Declaration of Remittance
DECLARATION-cum-UNDERTAKING (Under the Foreign Exchange Management Act, 1999)
- I hereby declare that this transaction does not involve and is not designed for the purpose of any contravention or evasion of the provisions of the Foreign Exchange Management Act, 1999 ("the Act") or any rule, regulation, notification, direction or order made thereunder.
- The total amount of foreign exchange drawn by me from all sources during the current financial year, including the present transaction, does not exceed USD 250,000 or equivalent and I certify that the source of funds for making the said transaction belongs to me and the foreign exchange will not be used for prohibited purposes.
- The foreign exchange purchased by me is for the purpose indicated by me in this transaction on the digibank iBanking Channel.
- I also hereby agree and undertake to give such information/documents as will reasonably satisfy you about this transaction.
- I also understand that if I fail or refuse to comply with any requirement or make unsatisfactory compliance, the Bank shall refuse to undertake the transaction and shall, if it has reason to believe that any contravention/evasion is contemplated by me, report that matter to the Reserve Bank of India or other statutory authority.
- I am an individual Resident in India as defined in Foreign Exchange Management Act (FEMA), 1999, and eligible to draw foreign exchange under provisions of Liberalised Remittance Scheme (LRS) as notified by Reserve Bank of India. I am not a Foreign National / NRI / PIO.
- The remittance is not intended and will not be used for any purpose that is in the nature of a Capital Account transaction i.e. the remittance will not alter my assets or liabilities held abroad.
- The remittance does not constitute a transaction listed in Schedule I or Schedule II of Foreign Exchange Management (Current Account Transactions) Rules, 2000, as amended from time to time.
- The remittance is only for the purpose as provided in this transaction on the digibank iBanking Channel.
- I am responsible for adhering to the definition of relatives as prescribed by RBI from time to time for remittances made under ‘maintenance of close relatives’ and in case of 'Gift' purpose the beneficiary is a Non-Resident.
- The remittance does not constitute any of the following:
- Remittance out of lottery winnings.
- Remittance of income from racing/riding etc. or any other hobby.
- Remittance for purchase of lottery tickets, banned / proscribed magazines, football pools, sweepstakes, etc.
- Payment of commission on exports made towards equity investment in Joint Ventures / Wholly Owned Subsidiaries abroad of Indian companies.
- Remittance of dividend by any company to which the requirement of dividend balancing is applicable.
- Payment of commission on exports under Rupee State Credit Route, except commission up to 10% of invoice value of exports of tea and tobacco.
- Payment related to "Call Back Services" of telephones.
- Remittance of interest income on funds held in Non-Resident Special Rupee (Account) Scheme.
- A transaction with a person residing in Nepal or Bhutan.
- The remittance is not intended and will not be used for trading in foreign currency, or, dealing in Bitcoins or any other virtual currency.
- I will not route any cryptocurrency related transactions and the Bank may close my account in case of any breach.
- The remittance is not intended and will not be used for any purpose that is prohibited or restricted under the Foreign Exchange Management Act, 1999 or any rules, regulations or guidelines issued under the said Act.