines. |
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3 |
Business Travel – S0301 |
Form A2 and Application cum declaration and KYC documents to be obtained from Employees and features to be verified. |
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4 |
Fee for participation in global conferences & specialized training – S0301 |
* Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration |
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5 |
Remittance for participation in international events / competitions (towards training sponsorship & prize money) – S0301 |
* Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration |
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6 |
Film Shooting – S0301 |
* Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration |
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7 |
Medical Treatment abroad |
For the Patient |
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8 |
Disbursement of crew wages |
* Application cum Declaration under LRS Scheme & FEMA Declaration. |
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9 |
Overseas Education – S0305 |
* Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration. |
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10 |
Remittance under Educational Tie-up (KYC of the Educational Institutes to be established and confirmed by remittance desk before execution of first transaction) – S0301 |
* Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration. |
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11 |
Remittance towards fees for examinations held in India & abroad & additional score sheet for GRE, TOEFL etc. – S0305 |
* Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration. |
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12 |
Employment & processing, assessment fees for overseas job applications. – S0306 |
* Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration. |
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13 |
Immigration |
* Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration. Only once at the time of immigration. |
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14 |
Skill / credential assessment fees for intending migrants |
* Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration. |
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15 |
Visa Fee – S1109 |
* Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration. |
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16 |
Processing fees for registration of documents as required by the Portuguese / other governments |
*Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration. |
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17 |
Registration / subscription / membership fees to international organizations |
* Application cum Declaration under LRS Scheme & A2 Form & FEMA Declaration. |
Getting admission and study abroad in overseas universities is dream cherished by may Indian Students. Students desiring to get admission in overseas universities has to appear through various examinations like, SAT, GRE , GMAT, IELTS etc. Apart from the fees for such examination, students may need to pay in foreign currencies in form of Demand Draft or Swift Transfers to universities for assessment of their credentials. Prime Forex provides best rates and hassle free services for both foreign currency demand drafts and wire transfers. We also assists students to pay their tuition fees directly to the account of foreign Universities. Students are advised to visit any of our branches and avail the services related to foreign exchange starting from examination fee to cash currencies and forex card required at the time of travel.
At Prime Forex, your requirement of sending money abroad is executed. We are a market place where the focus is on giving the best rates & preferred services to our customers and ensure that we are always compliant with the RBI’s norms.
You can order your money transfer online through our portal or if you are still unsure about the rates and process of transferring money abroad, call us instantly to get your queries resolved. Our well experienced support staff will guide you through the process of outward remittance and make sure that you will walk with more insights about the rates and process of remitting money abroad for education, film shooting, family maintenance or any other purposes.
Prime Forex is a Private Limited Company incorporated in the Year 2006 and have been licensed by Reserve Bank of India