Modes of Inward Remittances and Payment Orders

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Questions and Answers

What is the fastest and most prevalent mode of receiving inward remittances from abroad?

  • Cheque drawn on a bank situated outside India
  • SWIFT Payment Orders (MT 103) (correct)
  • Bank draft or travelers cheque issued outside India
  • Foreign Currency notes from out of India

In which city is the SWIFT Centre for receiving the SWIFT Payment Orders (MT 103) located?

  • Kolkata
  • Mumbai (correct)
  • New Delhi
  • Chennai

Which of the following is NOT a mode of receiving inward remittances from abroad as mentioned in the text?

  • Postal order issued by a post office outside India
  • Foreign Currency notes from out of India
  • Money Transfer Service Scheme (MTSS)
  • Direct cash payment at the bank's branch in India (correct)

What is the most prevalent mode of receiving inward remittances from abroad?

<p>SWIFT Payment Orders (MT 103) (A)</p> Signup and view all the answers

How are the remittances denominated when received by SWIFT Payment Orders (MT 103)?

<p>Both in Indian Rupees and Foreign Currency (A)</p> Signup and view all the answers

How long does it typically take for the remittance to reach the ultimate beneficiary through SWIFT Payment Orders?

<p>Within a couple of days (D)</p> Signup and view all the answers

Which of the following is NOT mentioned as a means of receiving inward remittance from abroad?

<p>Telegraphic transfer within India (C)</p> Signup and view all the answers

How are the SWIFT Payment Orders (MT 103) denominated when received from abroad?

<p>Either in Indian Rupees or in Foreign Currency (A)</p> Signup and view all the answers

Which service is used for Inward Remittances and includes RIA Money and Western Union?

<p>Money Transfer Service Scheme (MTSS) (B)</p> Signup and view all the answers

What is the primary mode of receiving inward remittances from abroad?

<p>SWIFT Payment Orders (MT 103) (D)</p> Signup and view all the answers

Which mode of receiving inward remittances can reach the ultimate beneficiary within a couple of days from the date of remittance abroad?

<p>SWIFT Payment Orders (MT 103) (D)</p> Signup and view all the answers

Which of the following is NOT a mode of receiving inward remittances from abroad as mentioned in the text?

<p>Bank draft or travelers cheque issued outside India (B)</p> Signup and view all the answers

In which city is the SWIFT Centre for receiving the SWIFT Payment Orders (MT 103) located?

<p>Mumbai (C)</p> Signup and view all the answers

Which service is used for Inward Remittances and includes RIA Money and Western Union?

<p>Money Transfer Service Scheme (MTSS) (A)</p> Signup and view all the answers

Who is authorized to handle Inward Remittances directly in the given set-up?

<p>CPC-FT, GTPC, and Central Processing Cell-Vostro Section (C)</p> Signup and view all the answers

How are SWIFT Rupee Payment orders executed?

<p>They are centralized at Vostro Section, Integrated Treasury Wing, Mumbai (D)</p> Signup and view all the answers

What action should be taken if SWIFT payment orders are received from non-Correspondent Banks?

<p>Execute the remittance only after verification of the Pass Sheet credit in the Nostro account concerned (D)</p> Signup and view all the answers

Who is permitted to execute SWIFT payment orders denominated in Foreign Currency for all the branches?

<p>Centralized Processing Cell-Forex Transactions (CPC-FT, GTPC) only (A)</p> Signup and view all the answers

What is the primary factor determining whether CPC-FT, GTPC will send an e-mail intimation to branch for disposal instruction and credit the beneficiary account directly?

<p>$10,000 value threshold for individual accounts (D)</p> Signup and view all the answers

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