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INWARD REMITTANCES
Inward Remittances means remittance of forex from other countries to India. It
results in receipts of Foreign exchange.
There is no restriction for inward remittances except that it should be received
through authorized banking channel.
Also Banks have to abide by the Foreign Contribution regulation Act (FCRA) 1976.

Different Modes of Inward Remittance:
1. Swift Remittance
2. Cheque Collection
3. Foreign currency and Travellers cheques
4. Dena India Remit
5. Western Union Money Transfer

Swift Remittance:
The Society for Worldwide Interbank Financial Telecommunication ("SWIFT")
operates a worldwide financial messaging network which exchanges messages
between banks and other financial institutions. SWIFT also markets software and
services to financial institutions, much of it for use on the SWIFTNet Network, and
ISO 9362 bank identifier codes (BICs) are popularly known as "SWIFT codes".The
majority of international interbank messages use the SWIFT network. As of
September 2010, SWIFT linked more than 9,000 financial institutions in 209
countries and territories, who were exchanging an average of over 15 million
messages per day.
[1]
SWIFT transports financial messages in a highly secure way,
but does not hold accounts for its members and does not perform any form of
clearing or settlement.
SWIFT does not facilitate funds transfer, rather, it sends payment orders, which
must be settled via correspondent accounts that the institutions have with each
other. Each financial institution, to exchange banking transactions, must have a
banking relationship by either being a bank or affiliating itself with one (or more)
so as to enjoy those particular business features.
SWIFT is a cooperative society under Belgian law and it is owned by its member
financial institutions. SWIFT has offices around the world. SWIFT headquarters are
located in La Hulpe, Belgium, near Brussels. An average of 2.4 million messages,
with aggregate value of $2 trillion, were processed by SWIFT per day in 1995

Our customer who expects an inward remittance from abroad should be handed
with our correspondent/nostro list which consists of :
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a. Dena banks foreign currency account no. with nostro correspondents
b. Swift code of Dena Bank BKDNINBBXXX (XXX AD code)
c. Swift code of nostro bank

Our Nostro Correspondents
Sr.
No.
BANK NAME CURRENCY SWIFT CODE ACCOUNT NO.
1. DEUTSCHE BANK TRUST
COMPANY AMERICAS,
NEW YORK
USD BKTRUS33XXX 04-041-221
2. WELLS FARGO BANK,N.A. USD PNBPUS3NNYC 2000193007947
3. STANDARD CHARTERED BANK,
NEW YORK
USD SCBLUS33 3582039856001
4. HSBC BANK, NEW YORK USD MRMDUS33 0000302643
5. CITI BANK, NEW YORK USD CITIUS33 36241404
6. STANDARD CHARTERED BANK,
FRANKFURT
EUR SCBLDEFX 424-018080610
7. COMMERZ BANK AG,
FRANKFURT
EUR COBADEFF 400875019201EUR
8. BARCLAYS BANK PLC,LONDON GBP BARCGB22 203253-70413186
9. HSBC BANK PLC, LONDON GBP MIDLGB22 263 094
10. NATIONAL WESTMINSTER
BANK PLC, LONDON
GBP NWBKGB2L 440/02/04454510
11. STANDARD CHARTERED BANK
TOKYO, JAPAN
JPY SCBLJPJT 2343169-1110
12. DBS BANK LTD,SINGAPORE SGD DBSSSGSG 037-002743-0
13. HSBC BANK, HONGKONG HKD HSBCHKHHHKH 600-379234-001
14. UBS BANK AG, ZURICH CHF UBSWCHZH80A 02300000086109-050000H
15. CANADIAN IMPERIAL BANK
OF COMMERCE, TORONTO
CAD CIBCCATT 1777114
16. HSBC BANK, SYDNEY,
AUSTRALIA
AUD HKBAAU2SSYD 011-796109-041


176

Nostro Accounts for Dena India Remit Scheme
1.
DEUTSCHE BANK TRUST
COMPANY AMERICAS,
NEW YORK
USD BKTRUS33XXX 04-415-350
2.
NATIONAL WESTMINSTER
BANK PLC, LONDON
GBP NWBKGB2L 440/00/10001239
3.
STANDARD CHARTERED
BANK, FRANKFURT
EUR SCBLDEFX
18135003
IBAN UMBER
DE87512305000018135003

Cheque Collection:
For USD cheques:
Bankers Trust Company (BTC) offers 2 methods for chq collection-
1. Cash Letter System
BTC gives immediate provisional credit to our nostro account on receipt of
instrument and after this sends the same on collection. Hence it is
unconfirmed credit. In the event of any instrument returned unpaid, the
provisional credit is withdrawn. As the process of realization takes 15 days in
USA, AD branches have to wait for 21/30 days. This is cooling period. This
system facilitates easy collection with NIL charges.But if the chq is found
fraudulent or forged, the correspondent bank can debit the nostro account
even after 1 year. This is the inherent risk in the method of collection.

2. Preferred method:
It is confirmed credit method.
There are 2 methods:

A}Preferred Cash Letter ---
Chqs amounting to lower denomination i.e USD3000 and below are sent in this
type of method.
Charges- USD3 per chq
Realisation of chq is within 15 working days from the day reaching New York
B}Preferred Collection Service ---
Chqs amounting higher denomination i.e above USD3000 are sent in this type
of method.
Charges- USD10 Within New York USD15 Outside New York
Realisation of chq is within : 5/6 working days if within New York
15 working days if outside New York
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All other currency chqs have to be sent to their respective nostro
correspondents.

Foreign Currency and Travellers Cheque:

There is no restriction on the amount that can be brought through foreign
currency cash(FCY) or foreign currency travellers cheque(FTC)
But the amount brought needs to be declared to the Customs Authority,
1. if the total amount of FCY exceeds USD5000/- or
2. if total FCY and FTC exceeds USD10000/-
in Currency Declaration Form (CDF)