Payments into India SWIFT Formatting Guide for Financial Institutions

Transcription

1 Payments into India SWIFT Formatting Guide for Financial Institutions Contents INR and Other currencies 2 Introduction 2 Indian Rupee (INR) Currency Restriction 2 INR Payment Information 2 Additional Payment Formatting requirement 2 Export of Service Payments 14 Page 1 of 18

2 INR and Other currencies Introduction The information contained within this currency guide is designed to help you to understand the regulatory requirements when sending payments to beneficiaries in India. For domestic currency control reasons the Reserve Bank of India (RBI) has strict rules regarding the information that must be provided within the payment instruction in INR or any other currency in favour of a beneficiary account at an Indian beneficiary bank. If you do not have all of the information required, the payment will be delayed or rejected. Please use this guide in conjunction with the SWIFT formatting User Guide and ensure all guidelines laid out are followed carefully. Indian Rupee (INR) Currency Restriction Speculation on the INR currency is not permitted. The free flow of foreign exchange funds into and out of India is prevented by the Foreign Exchange Management Act and Reserve Bank of India guidelines. INR payments are not permitted to any accounts held with a beneficiary bank located outside India. There is no straight-through-processing (STP) in Indian banks for payments sent from overseas banks. Payments can be made to Indian nationals resident in India for bona fide purposes. No tax payments can be made in INR as Barclays is not authorised to process such transactions. For payments related to Foreign Direct Investment, it is essential that the remitter is aware of the permissible sectors under the automatic or approval route and the corresponding % of equity and FDI cap ceilings. The following link can be referred for further information BS_ViewMasCirculardetails.aspx?id=9006 Business activities which are Prohibited for Foreign Investments in India Annexure 2 Business sectors and percentage caps for automatic route and approval route Annexure 1 FDI payments under approval route will need additional compliance submissions by the beneficiary before the payment is processed and hence all FDI payments must be accompanied mandatorily with beneficiary contact details along with purpose of payment. Please find additional specific FDI payment formatting within the table in this guide. INR Payment Information The required information must be included in the correct fields otherwise your payment risks being rejected. At times the beneficiary bank may ask for further evidences in support of the information provided before applying the funds. The required payment information/evidences and/or formatting rules include: For all payments remitted to India, the information must be included are as follow: A statement describing the Purpose of Payment. This is a mandatory Indian regulatory requirement; failure to provide the Purpose of Payment will result in the payment being delayed or rejected. [Please refer to Payment formatting section for detailed requirement for certain specific type of payments] Ordering Customer s name, address and bank details (where ordering customer is the party or company instructing the payment) Field 50 of MT103 If the Ordering Institution is instructing the payment on behalf of another party (the underlying remitter), the full name and address of the underlying remitter must be provided. In addition, the Ordering Institution must provide their Account number, and if available their SWIFTBIC in the appropriate fields. Field 50 of MT103 Indian beneficiary bank details including branch code (11 character IFSC code). The IFSC code should be provided in the same location you would provide the beneficiary s National Clearing Code NCC. A full list of IFSC codes can be found on the Reserve Bank of India website. Information should be provided in Field 57 of MT103 For Export type of payments, the beneficiary contact details (Full name, telephone number and full address) should be provided to avoid delay Field 59 of MT103 There is additional payment formatting requirements for particular payment types. Please refer to the Additional Payment Formatting Requirements section below. Given the strict regulation by the RBI (Reserve Bank of India), we strongly advise that you or your client to contact the beneficiary and ensure all of the relevant paperwork and approval are in place before sending the payment to India. Additional Payment Formatting requirement As a general rule you should format your payment fields in line with the SWIFT formatting User Guide, where more specific formatting and information is required, we have detailed the relevant payment information below. Please ensure that you adhere to these additional guidelines when making payment to India. In addition, please be aware that the RBI (Reserve Bank of India) has an extensive list of payment types which are classified as Export of Services payments. Please refer to the list at the end of this document to confirm if your payment falls within the category of an export payment. To ensure you and your client s payment being processed efficiently, Field 70 of MT103 is used to capture majority of the additional information required. However, for certain payment types, a MT199 message is required from you as account holder of the underlying remitter to provide KYC information to fulfil local regulatory reporting requirement by the RBI. 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3 Transfer to Non Resident External Rupee accounts maintained by NRIs in Indian Rupees NRE/NRO Payment Remitter must be an individual Beneficiary name must be same as Remitter Purpose of Payment must be Credit to Own NRE account or Credit to Own NRO account NRE Non-Resident External Account NRO Non-Resident Ordinary Account Line 2: /REM STATUS <NRI/PIO /OCI/FOREIGN NATIONAL> Line 1: /CREDIT TO OWN NRE ACCOUNT Line 2: /REM STATUS NRI Status of Payment Remitter NRI Non-Resident Indian PIO Person of Indian Origin OCI Overseas Citizen of India. Personal gifts Remitter must be an individual Purpose of Payment (e.g. Gift for niece, Gift for anniversary, Gift for birthday ) Status of Remitter NRI Non-Resident Indian PIO Person of Indian Origin OCI Overseas Citizen of India Foreign National. Line 2: /REM STATUS <NRI/PIO/OCI/FOREIGN NATIONAL> Line 1: /GIFT FOR NIECE Line 2: /REM STATUS NRI Inward remittance from Indian non-residents towards family maintenance and savings Remitter must be an individual Remitter s relationship to the Payment Beneficiary should be relative, which is defined in section 6 of the Companies Act 1956 Purpose of Payment (e.g. Family maintenance and savings or Sending money for monthly expenses ). Line 2: /REM RELN <RELATIONSHIP> Line 1: /FAMILY MAINTENANCE AND SAVINGS Line 2: /REM RELN BROTHER Page 3 of 18

4 Donations to religious and charitable institutions in India Beneficiary must always be a legal entity not an individual Purpose of Payment (e.g. Purpose is charity ) The Payment Beneficiary s FCRA number (as an example: R). The Beneficiary s FCRA number can be confirmed at the Ministry of Home Affairs website ( Line 2: /FCRA No <XXXXXXXXXR> Line 1: /PURPOSE IS CHARITY Line 2: /FCRA No R Loan to individuals From relatives Purpose of Payment (e.g. Loan for personal use ) Remitter must always be an individual Indian Residents can borrow from a NRI and PIO relatives up to USD 250k provided that: The minimum maturity of the loan is 1 year The loan is interest free The relationship between lender and borrower is as defined as relative in section 6 of the Companies Act Line 2: /BENE RELN TO REM <RELATIONSHIP> Line 3: /LOAN MAT IS> 1 YEAR; INTEREST FREE Line 4: /LOAN AMOUNT <CURRENCY><LOAN AMOUNT> Line 1: /LOAN FOR PERSONAL USE Line 2: /BENE RELN TO REM BROTHER Line 3: /LOAN MAT>1 YEAR INTEREST FREE Line 4: /LOAN AMOUNT USD200k Loan to individuals Not from relatives Remitter must always be an individual Beneficiary must be an individual Indian resident Purpose of Payment (e.g. Loan to bene ) Residents can borrow from a NRI and PIO who is not a relative provided that: The period of the loan does not exceed 3 years The rate of interest on the loan shall not exceed 2% over the bank rate prevailing on the date of availment of loan Loan repayment and interest must be credited back to the lender s NRO (Non-resident Ordinary Rupee account)/ NRSR (Non-resident Special Rupee account). Line 2: /REM STATUS <REM STATUS> Line 3: /LOAN MAT <3 YEARS: IR <x.y%> Line 4: /LOAN AMOUNT <CURRENCY><LOAN AMOUNT> Line 1: /LOAN TO BENE Line 2: /REM STATUS NRI Line 3: /LOAN MAT <3 YEARS: IR1.9% Line 4: /LOAN AMOUNT USD200k Page 4 of 18

5 The NRI remitter is repaying a loan that was taken from the beneficiary who is resident Indian and relative Remitter must always be an individual. Purpose of Payment must be Repayment of personal loan or Repayment of business loan Residents can lend to non-resident relatives on a nonrepatriation basis provided: The loan amount was within extant liberalised remittance scheme limit Loan is interest free Minimum maturity period of loan is 1 year Loan was credited to borrower s NRO account Loan was utilised for meeting the borrower s personal requirements or for his own business purposes in India. Line 2: /REM RELN to BENE <RELATIONSHIP> Line 3: /LOAN WAS INTEREST FREE AND MAT PERIOD> 1 YEAR Line 4: /LOAN WAS CR TO NRO AC: BANK NAME Line 1: /REPAYMENT OF BUSINESS LOAN Line 2: /REM RELN to BENE BROTHER Line 3: /LOAN WAS INTEREST FREE AND MAT PERIOD> 1 YEAR Line 4: /LOAN WAS CR TO NRO AC: STATE BANK OF INDIA Property Purchase Purpose of Payment (e.g. House purchase or Flat purchase ) If the Payment Remitter is a legal entity, please ensure: Type of Property which you are purchasing Commercial for business purposes with RBI approval or 5 year lease without RBI approvals; Branch office or Project office of a foreign entity can acquire immovable property provided they already have approval from RBI to set-up such office in India. Liaison office can acquire immovable property only in the form of lease not exceeding 5 years. Line 2: /TYPE OF PROPERTY <XXXXXXXX> Line 3: /REM STATUS < REM STATUS> Line 4: /NATIONALITY OF REM <INDIAN> Line 1: /HOUSE PURCHASE Line 2: /TYPE OF PROPERTY RESIDENTIAL Line 3: /REM STATUS NRI Line 4: /NATIONALITY OF REM INDIAN Status of Payment Remitter NRI / PIO /OCI are allowed to freely purchase immovable property in India except agricultural land/plantation /farm house. For more information, you may refer RBI master circular on acquisition of immovable property. [ BS_ViewMasCirculardetails.aspx?id=9004] Nationality of Remitter Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan, Macau or Hong Kong need prior approval from the RBI (Reserve Bank of India) before such acquisitions of immovable property. Foreign nationals of other countries can acquire immovable property only on lease not exceeding 5 years without RBI approval. Remitter to be additionally guided by the RBI circular RBI/ /4 Master Circular No.4 / dated (and any updates to it) in relation to Acquisition and Transfer of Immovable Property in India by NRIs/PIOs/Foreign Nationals of Non-Indian Origin. Page 5 of 18

6 Foreign direct investment Fresh equity issuance Note: Barclays can only support FDI (Foreign Direct Investment) payments if the Payment Remitter and the Investor are the same party. Purpose of Payment (e.g. Purchase of fresh equity, Capital infusion, or subscription to equity shares ) Payment Beneficiary Contact Details: Name, Telephone Number, and Address Name of investee company Beneficiary will be contacted to provide the relevant compliance submissions before funds can be credited to their accounts Line 2: /INVESTEE: <NAME> Line 3: /BENE CONTACT: <NAME>, <TEL. NO.>, < > (Continue text on the following line if needed) Line 1: /PURPOSE IS PURCHASE OF FRESH EQUITY Line 2: /INVESTEE ABC LTD Line 3: /BENE CONTACT ASHOK PATEL Line 4: / ASHOK.PATEL(AT) XYZ.COM The additional information required by you should be sent within MT199 together with your payment instruction. If the payment remitter is a legal entity, as account holding bank you are required to provide the following information on behalf of your underlying client/remitter: Your client s Registered Name as the investor Their Company Registration Number The registered company address held on your record Confirmation of their account number Period of your client banking relationship with your good bank Name of the investee company Confirmation as sending bank/account holding bank If the payment remitter is an individual, as account holding bank you are required to provide the following information on behalf of your underlying client/remitter: Your client s full name His / Her Passport number, Social Security number or alternative unique identifier held on your record Your client s registered address held on your record Confirmation of their account number Period of your client banking relationship with your good bank Confirmation as sending bank / account holding bank. Page 6 of 18

7 Foreign direct investment Transfer of existing shares Note: Barclays can only support FDI (Foreign Direct Investment) payments if the Payment Remitter and the Investor are the same party. Purpose of Payment (e.g. Transfer of shares or Purchase of 100 shares of ABC Ltd from Ashok Patel ) Payment Beneficiary (Seller) Contact Details: Name, Telephone Number, and Address Name of the company s shares which are being sold Beneficiary will be contacted to provide the relevant compliance submissions before funds can be credited to their accounts Line 1: /FDI/ PURCHASE OF <XX> SHARES OF <PARTY OF SHARES BEING SOLD> FROM <SELLER> Line 2: /BENE CONTACT: <NAME>, <TEL. NO.>, < > (Continue text on the following line if needed) Line 1: / PURCHASE OF 200 SHARES OF ABC Line 2: /LTD FROM ASHOK PATEL Line 3: /BENE CONTACT ASHOK PATEL Line 4: / ASHOK.PATEL(AT) XYZ.COM The additional information required by you should be sent within MT199 together with your payment instruction. If the payment remitter is a legal entity, as account holding bank you are required to provide the following information on behalf of your underlying client/remitter: Your client s Registered Name as the investor Their Company Registration Number The registered company address held on your record Confirmation of their account number Period of your client banking relationship with your good bank Name of the investee company Confirmation as sending bank/account holding bank If the payment remitter is an individual, as account holding bank you are required to provide the following information on behalf of your underlying client/remitter: Your client s full name His / Her Passport number, Social Security number or alternative unique identifier held on your record Your client s registered address held on your record Confirmation of their account number Period of your client banking relationship with your good bank Confirmation as sending bank / account holding bank. Page 7 of 18

8 Foreign direct investment in India in debt securities (fully, compulsorily and mandatorily convertible debentures) Note: Barclays can only support FDI (Foreign Direct Investment) payments if the Payment Remitter and the Investor are the same party. Purpose of Payment (e.g. FDI in debt securities ) Payment Beneficiary Contact Details: Name, Telephone Number, and Address Name of investee company Beneficiary will be contacted to provide the relevant compliance submissions before funds can be credited to their accounts Line 1: /FDI/PURPOSE OF PAYMENT Line 2: /INVESTEE: <NAME> Line 3: /BENE CONTACT: <NAME>, <TEL. NO.>, < > (Continue text on the following line if needed) Line 1: /FDI/FDI IN DEBT SECURITIES Line 2: /INVESTEE: ABC LTD Line 3: /BENE CONTACT ASHOK PATEL Line 4: / ASHOK.PATEL(AT) XYZ.COM The additional information required by you should be sent within MT199 together with your payment instruction. If the payment remitter is a legal entity, as account holding bank you are required to provide the following information on behalf of your underlying client/remitter: Your client s Registered Name as the investor Their Company Registration Number The registered company address held on your record Confirmation of their account number Period of your client banking relationship with your good bank Name of the investee company Confirmation as sending bank/account holding bank If the payment remitter is an individual, as account holding bank you are required to provide the following information on behalf of your underlying client/remitter: Your client s full name His / Her Passport number, Social Security number or alternative unique identifier held on your record Your client s registered address held on your record Confirmation of their account number Period of your client banking relationship with your good bank Confirmation as sending bank / account holding bank. Page 8 of 18

9 Foreign direct investment All other types not explicitly stated above Note: Barclays can only support FDI (Foreign Direct Investment) payments if the Payment Remitter and the Investor are the same party. Purpose of Payment (e.g. FDI in real estate ) Payment Beneficiary Contact Details: Name, Telephone Number, and Address Name of investee company Beneficiary will be contacted to provide the relevant compliance submissions before funds can be credited to their accounts Line 1: /FDI/PURPOSE OF PAYMENT Line 2: /INVESTEE: <NAME> Line 3: /BENE CONTACT: <NAME>, <TEL. NO.>, < > (Continue text on the following line if needed) Line 1: /FDI/FDI IN REAL ESTATE Line 2: /INVESTEE: ABC LTD Line 3: /BENE CONTACT ASHOK PATEL Line 4: / ASHOK.PATEL(AT) XYZ.COM The additional information required by you should be sent within MT199 together with your payment instruction. If the payment remitter is a legal entity, as account holding bank you are required to provide the following information on behalf of your underlying client/remitter: Your client s Registered Name as the investor Their Company Registration Number The registered company address held on your record Confirmation of their account number Period of your client banking relationship with your good bank Name of the investee company Confirmation as sending bank/account holding bank If the payment remitter is an individual, as account holding bank you are required to provide the following information on behalf of your underlying client/remitter: Your client s full name His / Her Passport number, Social Security number or alternative unique identifier held on your record Your client s registered address held on your record Confirmation of their account number Period of your client banking relationship with your good bank Confirmation as sending bank / account holding bank. Page 9 of 18

10 Receipts on account of sale of share under Employee stock option Purpose of Payment (e.g. Exercise of rights to purchase ESOP or Purchase of ESOP ) Remitter should always be an individual Citizenship of the remitter Pakistani Citizens are not permitted for this payment type Citizens of Bangladesh need prior FIPB (Foreign Investment Promotion Board) approval Payment Beneficiary Contact Details (The company issuing the ESOP): Name, Telephone Number, and Address Line 2: /REM CITIZEN<COUNTRY> Line 3: /BENE CONTACT<NAME> <TEL. NO.>, < > (Continue text on the following line if needed) Line 1: /EXERCISE OF RIGHTS TO PURCHASE ESOP Line 2: /REM CITIZEN UK Line 3: /BENE CONTACT ASHOK PATEL Line 4: / ASHOK.PATEL(AT)XYZ.COM A Declaration letter may be requested from the investee company, so please ensure the payment beneficiary has this in place before submitting your payment. Long & medium terms loans with original maturity above 1 year from non-resident to India (External Commercial Borrowings) Purpose of Payment (e.g. Towards ECB drawdown or ECB extended by SMITH PLC UK ) LRN (Loan Registration Number) which is issued by the RBI (Reserve Bank of India) to the borrower when they apply for authorisation via Form 83 The Payment Remitter is usually an entity. However, the remitter can be an individual only where the beneficiary is a NGO in the area of Micro Finance and companies registered under section 25 of the Company Act 1956 and engaged in Micro Finance. Line 2: /LRN number as issued by RBI <XXXXXX> Line 3: /BENE CONTACT <NAME> <TEL. NO.> < > (Continue text on the following line if needed) Line 1: /TOWARDS ECB DRAWDOWN Line 2: /LRN NO XXXXXX Line 3: /BENE CONTACT ASHOK PATEL Line 4: /222222, ASHOK.PATEL(AT)XYZ.COM Payment Beneficiary Contact Details: Name, Telephone Number, and Address The payment beneficiary may be contacted to provide further information and confirmation of contact details for their relationship manager/key account manager at their Authorised Dealer (AD) bank. The AD bank will have previous involvement in arranging the ECB and will be able to intimate or procure a NOC (No Objection Certificate) from the beneficiary bank. Page 10 of 18

11 Inward remittance for maintenance of offices in India Purpose of Payment (Office maintenance and Bene is liaison office/branch office/project office) UIN allotted by the RBI (Reserve Bank of India). A UIN is a 12 digit alpha numeric string. Some examples of UIN are AHLO / BGLO A. The Branch / Liaison offices established with the Reserve Bank s approval will be allotted a Unique Identification Number (UIN) ( Line 2: /UIN: <XXXXXXX> Line 1: /OFFICE MAINTENANCE EXPENSES Line 2: /UIN: AHLO Compensation of employees Purpose of Payment (e.g. Salary for month of Jan, Remuneration for employee or Compensation for employee ) Payment Remitter is always the employer Line 1: /SALARY FOR MONTH OF JAN Beneficiary is always an individual If your payment relates to a service such as consulting, please refer to the Export of Services category. Page 11 of 18

12 Export of Goods - Payments towards exports post shipment Other than Nepal and Bhutan Purpose of Payment (e.g. Export payment ) This Purpose is used for making payments after the Indian exporter has shipped the goods Invoice Reference Number(s) and Shipment Date Type of goods rendered Shipment date will always be prior to payment date Line 2: /INVOICE REF NO <XXXX> Line 3: /SHIPMENT DATE<XXXX> Line 4: /DESCRIPTION OF GOODS/SERVICES Line 1: /EXPORT PAYMENT Line 2: /INVOICE REF NO Line 3: /SHIPMENT DATE 13MAY15 Line 4: /PURCHASE OF CARS Beneficiary full name, address and contact telephone number are required. Please place the telephone number within the beneficiary address as the last line. If you have insufficient space within the payment field, please prioritise the telephone number, and reduce the beneficiary address information. As good practice please place TEL before entering the telephone number The payment beneficiary may be contacted to provide additional documentation as evidence to support the payment transfer such as a copy of the invoice. Export of Goods Advance payment towards exports other than Nepal and Bhutan Purpose of Payment (e.g. Advance export payment ) This purpose is used for making payments prior to the shipment of goods. Invoice / Purchase Order Reference Number (s) and Shipment Date The shipment date should always be later than the payment date Line 2: /INVOICE REF NO <XXXX> Line 3: /SHIPMENT DATE< FUTURE DATE> Line 4: /DESCRIPTION OF GOODS/SERVICES Line 1: /ADVANCE EXPORT PAYMENT Line 2: /INVOICE REF NO Line 3: /SHIPMENT DATE 13JUL15 Line 4: /PURCHASE OF CARS In the case that the shipment date is not specifically available, an approximation date as per agreed terms should be provided Type of goods/services rendered Beneficiary full name, address and contact telephone number are required. Please place the telephone number within the beneficiary address as the last line. If you have insufficient space within the payment field, please prioritise the telephone number, and reduce the beneficiary address information. As good practice please place TEL before entering the telephone number The payment beneficiary may be contacted to provide additional documentation as evidence to support the payment transfer such as a copy of the invoice. Page 12 of 18

13 Export of Services Note: The RBI (Reserve Bank of India) has defined a clear list of services which are defined as Export of Services. Please refer to the table below to confirm if your payment falls within this category Purpose of Payment (e.g. Software consulting services or Legal Services ) Invoice/Transaction Reference Number(s) Line 2: /INVOICE/TRANSACTION REF NO <XXXX> Line 3: /INVOICE/TRANSACTION DATE <XXXX> Line 1: /LEGAL SERVICES Line 2: /INVOICE REF NO Line 3: /INVOICE DATE 13/05/2015 Invoice/Transaction Date Beneficiary full name, address and contact telephone number are required. Please place the telephone number within the beneficiary address as the last line. If you have insufficient space within the payment field, please prioritise the telephone number, and reduce the beneficiary address information. As good practice please place TEL before entering the telephone number The payment beneficiary may be contacted to provide additional documentation as evidence to support the payment transfer such as a copy of the invoice Page 13 of 18

14 Export of Service Payments The following payment types are categorised as Export of Service payments by the local regulations in India and payments must follow the Export payment formatting covered in the above table. Sector Sub-Sectors Examples Business Services Professional services Legal services Accounting, auditing and bookkeeping services Taxation services Architectural services Engineering services Integrated engineering services Urban planning and landscape architectural services Medical and dental services Veterinary services Services provided by midwives, nurses, physiotherapists and paramedical personnel Others Computer and related services Consultancy services related to the installation of computer hardware Software Implementation services Data processing services Database services Others Research and development services R&D services on natural sciences R&D services on social sciences and humanities Interdisciplinary R&D services Real estate services Involving own or leased property On a free or contract basis Rental/Leasing services Relating to ships without operators Relating to aircraft Relating to other transport equipment Relating to other machinery and equipment Others Rental/Leasing services Advertising services without operators Market research and public opinion polling services Management consulting service Services related to management consulting Technical testing and analysis services Services incidental to agricultural, hunting and forestry Services incidental to fishing Services incidental to mining Services incidental to manufacturing Services incidental to energy distribution Placement and supply services of personnel Investigation and security Related scientific and technical consulting services Maintenance and repair of equipment (not including maritime vessels, aircraft or other transport equipment) Building cleaning services Photographic services Packaging services Printing, publishing Convention services Others Page 14 of 18

15 Sector Sub-Sectors Examples Communication Services Postal services Courier services Telecommunication services Voice telephone services Packet-switched data transmission services Circuit-switched data transmission services Telex services Telegraph services Facsimile services Private leased circuit services Electronic mail Voice mail On-line information and data base retrieval Electronic data interchange (EDI) Enhanced/value-added facsimile services including store and forward, store and retrieve Code and protocol conversion On-line information and/or data processing (including transaction processing) Others Audio-visual services Motion picture and video tape production and distribution service Motion picture projection service Radio and television services Radio and television transmission services Sound recording Others Others Construction And Related Engineering Services General Construction work for building General Construction work for Civil Engineering Installation and assembly work Building completion and finishing work Rental/Leasing services without operators Distribution Services Commission agents services Wholesale trade services Retailing services Franchising Others Educational Services Primary education services Secondary education services Higher education services Adult education Other educational services Page 15 of 18

16 Sector Sub-Sectors Examples Environmental Services Sewage services Refuse disposal services Sanitation and similar services Others Financial Services All Insurance and Life, accident and health insurance services Insurance-related services Non-life insurance services Reinsurance and retrocession Services auxiliary to insurance (including brokering and agency services) Banking and other Financial Services Acceptance of deposits and other repayable funds from (excluding insurance) the public Lending of all types, including consumer credit, mortgage credit, factoring and financing of commercial transaction Financial leasing All payment and money transmission services Guarantees and commitments Trading for own account or for account of consumer, whether on an exchange, in an over-the-counter market or otherwise, the following: Money market instruments (cheques, bills, certificates of deposits, etc.) Derivative products including but not limited to futures and options Exchange rate and interest rate instruments including products such as Swaps, forward rate agreements etc., transferable securities Other negotiable instruments and financial assets including bullion Participation in issue of all kinds of securities, including under writing and placement as agent (whether publicly or privately) and provision of service related to such issues Money binding Asset management, such as cash or portfolio management, all forms of collective investment management, pension fund management, custodial depository and trust services Settlement and clearing services for financial assets, including securities, derivative products and other negotiable instruments Advisory and other auxiliary financial services on all the activities listed in article 1B of MTN.TNC/W/50, including credit reference and analysis, investment and portfolio research and advise, on acquisitions and own corporate restructuring and strategy Provision and transfer of financial information and financial data processing and related software by Other Page 16 of 18

17 Sector Sub-Sectors Examples Health-Related And Social Services (Not Listed Previously) Hospital services Other human health services Social services Other Tourism And Travel-Related Services Hotels and Restaurants (including catering) Travel agencies and tour operators services Tourist guides services Others Recreational, Cultural And Sporting Services (Other Than Audio- Visual Services) Entertainment services (including theatre, live bands and circus services) New agency services Libraries, archives, museums and other cultural services Sporting and other recreational services Others Transport Services Maritime Transport Services Passenger transportation Freight transportation Rental of vessels with crew Maintenance and repair of vessels Pushing and towing services Supporting services for maritime transport Internal waterways transport Passenger transportation Freight transportation Rental of vessels with crew Maintenance and towing services Supporting services for internal waterways transport Air transport services Passenger transportation Freight transportation Rental of aircraft with crew Maintenance and repair of aircraft Supporting services for air transport Space Transport Rail Transport Services Passenger transportation Freight transportation Pushing and towing services Maintenance and repair of rail transport equipment Supporting services for rail transport services Page 17 of 18

18 Sector Sub-Sectors Examples Road Transport Services Passenger transportation Freight transportation Rental of Commercial vehicles with operator Maintenance and repair of road transport equipment Supporting services for road transport services Pipeline Transport Transportation of fuels Transportation of other goods Services Auxiliary To All Modes Cargo-handling services Of Transport Storage and warehouse services Freight transport agency services Others Reference Relatives - Extract of Section 6 of the Companies Act, 1956 defines a relative as; a person shall be deemed to be a relative of another if, and only if they are members of a Hindu undivided family; or they are husband and wife; or they are related to the other in the following manner; Father, Mother (including step-mother), Son (including step-son), Son s wife, Daughter (including step-daughter), Father s father, Father s mother, Mother s mother, Mother s father, Son s son, Son s son s wife, Son s daughter, Son s daughter s husband, Daughter s husband, Daughter s son, Daughter s son s wife, Daughter s daughter, Daughter s daughter s husband, Brother (including step-brother), Brother s wife, Sister (including step sister), Sister s husband ECBs (External Commercial Borrowing) refer to commercial loans in the form of bank loans, securitized instruments (e.g. floating rate notes and fixed rate bonds, non-convertible, optionally convertible or partially convertible preference shares), buyers credit, suppliers credit availed of from non-resident lenders with a minimum average maturity of 3 years. NOC No Objection Certificate NRI Non-Resident Indian NRO (Non-resident Ordinary Rupee account) NRSR (Non-resident Special Rupee account) OCI Overseas Citizen of India PIO Person of Indian Origin The information in this guide is correct at June2015. It is intended as a general guide only. We recommend you obtain your own independent tax and legal advice tailored to your individual circumstances. You must ensure that both you and the person receiving the payment comply with any local and international laws in relation to the payment, including regulatory restrictions, exchange controls and tax obligations. You have sole responsibility for the management of your legal obligations and tax affairs, including making any applicable filings and payments and complying with any applicable laws and regulations, including in relation to taxation. Barclays is a trading name of Barclays Bank PLC and its subsidiaries. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered Number is and its registered office is 1 Churchill Place, London E14 5HP. Item Ref: BM June Page 18 of 18