Table of Contents
Is Form A1 mandatory?
Importer has to submit a list of documents for making import payments. One such documents was A1 Form except for import payment less than $ 5000. RBI with its circular dated 12 February 2015, has removed this requirement.
When should A2 form be filled?
Under the Liberalised Remittance Scheme (LRS), the Indian government and the Reserve Bank of India (RBI) now require an LRS Declaration form (fully titled “A2 cum LRS Declaration”) to transfer funds abroad. If you select to pay via “Domestic Bank Transfer in INR”, you are required to fill out and submit this form.
What is A1 and A2 remittances?
A1 – Application for Remittance in Foreign Currency (For Import Payments Only) 4. A1 – Application for Transfer of Indian Rupees to the Account of a Non-Resident Bank. 5. A2 – Application for Remittance Abroad (For Payments other than Imports and Remittances Covering Intermediary Trade)
What is the purpose of form A2?
Form A2 is a FEMA declaration cum application for the purchase of foreign exchange for remittance purposes. The remitter needs to fill up the details on the amount of remittance, beneficiary detail and the NRI repatriation purpose code to indicate the reason for repatriation.
What is Form A2 RBI?
FORM A2 (To be completed by the applicant) (For payments other than imports and remittances covering intermediary trade) Applica.
Why Form A1 is required?
82 dated February 21, 2012 in terms of which applications by persons, firms and companies for making payments, exceeding USD 5,000 or its equivalent towards imports into India must be made in Form A-1.
Is A2 form mandatory?
Therefore it is mandatory to file online Form A2. The application cum declaration for purchase of foreign exchange under the Liberalized Remittance Scheme (LRS) of USD 250,000 has been clubbed with Form A2. Form A2 will be submitted to the Authorized dealer bank mentioning the Purpose Code for the remittance.
What is Form A2 of RBI?
Why Form a1 is required?
What is Form A2 application for remittance abroad?
This is to certify that the remittance is not being made by/ to ineligible entities and that the remittance is in conformity with the instructions issued by the Reserve Bank from time to time under the Scheme.
What is electronic A2 form?
This is a requirement set by the Reserve Bank of India, which is the apex bank of India. The purpose of this document is to declare the total amount transferred abroad from the remitter bank account in the given financial year.
Who completes the A1 form?
Who needs an A1 form? If an employee travels to the EU for work, either on a business trip as a business visitor, or as a posted worker to provide a service, they will need an A1 form. Both business visitors and posted workers are covered by the UK social security system, and will need an A1 form.