RBI Purpose Codes classify the nature of foreign remittances and are mandatory for all overseas transactions routed through Authorized Dealer banks. These codes help regulators monitor international transactions under FEMA guidelines. Incorrect purpose code selection can result in compliance issues, delayed remittances, or tax mismatches. Businesses and individuals must ensure accurate reporting for seamless global payments.
From April 1, 2026, Form 15CA is replaced by Form 145, changing how Indians send money abroad under new compliance rules. Here’s how Rs 5 lakh and Rs 10 lakh limits work, and what 20% TCS means for your overseas…
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