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)</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</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</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</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</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)</p> Signup and view all the answers

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

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

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