Canonical: https://unicorncurrencies.com/send-money-to/india/

# Intelligence: Sending Money to India

## Banking Requirements

- **Code:** **IFSC Code**

- **Format:** 11-character alphanumeric code

## Route Context

- **Use case:** Pay Indian textile suppliers, garment manufacturers, and IT services

- **Published local rails:** UPI (Unified Payments Interface), IMPS (Immediate Payment Service), NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement)

- **Timing note:** Settlement and credit timing depend on rail availability, funding, cut-offs, compliance review, correspondent handling, and receiving-bank release.

## Payment Control

- Check beneficiary details before release.

- Confirm payment purpose and invoice context.

- Keep proof available if the supplier says funds have not arrived.

- Review deductions if the amount lands short.

## Regulatory

- FEMA (Foreign Exchange Management Act) compliance

- RBI (Reserve Bank of India) reporting for large transactions

- Import/export code (IEC) required for trade payments

- GST (Goods and Services Tax) documentation

## Key Industries

- Textile & Garment

- IT Services

- Pharmaceutical

- Leather Goods

- Jewelry

## Tips

- Use UPI or IMPS to avoid 2-3 day SWIFT delays

- Coordinate with supplier's CA for GST invoice matching

- INR is volatile - lock rates when favorable

- Avoid Diwali/festival periods for urgent payments