PNB Bnak Application Cum Form A2 for Outward Remittances (Other than Imports) from Download

Here are the key points of the Punjab National Bank (PNB) Application Cum Form A2 for Outward Remittances (Other than Imports) – Annexure IV B, structured for quick reference:

• Form Identifier: Annexure IV B (Form A2) (3. 2. Form… p. 1).
• Core Function: Used strictly for making outward foreign currency remittances other than for import businesses (3. 2. Form… p. 1).
• Supported Modes: Facilitates foreign exchange drawals via Telegraphic Transfer (TT), Demand Draft (DD), or Foreign Currency Notes (CN) (3. 2. Form… p. 1).

• Applicant Data: Requires the applicant’s Name, Customer ID, Account Number, Address, and a mandatory Income Tax PAN (3. 2. Form… p. 1).
• Amount Designation: Borrowers must fill out either section B(2a) for a fixed amount of Foreign Currency (FC) or section B(2b) for an equivalent Foreign Currency value derived from a fixed Indian Rupee (INR) amount (3. 2. Form… p. 1).
• Funding & Deductions: The remitter authorizes PNB to debit their savings account at the current market exchange rate plus bank charges and applicable government taxes (3. 2. Form… p. 3). Sufficiency of funds is the applicant’s sole responsibility; any adverse exchange rate fluctuations caused by insufficient balance delays must be compensated with interest (3. 2. Form… p. 3).

• Target Coordinates: Collects comprehensive beneficiary data, including their name, address, account number, bank details, and international codes like SWIFT and IBAN (3. 2. Form… p. 2).
• Bank Charge Allocation: The applicant must choose who bears the correspondent bank charges by selecting one of three standard codes: Beneficiary (BEN), Remitter (OUR), or Sharing (SHA) (3. 2. Form… p. 2).
• Forward Contracts: Includes a tracker grid to log details if any pre-booked Forward Contracts are being utilized to lock in the exchange rate for the payment (3. 2. Form… p. 2).

• LRS Scheme Ceiling: The applicant must formally declare that the current transaction plus all foreign currency remitted through all sources in India during the active financial year falls within the RBI’s Liberalised Remittance Scheme (LRS) cap of USD 250,000 (3. 2. Form… p. 3).
• LRS Residential Rule: To qualify for an LRS remittance, the applicant must explicitly declare that they are a resident Indian and not an NRI, PIO, OCI, or non-residing foreign national (3. 2. Form… p. 3).
• Prohibited Channels: The remitter must certify that the funds are not being used for credit/margin calls overseas, trading in foreign exchange abroad, purchasing FCCBs in secondary markets, or sent directly/indirectly to Bhutan, Nepal, or FATF-identified non-cooperative countries (3. 2. Form… pp. 3-4).
• Section 10(5) Mandate: In compliance with Chapter III of FEMA 1999, the applicant swears that the transaction does not intentionally evade or contravene any statutory currency rules (3. 2. Form… p. 4). Refusal to supply tracking data will result in a formal written rejection by PNB and reporting to the RBI (3. 2. Form… p. 4).

The transaction must be tagged with a distinct Purpose Group and Code mapping to the Foreign Exchange Transactions Electronic Reporting System (FETERS) (3. 2. Form… pp. 2, 5):

• Group 00 (Capital Account): Covers Indian direct investments abroad in equities (S0003), real estate (S0005), or portfolio investments (3. 2. Form… p. 5).
• Group 02 & 03 (Transport & Travel): Maps international travel expenses for business (S0301), medical treatment (S0304), or education/hostel fees (S0305) (3. 2. Form… p. 7).
• Group 06 to 11 (Services): Tracks overseas software imports (S0807), legal fees (S1004), or remote health services (S1108) (3. 2. Form… pp. 7-8).
• Group 13 (Secondary Income): Used for general outward personal gifts (S1302) or family maintenance and savings (S1301) (3. 2. Form… p. 8).

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PNB Bank Application Cum Form A2 for Outward Remittances – Liberalised Remittance Scheme (LRS) from Download

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