Remittance is the transfer of money from one person or place to another, often across cities or countries.
Remittance refers to sending funds electronically or through banks for personal or business purposes. It is widely used by individuals working abroad to send money back home.
In India, remittance transactions are regulated by the Reserve Bank of India, especially under frameworks like the Liberalised Remittance Scheme (LRS).
"An Indian worker in the UAE sends money to family in India—this is inward remittance for India."