1. By Cashier s/official Check payable to Bank of Baroda. In this case, the funds will be remitted on the next business day after deposit of check.

Transcription

1 Guidance for Completing the Remittance Application form Step 1 Step 2 Step 3 Please fill remittance application form in block letters after reading instructions and rules governing remittances printed on the form and sign the form. (Please read the instructions carefully) How to deposit funds for transfer 1. By Cashier s/official Check payable to Bank of Baroda. In this case, the funds will be remitted on the next business day after deposit of check. 2. By Organization s checks - Remittance will be made after hold period of five days after deposit of check. In case the Organization does not have the Remittance Registration Number, please submit the Application for Remittance Registration along with required documents for sending remittances. In case the Organization has been issued a Remittance Registration number by Bank of Baroda, New York, please incorporate the Remittance Registration Number on the Application for Remittance. The authorized signatory can either come in person to our branch or mail the completed and signed application form and check to Bank of Baroda, 1 Park Avenue, New York, NY Attention: Remittance Department. Please note that without Remittance Registration, funds cannot be remitted. Version Page 1

2 APPLICATION FOR REMITTANCE (ORGANIZATION) (For remitters with Remittance Registration Number) REM-O We have been allotted a Remittance Registration number by Bank of Baroda, New York and inform you that there is no change in information provided therein. We request you to remit funds as per details given below. Remitter information Name of Organization Contact phone number Source of funds for remittance Purpose of remittance Current income Sale of property Liquidation of investments Others (please specify): Salary to staff Investment Others (please specify): Beneficiary information Name * *If Beneficiary is a Charitable organization, please quote FCRA number (in case FCRA number is not quoted, only demand draft will be issued) Address Street name/ number Apt. /Flat number Relationship with remitter Village / District / City State PIN CODE Employee Vendor / supplier Other (please specify): Beneficiary Bank details Name of Bank Branch name Bank Account number (14 digit number necessary if RFTI opted) Branch CODE (for Bank of Baroda branches in India only) RTGS/NEFT code for other banks in India Address of Bank/Branch (required for banks other than Bank of Baroda branches) Village / City / District State PIN CODE Version Page 2

3 Remittance Option and charges Rupee Remittance Opt for Rapid Funds to India (option available only if beneficiary is an individual and remittance is to the account with Bank of Baroda branch in India for payment of salary) for direct deposit to account Free of charges Remit by SWIFT to beneficiaries bank as per details above - Free of charges (charges as applicable may be deducted by intermediary financial institution from remitted amount) Issue draft - Mailing charges In case draft is to be sent to the applicant by certified mail, please add $5.00 for postage. USD/ GBP/ EURO Remittance Issue draft - Mailing charges In case draft is to be sent to the applicant by courier, please add $20.00 for postage. Remit to beneficiaries as per details above Charges: $10.00 for remittance up to $1,000 and $30.00 for remittance above $1,000. (Charges as applicable may be deducted by intermediary financial institution from remitted amount) Mode of payment to Bank of Baroda, New York Organization s Check Cashier s / Official check (Name of remitter should be mentioned on the Cashier s/official check as purchaser) Check no. dated Amount $ Bank / Branch Total Amount paid in USD Amount to be remitted Charges Mailing charges Total amount paid I/We have read the terms and conditions governing this remittance (including instructions) and agree to be bound by them. In case of remittance in U.S. Dollar to India, I/We authorize its conversion into Indian rupees in India without reference to the beneficiary. I/We declare that the remittance is not foreign contribution towards any candidate for election, correspondent, columnist, cartoonist, editor, owner, printer or publisher of registered newspaper, Judge, Government servant or employee of any corporation, Member of legislature Political party or office bearer thereof, organization of political nature not being a political party or Associations having cultural, economic, educational, religious or social program, under the terms of Foreign Contribution Regulation Act 1976, India. I/We declare that this remittance complies with U.S. (including Reg GG) and Indian laws. For (Name of Organization) Name (as appearing in photo ID) Title Signature Date: (mm/dd/yyyy) / / Place: FOR OFFICE USE The signature of the remitter tallies with the signature on record for Remittance Registration number given in this application for remittance. The Remittance Registration facility number has not lapsed - Date of Previous remittance and Amount of previous remittance Validity of Photo ID of authorized signatory: Valid up to The remittance application form has been completed and signed Version Page 3

4 OFAC check conducted on remitter, authorized signatory and beneficiary Amount of remittance is commensurate with information provided in registration form and current application form Check deposited and hold period completed on Today s Exchange rate Amount to be remitted (equivalent as per exchange Currency USD GBP EURO Amount rate) INR Draft number Transaction number Date of remittance Prepared by: Verified by : Version Page 4

5 TERMS AND CONDITION GOVERNING REMITTANCE DATE OF REMITTANCE 1. Date of remittance Description of Deposit When Funds Can be Remitted Direct Deposit by Cash, checks drawn on The day we receive the deposit (if received within banking us, Wire transfers hours) Cashiers /Official/ or Government Checks The first business day after the day of deposit if received within 12 p.m., otherwise next business day The fifth business day after the day of deposit if received within 12 p.m., otherwise sixth business day after date of deposit Personal checks payable in the United States MODE OF REMITTANCE 2. RAPID FUNDS TO INDIA Remittances to individual s accounts with Bank of Baroda branches in India may be directly credited to the Beneficiary account mentioned in Remittance instruction, if opted for payments made by organization for employee salary. 3. Otherwise remittances may be made by fund transfer using SWIFT (Society for Worldwide Interbank Financial Telecommunication), and if sought by remitter by demand draft. All branches of Bank of Baroda are not linked to SWIFT. If you request remittance by SWIFT to a non-swift linked branch or to another bank, the remittance will be sent through a SWIFT-linked branch for onward transmission to the destination bank or branch. Onward transmission takes place usually by surface mail and usually takes few to several days depending upon the destination. Please bear in mind this factor while sending remittances. The SWIFT-linked branch in India may levy charges for onward transmission of the remittance. 4. For beneficiaries maintaining accounts with other Banks, RTGS / NEFT codes if informed may be transmitted in SWIFT message for quicker transmission of funds. Charges if any debited by Bank of Baroda branches in India or other bank will not be the responsibility of Bank of Baroda, New York. 5. Not all modes of remittances may be available at all times. The Bank reserves the right to modify or discontinue any mode of remittance at any time without notice. 6. Bank of Baroda, New York does not have connectivity with branches of the Bank in India or with other banks. It is, therefore, not normally possible for Bank of Baroda, New York to know whether a remittance sent has been credited to the account of the beneficiary or not. The User (remitter) should confirm with the beneficiary within a reasonable time (45 days) after sending remittance and bring to the notice of Bank of Baroda, New York any non-delivery / wrong-delivery as soon as possible. No refund of service charges can be made for delay or mishandling or non-delivery of remittances due to factors beyond control of Bank of Baroda, New York such as failure of transmission or mail system. GENERAL INFORMATION 7. In case of remittance in Indian rupees, Euro and Great Britain Pound, where the exact U.S. $ equivalent cannot be determined, send us a somewhat higher amount to cover any adverse exchange rate fluctuation. 8. Cancellation of or amendment to a remittance (each instance) will be charged $ Applications which do not contain complete information may be rejected or delayed, and the Bank shall not be responsible for any consequential loss. 10. In case remittance is not completed due to any information such as beneficiary name and account number information, or wrong RTGS / NEFT code, or any other reason, Bank of Baroda, New York will not be responsible for consequential delay and losses. 11. Remittance request made on a form other than the prescribed form will not be accepted and such requests will remain unexecuted. 12. In case of change of your address, etc, please advise us on form RRF-4. REMITTANCE TO CHARITABLE ORGANISATION 13. Due to Bank s obligation in Regulating receipt of foreign contributions by Associations / Organizations in India as per FCRA the remitter must provide FCRA Number for remittances to Charitable organization, otherwise remittance will be sent by way of draft. All remitters sending remittance to India undertakes the following - I declare that the remittance is not foreign contribution towards any candidate for election, correspondent, columnist, cartoonist, editor, owner, printer or publisher of registered newspaper, Judge, Government servant or employee of any corporation, Member of legislature Political party or office bearer thereof, organization of political nature not being a political party or Associations having cultural, economic, educational, religious or social program, under the terms of Foreign Contribution Regulation Act 1976, India. Version Page 5

6 CONDITIONS GOVERNING ISSUANCE OF REMITTANCE DRAFTS In case this remittance is not paid, the drawer s liability will be conditioned upon surrender of duly endorsed original and duplicates and limited to refunding to the holder the equivalent of the face amount by (a) payment in United States dollars at the drawer s buying rate in New York at the time of such surrender and refund, for the foreign money in which drawn or at the drawer s option by (b) forwarding, by mail or otherwise, to the drawee or other banking house abroad with which it may then have or establish a sufficient credit in such foreign money instructions to withhold there from an amount equivalent to the face hereof for the account and risk of the holder hereof, and the drawer shall not be otherwise liable hereon or for the consideration received here for. References to the foreign money in which this check is drawn shall mean such foreign money, or other foreign money into which it may then be convertible, impressed with restrictions and other characteristics which shall or would have attached to an unearmarked credit balance of the drawer s remaining with the drawee or such other banking house from the date hereof to the time of settlement. Such refund shall be reduced by any loss resulting from failure immediately to forward and promptly present this check (whether or not presentment would otherwise be dispensed with or delay excused) and refund may be withheld pending determination of such loss. Under no circumstances shall the Bank be liable for any consequential damages of any sort. CONDITIONS GOVERNING ISSUANCE OF WIRE TRANSFER The Bank agrees to send at the expense and risk of the customer a message directing payment in foreign funds in the amount and manner indicated. The Bank does not warrant that the transfer of funds will reach the payee. It may make use of any branch, or correspondent, agent or sub-agent and shall not be under any liability for any errors, negligence, suspension or default of any of them or for any failure to identify the payee or any wrong payment by any of them nor shall the Bank be under any liability for any errors, mutilations, delays, wrong delivery or failure of delivery in the transmission of any message in connection with this transaction whether or not in code or whether by mail, postal service, telegraph, cable, wireless, radio or otherwise, or for any suspension of any such means of transmission or for any imposition of any censorship, exchange control or other restriction, all such risks being borne by the customer. In case of transfer of currency other than the currency of the country to which remittance is made, it shall be payable to the payee in currency of said country at the buying rate of the Bank s branch, or correspondent for exchange of the currency remitted unless the payee arranges with said correspondent for payment in some other form upon paying all charges in connection therewith. In case the funds are not paid to the payee, whatever the reason, any liability of the Bank will be conditioned upon its receipt from the branch or correspondent of confirmation of effective cancellation of the remittance abroad and shall be limited to refunding the amount to be remitted, less expenses which refund in the case of transactions relating to the remission of foreign money, shall be made by (a) payment in United States dollars at the Bank s buying rate in New York, at the time of such refund, for the foreign money to be remitted, or at the Bank s option by (b) forwarding by mail or otherwise to the Bank s branch or correspondent or other banking houses abroad with which it may then have or establish a sufficient credit in such foreign money instructions to withhold there from an amount equivalent to the amount to be remitted for the account and risk of the person to whom refund is to be made and the Bank shall not be otherwise liable in connection herewith or for the consideration received by it. References to the foreign money to be remitted shall mean such foreign money or other foreign money into which it may then be convertible, impressed with restrictions and other characteristics which shall or would have attached to an un earmarked credit balance of the Bank remaining with its correspondent or such other banking house from the date hereof to the time of settlement. Anything herein before to the contrary notwithstanding, any refund shall be made in case of wrong payment of funds by any correspondent agent or sub-agent and in case funds for the payment of this transfer have been remitted or made available abroad or otherwise covered. No refund shall be made until relative funds have been returned or otherwise made freely available to the bank. Version Page 6