DCB Remit is an online facility which enables you to send money abroad to a foreign bank account. All you have to do is register on www.dcbremit.com and submit simple verification then transfer money to your registered beneficiary from the comfort of your home, office or a mobile phone without having to visit a bank branch.
That is right...no visit to your bank or DCB Bank branch!
Linking Your Aadhaar & PAN
As per section 139AA of the Income Tax Act 1961, it is mandatory to link your Aadhaar with Permanent Account Number (PAN) by 30th June 2023. Non fulfilment of this requirement shall render your PAN inoperative until it is linked with Aadhaar.
For more information:
Kindly contact DCB Customer Care at 022-6899 7777, 040-6815 7777
Or email : customer.service@dcbbank.com or visit the nearest DCB Bank branch
Aadhaar & PAN linkage is not mandatory to an individual who does not possess the Aadhaar number or the Enrolment ID and is:
Note:
To check the status of your PAN -Aadhaar linkage you may visit below link:
https://eportal.incometax.gov.in/iec/foservices/#/pre-login/link-aadhaar-status
To link your PAN with Aadhaar you may visit below link:
https://eportal.incometax.gov.in/iec/foservices/#/pre-login/bl-link-aadhaar
Frequently asked questions
Q1. What is inoperative PAN?
A1. If a PAN is not linked with Aadhaar on or before 30th June 2023, then the status of such a PAN will be considered as an inoperative PAN.
Q2. Where can I check the status of PAN Aadhaar linking?
A2. Click on the link below or paste the URL in your browser. Enter your correct PAN and Aadhaar number and submit. It will display a status message as to whether PAN is linked to your Aadhaar number or not.
https://eportal.incometax.gov.in/iec/foservices/#/pre-login/link-aadhaar-status
Q3. How does one link PAN with Aadhaar?
A3. To link your PAN with Aadhaar, either click on the link mentioned below or paste the URL of the income-tax site in your browser, enter the required details and submit. It will display a success or a failure comment.
https://eportal.incometax.gov.in/iec/foservices/#/pre-login/bl-link-aadhaar
Q4. If an individual does not register with Aadhaar, will the individual's PAN be considered as inoperative?
A4. As per section 139AA of the Income Tax Act, 1961, a person who is eligible to obtain Aadhaar is required to link Aadhaar with PAN by 30th June 2023. Therefore, if the person does not link PAN with Aadhaar, then the PAN will be considered as inoperative from 1st July 2023.
Q5. What are the consequences of PAN becoming inoperative?
A5. An inoperative PAN will attract higher Tax Collected at Source (TCS) rate till the PAN is linked with Aadhaar.
Q6. If a person whose PAN has become inoperative subsequently links Aadhaar with PAN after the due date (30th June 2023) will the PAN become operative again?
A6. Yes, as per Rule 114AAA of the Income Tax Rules, 1962 such a PAN will become operative within 30 days from the date of linking with Aadhaar.
Q7. For transactions where PAN is required to be furnished, quoted or intimated before 30th June, 2023 will those transactions get affected, if the PAN becomes inoperative after June 30, 2023?
A7. Such transactions will not be affected in the case of inoperative PAN.
Q8. What happens if PAN and Aadhaar are not linked after 30th June 2023?
A8. After 30th June 2023 non-linking of PAN with Aadhaar will attract higher TCS for remittances under the Liberalised Remittance Scheme (LRS) of RBI.
You can transfer funds from your own savings bank account held with any other bank in India through electronic fund transfer i.e. NEFT/IMPS or RTGS to the DCB Bank account or you can use UPI payment option on DCB Remit website to send money to DCB Bank.
For NEFT/IMPS or RTGS, you will need to give the instructions to your bank through their net banking access.
Currently, DCB Remit accepts payments sent through IMPS, RTGS, NEFT and UPI. You can send money to DCB Bank from your bank's mobile app, internet banking or branch. Please add DCB Bank as a beneficiary in your existing resident Indian account with any bank in India. Follow the usual 'Add Beneficiary' steps of your bank. Here are the account details for DCB Bank:
Bank Account Name: DCB Remit Outward Remittance
Account number - 90020900000143
IFSC - DCBL0000001
Branch - Mumbai Branch
Please note that after addition of beneficiary in your bank may restrict the transaction amount for a few hours to 24 hours.
You can transfer money via UPI payment option available on the DCB Remit website for instant money transfers.
Yes, please refer to the table for the applicable transfer charges. GST too is applicable.
| Foreign Exchange Transfer Amount in INR | Charges in INR |
|---|---|
| INR 1.00 <= INR 1,60,000 | 1,000* |
| Above INR 1,60,000 | 0 |
As stipulated by the Government of India, any conversion from one currency to another - sale, encashment & remittance will be charged GST on the gross amount of currency exchanged as per the following slabs:
1% of the gross amount of currency exchanged for amount up to INR 100,000 subject to the minimum amount of INR 250 i.e. minimum GST payable is INR 45
INR 1000 plus 0.5% of the gross amount of currency exchanged for an amount of rupees exceeding INR 100,000 and upto INR 10,00,000 and
INR 5,500 plus 0.1% of the gross amount of currency exchanged for amount of rupees exceeding INR 10, 00,000, subject to maximum amount of INR 60,000 which caps GST Payable at Rs. 10,800
When payments are made locally and overseas, charges are imposed by various bank's, such as the remitting bank, the beneficiary bank, the intermediary bank etc. These charges can be settled in one of the following ways:
BEN: Charges borne by the beneficiary:
The beneficiary bears all charges of the bank's engaged in the transfer of the payment. You only pay the remittance amount. All charges - AFO's, intermediary banks and beneficiary banks charges will be deducted from the remittance amount and the beneficiary will receive the remaining balance.
OUR: Charges borne by remitter:
You bear all charges of the payment which includes the remittance amount, DCB Bank's charges as well as the other banks fees (Correspondent bank, intermediary bank, beneficiary bank etc.) so the beneficiary receives the complete payment. DCB Bank will levy the charges up-front at the time of requesting the transaction.
The Liberalised Remittance Scheme (LRS) of the Reserve Bank of India (RBI) allows resident individuals to remit a certain amount of money during a financial year to another country for investment, expenditure and other permissible reasons. According to the prevailing regulations, resident Indian individuals may remit up to $250,000 per financial year.
The Finance Act, 2020 amended Section 206C of the Income Tax Act,1961 (the and introduced tax collection at source (TCS) on foreign remittance under LRS subject to the applicable threshold limit. ( Will be effective from 1st October 2023)
| Purpose of Remittance | *Remittance Amount (INR) | Income Tax Filer | Income Tax Non-Filer | |
|---|---|---|---|---|
| PAN & Aadhaar Linked | PAN & Aadhaar Not Linked | (PAN & Aadhaar linked or not) | ||
| Overseas Education, if the amount being remitted is from a loan obtained from a financial institution as defined in section 80 E | 10 Lac | No TCS upto 7 Lacs 0.5% TCS on 3 Lacs | No TCS upto 7 Lacs 5 % TCS on 3 Lacs | |
| Overseas Education other than loan Medical treatment |
10 Lac | No TCS upto 7 Lacs 5 % TCS on 3 Lacs | No TCS upto 7 Lacs 10 % TCS on 3 Lacs | |
| Purposes other than Medical and Education | 10 Lac | No TCS upto 7 Lacs 20 % TCS on 3 Lacs | ||
The amount mentioned Is hypothetical, to explain the impact of TCS based upon various scenarios.
The above information is only for Liberalised Remittance Scheme(LRS) transactions.
Terms and conditions apply.
TCS shall be applicable on all foreign remittance transactions that fall under Liberalized Remittances Scheme (LRS).
Yes, the remitter may claim credit for TCS amount by filing the relevant section in the income tax return subject to applicable income tax provisions.
No GST will be applicable on the TCS. However, GST will be applicable on the currency conversion, remittances charges or any other charges as applicable.
Section 206CCA of the Income Tax Act, 1961 (the "Act") provides Collection of Tax at Source (TCS) from the customer/buyer /remitter at higher rates in the event of specific transactions (including outward remittance under LRS), if the customer/ buyer/ remitter is a specified person (i.e. non-filer of Income Tax Returns) as defined u/s 206CCA of the Act.
Section 206CCA is applicable from 1st July 2021.
Permanent Account Number (PAN) of the customer will be checked/ verified from the official India Income Tax website for the applicability of TCS rates. If the customer is a non-filer of Income Tax Return as per the Income Tax website, then a higher rate of TCS shall apply as per section 206CCA of the Act.
