RemitX is one of the leading Retail Foreign Exchange Company in India

We hereby inform you that REMITX, a division of Capital India Finance Limited (REMITX) or any of its authorized representatives will never: (i) ask for any upfront or advance payments like fees, charges, cash, fixed deposit, demand drafts, etc., for any reason whatsoever; (ii) offer any lucrative deals, gifts, vouchers, etc.; or (iii) send e-mails, SMSs or make phone calls asking for any confidential or sensitive information like login ID or username, transaction password, one time password (OTP), bank account details, card details, grid card values, CVV and / or any personal information such as name, date of birth, mother’s maiden name, identity proof, income details, etc. If you receive any e-mail, SMS and / or phone call asking for any advance payments like fees, charges, upfront cash, fixed deposit, demand drafts, etc., or requesting for any confidential, sensitive or personal information, you are advised to not respond to such e-mail, SMS and / or phone call. Making any such advance payment or sharing of any confidential, sensitive or personal information may result in fraud and loss.

REMITX or any of its authorized representatives shall not be liable for any kind of loss incurred or damage suffered as a result of any person (including but not limited to an individual, firm, company, trust or society) dealing with such unscrupulous persons, agencies, firms or companies or relying on or responding to such e-mail, SMS and / or phone call.

Specified Person means "a person who has not filed the returns of income for both of the two assessment years relevant to the two previous years immediately prior to the previous year in which tax is required to be deducted, for which the time limit of filing return of income under sub-section (1) of section 139 has expired; and the aggregate of tax deducted at source and tax collected at source in his case is rupees fifty thousand or more in each of these two previous years".

Rate for Specified Person - In case of Specified person, TCS is applicable @ 10% instead of 5% (for education loan cases @ 5% instead of 0.5%).

I, the undersigned, hereby declare that the total amount of foreign exchange purchased from or remitted through, all sources in India during the financial year as per item no. 6 of the Application, including the current transaction is within the overall limit of USD 250,000/- (USD Dollar Two Hundred and Fifty Thousand Only), which is the limit prescribed by the Reserve Bank of India for the said purpose and certify that the source of funds for making the said remittance belong to me and the foreign exchange shall not be used for prohibited purposes.

The transaction details of which are mentioned above does not involve and is not designed for the purpose of any contravention or evasion of the provisions of the FEMA, 1999 or of any Rule, Regulation, Notification, Direction or Order made there under. I also hereby agree and undertake to provide such information /documents as will reasonably satisfy you about this transaction in terms of this declaration. I shall be responsible and liable for any incorrect information provided by me. I agree that in the event the transaction is cancelled or revoked by me after submitting the request, any exchange losses incurred in this connection to be recovered from the refund amount. I further agree that once the funds remitted by me have been transmitted by CIFL (through AD Bank) to the correspondent and/or beneficiary banks, CIFL shall not be responsible for any delays in the disbursement of such funds including the withholding of such funds by the correspondent and/or beneficiary bank. I agree that once funds are remitted, intermediary bank charges may be levied by Correspondent and /or Beneficiary Banks, which may vary from Bank to Bank.

I agree that in the event the transaction being rejected by the beneficiary bank because of incorrect information submitted by me, any charges levied by the beneficiary bank or exchange losses incurred in this connection, I will be liable to pay the same to CIFL. I further confirm that the foreign exchange released for the above-mentioned purpose will be used within 60 days of purchase. In case it is not possible to use the foreign exchange within the period of 60 days, same will be surrendered to an authorized person I am neither a politically Exposed Person (PEP) not related to any of the PEP’s. I understand that as per TCS provisions of the Income Tax Act 1961, TCS @ 5% (or as amended from time to time) is required to be collected effective 1st October 2020 under Section 206C(1G) for all transactions undertaken under Liberalized Remittance Scheme of RBI. The details of foreign exchange availed under my LRS quota in the current financial year is mentioned above. I further undertake that I would be a “Resident” as per the Income Tax Act in the current financial year. In event of any error (intentional or unintentional) on collection of TCS at lower rate/non-collection of TCS which may be discovered either now or in future and where CIFL is held responsible by any statutory authority, I would make good the entire loss (including TCS, interest, penalty etc.) to you. I would also indemnify Capital India Finance Ltd against all claims / damages, losses or actions made against Capital India Finance Limited by any regulatory or statutory auditor and/ or any third party related to TCS.