I'm an Indian citizen living in India. I have an LLC registered in the state of Wyoming with an EIN. It is a single member LLC. I also have a business checking account for this LLC with a US bank.

Q1: When transferring money (foreign outward remittance) from my personal Indian bank account what purpose code should I select from this list:


Also my bank's netbanking interface has the following note in the foreign outward remittances section:

Remittance to your own account abroad is not permitted through NetBanking. The request for such remittances can be submitted in physical form at the branch. Any request submitted here where beneficiary's name is same as the remitter's name is likely to be rejected.

Q2: As I'm transferring to a single member LLC's account is it considered to be my own account?

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Browse other questions tagged or ask your own question.