Payment should be through banking channel only
Following are the mode of Payment
Cash
In case of cash payment following documents are required
- Buyer’s passport copy
- When buyer arrive the currency declaration copy
- Letter from buyer to seller stating the payment is advance against order
Giving all the documents and the currency to the bank will accept cash
Cheque }
} Both mode of payment takes lots of time to clear
D.D (Demand Draft) }
T.T (Telegraphic Transfer)
Is an electronic means of transferring funds overseas. A transfer charge is collected while sending money. A banking term commonly called "T/T," meaning a cable message from one bank to another in order to affect the transfer of money
S.W.I.F.T (Society for Worldwide Interbank Financial Telecommunication)
It is a computerized payment channel. Operates a worldwide financial messaging network which exchanges messages between banks and other financial institutions
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
F.I.R.C (Foreign Inward Remittance Certificate)
When any foreign exchange (currency) comes to your bank account Bank wants confirmation from your side i.e.-what is the purpose of this remittance means how and why you got this money? Then you have to submit the purpose/amount/ bank account etc. to the bank. This is the procedure of giving disposal instruction of remittance after this document you can ask to get FIRC.
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