Explain RTGS
RTGS stands for real time gross settlement, which means that it enables money to move from one bank to another on a real time and gross basis. Simply 'Real Time' means the processing of instructions at the time they are received rather than at some later time; 'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Since the funds settlement takes place in the books of the Reserve Bank of India (RBI), the payments are final and irrevocable. The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is 2 lakh. There is no upper ceiling for RTGS transactions.
Learn Exports Imports Free, Click here
Click here to know GST rate of your goods or service
Is DP terms of payment safe in export business?
Is Letter of Credit LC safe for an Importer?
Is ON BOARD CERTIFICATE required for LC negotiation
Is Received for shipment Bill of Lading sufficient for LC negotiation?
Is Risk Management System (RMS) simplify import? What is RMS in import.
Is sales tax applicable on shipments effected under high sea sales
Is Seaway bill a document of title? What is Seaway bill
Documents needed for Eritrea import
Import Customs processes in Eritrea
Permit and registration required for importation in Eritrea
How to export from Democratic Republic of the Congo?
How to Import to Democratic Republic of the Congo?
How to import to India from Democratic Republic of the Congo?
Procedures to claim Input Tax Credit under GST in India
When to file first Return of GST tax in India?
GST Tax returns filing – Who, How and When?
How is time of supply accounted under GST Tax Calculation
Valuation of GST under special cases
Who is liable to deduct TDS under GST Law
When TDS is not required under GST
Tax Collection at Source (TCS) under GST
How can actual suppliers claim credit of Tax Collection at Source (TCS) under GST