Interpolitan Money will perform a KYC check as required by the UK Financial Conduct Authority (FCA) and the relevant financial laws where Interpolitan Money operates to ascertain the legality of the client. Requirements can include: • Proof of ID. • Proof of address. • Proof of income. • Invoice/reason for the payment. To initiate a remittance from India, you need to complete an ‘A2’ form. On the form you will need to fill in: • Basic details (applicant name, PAN card number, details of the AD and beneficiary details). • The purpose of the remittance, plus its code. • A declaration by the applicant and certificate from the AD that the amount remitted throughout the financial year does not exceed the limit and is not used for prohibited purposes. If your account with us has been open for less than a year, proof of income/source of funds will be required. Please contact us at info@interpolitanmoney.com or contact your dedicated relationship manager directly for more information.

Remittance for any purchase that is prohibited/any item restricted under Schedule II of Foreign Exchange Management (Current Account Transactions) Rules, 2000 is not allowed under LRS rules. Some of the main forbidden transactions: • The purchase of lottery tickets/sweepstakes, prescribed magazines, etc. • The fulfilment of margins/margin calls to overseas exchanges or overseas counterparties. • The purchasing of Foreign Currency Convertible Bonds (FCCB) issued by Indian companies in the overseas market. • Foreign exchange speculation. • Capital account remittances, directly or indirectly, to countries identified by the Financial Action Task Force (FATF) as “non-cooperative countries and territories”, unless done with the infrequent permission of the RBI. • A remittance, either directly or indirectly, to individuals and entities identified as posing a significant risk of committing acts of terrorism as advised by the RBI. • Resident Indians cannot us the LRS scheme to make a gift to another resident Indian in foreign currency for the credit of the latter’s foreign currency account held abroad. • Any reason you provide if you are not a resident Indian. Non-resident Indians (NRI) have to comply with separate legal permissions outside of LRS. For example, if you are a tourist returning from India.

The Liberalised Remittance Scheme (LRS) allows Indian residents to remit up to USD 250,000 (or currency equivalent) per financial year to another country for investments and expenditure. The scheme is overseen by the Reserve Bank of India (RBI). This limit is per individual, including minors, which means that a family of five can remit up to USD 1.25 million per financial year (or currency equivalent). This quota includes any investments such as: GBP securities, real estate, bank deposits and other expenses, like foreign travel, medical costs and student education fees.

We do not run credit checks. You will, however, need to pass online identity checks at your registered address. These checks are run automatically when you set up your account and will not affect your credit score.

Open an account with Interpolitan Money. We have local Indian Rupee accounts and accounts domiciled in the UK, EEA and other countries, so we can handle the service from beginning to end. You will need to supply us with the correct documents to process your LRS payment. Please email us at info@interpolitanmoney.com for more information, or contact your dedicated relationship manager directly.

There are over 100 approved reasons for LRS payments, so it’s likely your one will be on the form. There are two different types of permissible remittance under the scheme – Current and Capital Account transactions. Current Account transactions: • Private travel and tourism expenses (other than Nepal and Bhutan). • A gift or donation to an individual or organisation outside India. • A business trip. • Support for close relatives. • Medical treatment. • Overseas education. Capital Account transactions: • Opening up accounts with Interpolitan Money as authorised by the UK FCA. • Purchase of property abroad. • Making investments abroad. • Setting a WOS or a JV for a bona fide business activity. • Extending loans in INR to NRI/OCR relatives, as per the Companies Act 2013 (only interest-free loans with a minimum maturity of one year are allowed).

Here are some more things to know about the LRS scheme: • Minors can utilise the scheme, provided they have their legal guardians’ approval. • LRS is not available to non-resident Indians, HUF’s, corporates, partnership firms or trusts. • All the remittances should be routed through designated Authorised Dealers (AD), and no specific approval up to the permitted limit is required from RBI. • The cap of USD 250,000 is for the entire financial year, irrespective of the number of times the amount is remitted abroad.

Interpolitan Money provides UK resident and non-resident individuals and businesses with a truly global alternative banking experience. International clients can obtain domiciled accounts in the UK, EEA and other regions with accounts opened in 7-10 working days (subject to compliance). Unlike legacy banks, Interpolitan Money provides dedicated relationship managers who understand their clients’ requirements and deliver a bespoke service to achieve their clients’ global banking objectives. Swift account opening, dedicated relationship managers, multi-jurisdictional accounts, 55+ currencies and payments to 160+ countries all executed seamlessly. If this is what you’re looking for, then Interpolitan Money is right for you. Contact us today at info@interpolitanmoney.com.

Yes, you can open a business account. There are several ways to open business accounts with Interpolitan Money: • Online. • By emailing us a filled-on paper or PDF application form. If you have any questions or need help, contact us by email at info@interpolitanmoney.com. Our support team is available between 9.00am and 5.30pm UK time.

Yes, all customers need to pass an online identity check at their registered address. This is run automatically when you set up your account and will not affect your credit history in any way. We can confirm your identity by cross-checking your name, address and the date of birth you enter when you sign up against electronic databases made available to us by a trusted verification partner. If the details that you entered match the public/open records available, your account will be instantly verified and become usable. If for any reason we are unable to confirm your details with our partner, you will be asked to provide manual documentation to confirm your identity and address. The verification check references both public databases and credit databases. This is not a check of your credit eligibility, and while a soft search may be performed, this will not affect your credit rating in any way. If you have questions or need help, please contact us at info@interpolitanmoney.com. Our support team is available between 9.00am and 5.30pm UK time.