The term Foreign remittance covers both i.e. Foreign inward remittance as well as Foreign outward remittance. But while foreign outward remittance involves more legal formalities, foreign inward remittance involves less formalities comparatively.

There are different set of rules for individuals and non-individuals so far as foreign outward remittances are concerned.
RBI is the regulating authority for foreign exchange transactions and legislation behind it is Foreign Exchange Management Act, 1999.

There are 02 type of transactions viz;

Current Account transaction: All transaction permitted unless prohibited.
Capital Account Transaction: All transaction prohibited unless permitted.

Besides Liberalised remittance scheme is also in place when individual is remitting the money beyond boundaries. Aggregate of US$250000 in a year can be remitted without any approval from RBI. However, this route is not available for non-individual categories i.e. companies, firms etc.
Foreign Inward remittance certificate is also some time required to validate the transaction for foreign inward remittance.
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