YouTubers and Bloggers are getting inward remittance messages from SBI
The State Bank of India has started sending out messages of SBI Inward remittance to the YouTube creators as well as blog creators from today onwards. It has created a panic situation among the creator who all are waiting for their paycheck from Google Adsense. The creators in a Dilemma will they’ll get their AdSense payment or not.
Well, there is no need to panic as everyone will get their Paycheque in time from Google. The foreign inward remittance refers to money sent into an account by someone from abroad. The Remittances of money into India are governed by the Foreign Exchange Management Act (FEMA). The SBI inward remittance Message reads.
“Dear SBI Customer, This is an advance intimation of an inward Remittance of USD XXX value Date 20210823. Please contact branch with Relevant Documents”
What is an SBI inward remittance?
Inward remittance refers to the transfer of money to any Indian Bank from abroad. The Person or Company (Ex: Google) who is transferring or sending money to your bank account, is making an outward remittance. For those who are receiving money like you, it is an inward remittance.
Feature of inward remittance
- The money received by you in your Bank account from a foreign country is known as an inward remittance.
- The Maximum limit on inward remittances is $2500 per transaction.
- Banks can charge a fee for facilitating the remittance.
- According to Money Transfer Service Scheme (MTSS), you can receive a maximum of 30 inward remittances in a calendar year.
Purpose of inward remittance
The remittance or flow of money from one country to another Ex. from a foreign country (like the U.S.A) to Home Country (India). A certificate is issued known as FIRC (Foreign Inward remittance certificate) which is issued by banks as proof of a transfer of funds from overseas to India. The Document (Certification) is used as evidence of money flowing in and out of the country and helps make necessary checks that funds come from legitimate sources, and don’t have links to crime or terrorism.
What should a receiver do in case of inward remittance?
The notification you got regarding inwards remittance is just an advance notice before the amount credit in your bank account. The amount will be automatically credited within 48 hours (Mostly in 24 hours) and they’re nothing to do more. It doesn’t mean that your amount is on hold.
In case you don’t receive the amount credited in your bank within one week. Then you need to contact Bank or your Nearest Branch regarding it. As stated the Remittances of money into India are governed by the Foreign Exchange Management Act (FEMA). Thus, you are required to fill the SBI FEMA Document which you can download from below. As per RBI rules, it is important to fill FEMA documents. So even if you already have received the money successfully then also you should fill this form.
Procedure to Submit FEMA Document
1 Download the SBI FEMA Document from here.
2 Fill out the form with all the necessary details.
3 In the case of Adsense, you need to Print out your last Payment Receipt, which you can find in the Payment then Transaction section.
4 Xerox of Pan Card (Optional)
After submitting all the necessary documents to the bank, you will receive the due payment within 24 hours.
SBI Bank called me to fill FEMA form
On 25/04/22 I received a call from the SBI Main Office situated in my city. They began by asking if you expect this money $xxx to be deposited into your bank account. They informed me to fill out the FEMA document and asked for my email address after they confirmed the amount.
I received the mail within an hour and filled out all of the required information (if you need assistance filling out the form, please let me know in a comment) and send it to the given address. After two days, I was able to remove all of the holds from my account and got the AdSense and related funds directly in my account.
If you’re wondering if they asked for any further documents, the answer is ‘No’. I was not asked to produce any additional paperwork, such as an AdSense payment receipt or a xerox of my Pan card.
We hope that you got what you were looking for. If we have missed out something or you have any additional details on it, you can comment down below. We would always like to hear our viewers.