INWARD REMITTANCESInward Remittances means remittance of forex from other countries to India. It results in receipts of Foreign exchange.There is no restriction for inward remittances except that it should be received through authorized banking channel.Also Banks have to abide by the Foreign Contribution regulation Act (FCRA) 1976.

Different Modes of Inward Remittance:1. Swift Remittance2. Cheque Collection3. Foreign currency and Travellers cheques4. Dena India Remit5. Western Union Money Transfer

Swift Remittance: The Society for Worldwide Interbank Financial Telecommunication ("SWIFT") operates a worldwide financial messaging network which exchanges messages between banks and other financial institutions. SWIFT also markets software and services to financial institutions, much of it for use on the SWIFTNet Network, and ISO 9362 bank identifier codes (BICs) are popularly known as "SWIFT codes".The majority of international interbank messages use the SWIFT network. As of September 2010[update], SWIFT linked more than 9,000 financial institutions in 209 countries and territories, who were exchanging an average of over 15 million messages per day.[1] SWIFT transports financial messages in a highly secure way, but does not hold accounts for its members and does not perform any form of clearing or settlement.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.SWIFT is a cooperative society under Belgian law and it is owned by its member financial institutions. SWIFT has offices around the world. SWIFT headquarters are located in La Hulpe, Belgium, near Brussels. An average of 2.4 million messages, with aggregate value of $2 trillion, were processed by SWIFT per day in 1995

Our customer who expects an inward remittance from abroad should be handed with our correspondent/nostro list which consists of :a. Dena banks foreign currency account no. with nostro correspondentsb. Swift code of Dena Bank BKDNINBBXXX (XXX AD code)c. Swift code of nostro bank

Our Nostro Correspondents Sr. No.BANK NAMECURRENCYSWIFT CODEACCOUNT NO.

1.DEUTSCHE BANK TRUST COMPANY AMERICAS,NEW YORKUSDBKTRUS33XXX04-041-221

2.WELLS FARGOBANK,N.A.USDPNBPUS3NNYC2000193007947

3.STANDARD CHARTERED BANK, NEW YORKUSDSCBLUS33 3582039856001

4.HSBC BANK, NEW YORKUSDMRMDUS330000302643

5.CITI BANK, NEW YORKUSDCITIUS3336241404

6.STANDARD CHARTERED BANK, FRANKFURTEURSCBLDEFX 424-018080610

7.COMMERZ BANK AG,FRANKFURTEURCOBADEFF400875019201EUR

8.BARCLAYS BANK PLC,LONDONGBPBARCGB22203253-70413186

9.HSBC BANK PLC, LONDONGBPMIDLGB22263 094

10.NATIONAL WESTMINSTER BANK PLC, LONDONGBPNWBKGB2L440/02/04454510

11.STANDARD CHARTERED BANK TOKYO, JAPANJPYSCBLJPJT2343169-1110

12.DBS BANK LTD,SINGAPORESGDDBSSSGSG037-002743-0

13.HSBC BANK, HONGKONGHKDHSBCHKHHHKH600-379234-001

14.UBS BANK AG, ZURICHCHFUBSWCHZH80A02300000086109-050000H

15.CANADIAN IMPERIAL BANK OF COMMERCE, TORONTOCADCIBCCATT1777114

16.HSBC BANK, SYDNEY, AUSTRALIAAUDHKBAAU2SSYD011-796109-041

Nostro Accounts for Dena India Remit Scheme1.DEUTSCHE BANK TRUST COMPANY AMERICAS,NEW YORKUSDBKTRUS33XXX04-415-350

2.NATIONAL WESTMINSTER BANK PLC, LONDON GBPNWBKGB2L440/00/10001239

3.STANDARD CHARTERED BANK, FRANKFURTEURSCBLDEFX18135003IBAN UMBERDE87512305000018135003

Cheque Collection:For USD cheques:Bankers Trust Company (BTC) offers 2 methods for chq collection-1. Cash Letter System BTC gives immediate provisional credit to our nostro account on receipt of instrument and after this sends the same on collection. Hence it is unconfirmed credit. In the event of any instrument returned unpaid, the provisional credit is withdrawn. As the process of realization takes 15 days in USA, AD branches have to wait for 21/30 days. This is cooling period. This system facilitates easy collection with NIL charges.But if the chq is found fraudulent or forged, the correspondent bank can debit the nostro account even after 1 year. This is the inherent risk in the method of collection.

2. Preferred method:It is confirmed credit method.There are 2 methods:

A}Preferred Cash Letter --- Chqs amounting to lower denomination i.e USD3000 and below are sent in this type of method.Charges- USD3 per chqRealisation of chq is within 15 working days from the day reaching New York B}Preferred Collection Service ---Chqs amounting higher denomination i.e above USD3000 are sent in this type of method.Charges- USD10 Within New York USD15 Outside New YorkRealisation of chq is within : 5/6 working days if within New York 15 working days if outside New York All other currency chqs have to be sent to their respective nostro correspondents.

Foreign Currency and Travellers Cheque: There is no restriction on the amount that can be brought through foreign currency cash(FCY) or foreign currency travellers cheque(FTC)But the amount brought needs to be declared to the Customs Authority,1. if the total amount of FCY exceeds USD5000/- or2. if total FCY and FTC exceeds USD10000/- in Currency Declaration Form (CDF)174