What is the purpose code P0006?

P0006. Foreign direct investment in India in equity. P0007. Foreign direct investment in India in debt securities.

What is purpose code in remittance?

Purpose code is a code issued by Reserve Bank of India (RBI) to classify each transaction with the nature of foreign currency transactions. In other words, the Purpose code helps regulators in identifying the exact nature of a cross-border transaction. So, it is mandatory for any cross-border payments in India.

What is payment code in wire transfer?

A wire transfer code is a string of numbers and letters that identify an account into which money should be transferred. Some common wire codes are IBAN, SWIFT or BIC. When performing a domestic wire transfer, the bank code, the routing number and the receiving account number is all that is needed.

What is purpose code P1007?

The correct Inward purpose code for Adsense is P1007 Advertising trade fair service. In fact, if you are receiving payment in other currency in India from any Advertising Network (like Adsense, Media.net) or from YouTube, the purpose code will be P1007 Advertising trade fair service.

What is LRS A2?

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 LRS remittance?

The Liberalised Remittance Scheme is what enables parents to send money to their child studying abroad. This scheme is available to any resident individual (adult or minor). You can send up to $2,50,000 abroad in each financial year. The LRS is unavailable to corporates, partnership firms, HUF or Charitable Trusts.

What is international remittance code?

Also called a SWIFT number, this code facilitates the transfer of money between banks and is needed for both international wires and SEPA payments. What is a BIC code? BIC stands for Bank Identifier Code. It is an 8 to 11-character code that identifies banks globally.

What is PoP code?

PoP codes are uniform code list with three digit codes to determine the purpose of all incoming and outgoing transfers. Please note, if a valid Purpose of Payment code is not provided, your payment(s) may get rejected or delayed.

What is the code for bank transfer?

The Access bank transfer/USSD code is *901#, and it can be used to complete various type of transaction without going to the bank: To Buy Airtime for self: Dial *901*Amount#

What is purpose code P0014?

P0014. Receipts o/a Non-Resident deposits (FCNR(B)/NR(E)RA, etc.) {ADs should report these even if. funds are not “swapped” into Rupees}

What is purpose code P1006?

Commonly used Purpose Code. P0103 (Advance against export of goods) P1006 (Business and Management. consultancy and public relation services.