WHAT IS FIRPS?
This article discusses what is FIRPS (Foreign Inward Remittance Payment System), its aspects, and CAIIB exam study material Nov 2023.
Every year, the professionals in the banking and finance industries take the CAIIB (Certified Associate of the Indian Institute of Banking and Finance) exam, which is administered by the Indian Institute of Banking and Finance (IIBF). This premier exam is offered twice a year by the Indian Institute of Banking and Finance (IIBF).
The Indian Institute of Banking and Finance has announced the CAIIB Exam Date 2023 for the November-December Session. The 27th of November, December 4th, and December 10th of 2023 will see the administration of the CAIIB Exam.
The official website of the IIBF has also published the CAIIB Registration Date 2023 for the November-December Session. The CAIIB Nov Exam 2023 online registration period will open on September 30, 2023, and run until October 20, 2023.
Now that we know about the dates of the CAIIB exam Nov 2023, we would like to move on to the main topic of the CAIIB exam Nov 2023 which is Foreign Inward Remittance Payment System (FIRPS)
FOREIGN INWARD REMITTANCE PAYMENT SYSTEM (FIRPS)
Non-resident Indians transfer billions of rupees to India annually for a variety of purposes, including financing investments and providing for family members back home. The transfer of funds from abroad to India is referred to as inward remittance. For instance, inward remittance refers to transferring funds from a distant relative into your Indian bank account.
INWARD REMITTANCE: WHAT IS IT?
Let’s use an example to demonstrate. Alok is an engineer who works overseas. He sends his aging parents a sizable portion of his monthly paycheck back home. Now, he is making an outward remittance anytime he deposits money into their bank account, which is most likely a savings account. It is an inbound remittance for the receiving parents.
INWARD REMITTANCE RBI GUIDELINES
A few rules have been established by the Reserve Bank of India (RBI) to control inward remittances:
- Only the following can be done with an inward remittance: education, medical care, travel expenditures, investments, donations, living expenses, financial support, or as a present.
- A foreign Inward remittance certificate (FIRC), issued by the recipient’s bank, is required for each inbound transfer. The objective of the transfer, the exchange rate used for the transaction, and the sender and recipient’s names and bank account numbers, among other information, are all included in this document.
- Rupee Drawing Arrangement (RDA) or Money Transfer Service Scheme are the two ways in which individuals in India can receive an inward remittance (MTSS).
- The quantity of inward remittances for personal use is not capped under the RDA.
- Each inward remittance is limited to $2500 under MTSS.
- A beneficiary of the MTSS is only eligible to receive a maximum of 30 inbound transfers per calendar year.
The rules are revised on a regular basis. To learn about the most recent inward remittance regulations, it is recommended to check the official RBI website or speak with your bank.
ADVANTAGES OF INWARD REMITTANCE
Let’s look at how international remittances to India are benefiting both households and the country’s economy.
- Advantages For Both People And Families
Foreign remittances enable NRIs to maintain a high standard of living for their family in India, pay for their medical expenses, and support their children’s education.
- Gains For The Economy
NRIs sent $83 billion home in 2019. Remittances from abroad are a valuable source of foreign currency and support India’s economic growth. The local economy benefits from this.
PROCESS OF INWARD REMITTANCE
Receiving money online through a remittance is a fairly simple process. All you have to do is give the sender a few details. Your full name, address, local bank account number, bank name, address, SWIFT code, and the reason for the transfer are among the information provided. It’s best to ask the bank what more they need as they might need further information. Ask the sender to start the remittance from their bank account once you have these details.
When your inbound remittance arrives, you will be notified by email or text.
BANK FEES FOR INWARD REMITTANCE
Different fees apply to inward transfers. The price is determined by a number of variables, including the current exchange rate, correspondent bank fees, type of transfer, account type, and country of origin. The projected costs will be disclosed to the customer by the bank itself, nevertheless, before the transaction is finalised.
CAIIB STUDY MATERIAL NOV 2023
For this CAIIB exam Nov 2023, you don’t have to worry about the preparation because our experts have carefully compiled CAIIB study material Nov 2023, especially according to your needs. Our CAIIB material 2023 offers various services like:
- Recorded video lectures which can be downloaded and watched offline at your convenience.
- These video lectures are made by expert faculty.
- The video lectures are made keeping in mind the recent modifications and updates of the CAIIB exam Nov 2023 as prescribed by the IIBF.
- Live video lectures are also available for you, even on YouTube.
- Along with all these lessons, we also provide you with short and easy notes in the form of epdfs for your quick revision of all the topics, which are accessible on our apps. Links for these apps are mentioned at the end of the article.
- CAIIB mock tests 2023 are also available for you to practice and enhance your performance.
- Memory-recalled questions from previous CAIIB exams are also included in our CAIIB study material Nov 2023.
- Case studies are also available in our CAIIB material Nov 2023.
Enrolling in our classes would be the best decision for your preparation for the CAIIB exam Nov 2022. We hope this article was helpful to you.
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