Introduce Purpose of Remittances (POR) FAQs

What if I select POR as “Credit to Non-resident external accounts maintained by Non-resident Indians in Indian Rupees - P0014” and transfer money to India?


Transaction with this purpose code may be rejected if the registered beneficiary account selected by a remitter is not a NRE/NRO Bank account held in India.

 

There may be delay in return of the funds based on due-diligence process of the Bank for your registered beneficiary.

What if I select POR as “Personal gifts to individuals - P1302” and transfer money to India?


Transaction with this purpose code may be rejected if either Beneficiary is not an individual or Beneficiary is same as remitter (e.g. Transaction to own account in India with this purpose code may be rejected).

 

There will be a delay in credit to your beneficiary account for the transactions with this purpose code.

What if I select POR as “Repayment of permissible non-ECB loans taken from Banks - P0011” and transfer money to India?


There will be a delay in credit to your beneficiary account for the transactions with this purpose code.

 

Transaction with this purpose code may be rejected if none of below conditions are met:

  • Beneficiary is a financial institution
  • Beneficiary is an individual and not his family member and Nationality status of the beneficiary at the time of taking loan was not Indian

What if I select POR as “Reversal of wrong entries, refunds of amount remitted for non-imports - P1502” and transfer money to India?


Transaction with this purpose code may be rejected if either Beneficiary is not an individual or Beneficiary is same as remitter (e.g. Transaction to own account in India with this purpose code may be rejected).  

 

There will be a delay in credit to your beneficiary account for the transactions with this purpose code.

Will I be eligible for Service Assurance if the funds are delayed for the POR’s as P0011, P0014, P1302 and P1502?


Transactions with these purpose of remittance will be exempted from Service Assurance compensation from Oct 1, 2020.

How much delay should I expect with this POR’s which are exempted from Service Assurance compensation?


Bank would do their due diligence within 2 working days however if any additional information is required from the remitter to establish that the funds are sent to the beneficiary with correct POR then a Phone call will be made to customers registered mobile number and required information will be taken. Upon receipt of the complete information and as per India regulatory requirements, we would then process or reject the transaction as per the terms of the arrangement.

 

In case where the remitter is unable to reach or calls are unanswered, we request customer to contact call center and enquire on status of funds. The overall process may take some time but it depends on case to case and the information provided by the remitter.

 

If you do not provide us with accurate, correct and complete information we will not be able to transfer funds to your registered beneficiary account. Please note for any reversal/ cancellation of a Transfer request initiated by you or due to insufficient information, the Bank will levy a charge of 2% of the transfer value or GBP 10 whichever is higher. If any exchange rate loss/profit is made at the time of a reversal, it will be passed on to you.

 

Transactions initiated on weekends and Bank holidays with above Purpose of remittances will be reviewed/processed on next working day.