Outward Remittance is a process of sending money to a Foreign Account while you are a Resident of India, in short transferring funds from your account to a account which is setup in another country. The Service is approved under the FEMA (Foreign Exchange Management Act), allowing you to transfer money to most countries all […]

FIRC (Foreign Inward Remittance Certificate) refers to a document which acts as a testimonial for all the inward remittances entering to India. Most of the statutory authorities use this document as a proof that an individual has received a payment in foreign currency from outside the country. When an individual receives some amount of money […]

Money laundering refers to the conversion of huge amounts of money earned from illegal activities like smuggling in to the out result of legal sources. In different countries, money laundering is treated as a crime having varied definitions. It is one of the most important operations related to underground economy. In United States, money laundering […]

There are numerous ways to send money from one person or company to another. Wire transfer is one of the most commonly used methods for transferring money from one person to another. In order to make a wire transfer, a person needs to visit a bank or the cash office. Wire transfer can be made […]

If you wish to know the meaning and different things related with an offshore bank then you should read on. An offshore bank refers to such a bank which is not in the country where the depositor resides but in some foreign country. Most of the offshore banks are chosen by people because they are […]

A letter of credit refers to a document which is issued by financial institutions to offer a binding payment undertaking which is used mainly in trade finance. Letter of credit also acts as a method of payment for different transactions. It means that for getting the payment an exporter needs to redeem the letter of […]

If you are unaware of the exact meaning of tax avoidance and tax evasion then you should read on. Tax avoidance refers to the process of utilizing the tax policies of a country in a legal way to lessen the money which one needs to pay as tax. There are different ways which are used […]

HTML5 – The Next Step In Internet Evolution The World Wide Web has come along ways since the early days of silent, frozen, simple text based pages with low quality graphics. The days when we were amazed if a company even had a website are long gone. And the advent of Web 2.0 brought entire […]

If you wonder about the meaning of an escrow account then you should read on. An escrow account refers to an account which belongs to a broker according to the license law provisions for keeping the funds representing broker’s principal or any other company or person until a transaction gets finished. Escrow account also refers […]

Import Export Code or IEC refers to a code of ten digits which is issued by Director General of Foreign Trade to different Indian companies. IEC is compulsory for all those companies who wish to carry on Import Export business in India. If a company wants to apply for IEC then the applicant should apply […]