Know All About Purpose Code for Outward Remittance

The purpose code for outward remittances is a regulatory requirement that specifies the exact reason for transferring funds out of a country.

1. S0305: Payment for education, including fees and hostel expenses.

2. S1108: This code applies when sending money to cover the living expenses of students who are close relatives.

3. This code is applicable when students receive scholarship funds from India for their studies abroad.

To know more details about Purpose Code for Remittance SWIPE UP