INR – Indian Rupee

Overview This currency is considered to be restricted, which implies an inherent limitation to the tradability of this currency. Fund transfers in this currency are not allowed outside of India.

Besides this limitation, this currency is considered to be complex because of its processing.

Currency Guidelines Besides the standard information, a dedicated country routing code, known as IFSC code, – is preferred as a best practice in order to ensure the correct processing of the payment through the local clearing.

The IFSC code (Indian Financial System Code) is an alpha-numeric code (eleven digit code) that uniquely identifies a bank-branch participating in the NEFT system (National electronic funds transfer system). The IFSC is used to identify the originating / destination banks / branches and also to route the messages appropriately to the concerned banks / branches in India.

Example of a IFSC code: APMC0000902

In the case that the IFSC Code is not provided, the BIC code (branch identifier included, if provided) of the beneficiary’s bank is mandatory. It is also recommended to add the exact branch location to the remittance information.

A clear reason / purpose of payment is mandatory and consists of a full written description (in English) of the nature of payment to be provided in the remittance information. For example: providing an invoice number without guiding text is considered as insufficient and can result in errors or delays.

Example: Payment of travel expenses – invoice n° 123456789

Additionally, it is recommended to add the purpose of payment code (see appendix I).

Example of a purpose payment code: P1302

Payment formatting Information of the beneficiary bank

DATA NAME PRESENCE MT101 TAG XML V3 TAG OPTION 1 IFSC CODE XXXXX & RECOMMENDED 57A BIC CODE XXXXXXXX OPTION 2 MANDATORY BIC CODE (IF THE IFSC CODE IS NOT 57A XXXXXX PROVIDED) INR – Indian Rupee

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Remittance information

DATA NAME PRESENCE MT101 TAG XML V3 TAG

REASON / PURPOSE OF MANDATORY PAYMENT

PURPOSE OF PAYMENT CODE RECOMMENDED 70

FULL ADDRESS (EXACT RECOMMENDED BRANCH LOCATION) OF THE (IF IFSC CODE IS NOT BENEFICIARY BANK PROVIDED)

Additional information • Available charge options: OUR/SHA/BEN • List of purpose of payment code: http://www.rbi.org.in/scripts/PublicationReportDetails.aspx?ID=292 • List of IFSC code: http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2009 • For more information about the NEFT System and IFSC code: http://www.rbi.org.in/scripts/FAQView.aspx?Id=60 • Central Bank of India: http://www.rbi.org.in/Scripts/AboutusDisplay.aspx INR – Indian Rupee

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