A remitter is the person or entity that sends money to another person (the beneficiary or remittee). In banking, 'remitter' appears on demand drafts (DD), wire transfers, NEFT/RTGS transactions, and international money transfers. The act of sending money is called 'remittance.' The person receiving the money is the 'beneficiary' or 'remittee.'
Remitter = person who sends (remits) money to another party.
Remittee/Beneficiary = person who receives the money.
Term appears on demand drafts (DD), NEFT/RTGS, and international transfers.
Remitter in Hindi = प्रेषक (Preshak); Remittance = प्रेषण.
India is the world's largest receiver of international remittances.
FEMA (Foreign Exchange Management Act) governs remittances in India.
Definition: • Remitter = the person or entity that sends (remits) money • Remittee / Beneficiary = the person who receives the money • Remittance = the amount of money sent
Where the Term 'Remitter' Appears:
Demand Draft (DD): • Remitter = the person who purchases the DD and sends money • Payee = person named on the DD who receives it
NEFT / RTGS / IMPS (Bank Transfer): • Remitter = the account holder initiating the transfer • Beneficiary = the account holder receiving the transfer
International Remittance: • Remitter = person working abroad sending money home • Example: Indian worker in Dubai sending money to family in India • India is the world's largest remittance receiving country
Cheque: • Drawer = writes the cheque (similar to remitter) • Drawee = bank • Payee = person who receives the money
Remitter in Hindi: • प्रेषक (Preshak) — sender of money • प्रेषण (Preshan) — remittance (act of sending money)
India and Remittances: • India receives the highest amount of remittances globally • Major sources: UAE, USA, Saudi Arabia, UK, Kuwait • Indian diaspora sends billions of dollars annually to India • RBI tracks inward remittances under FEMA (Foreign Exchange Management Act)
Key Terms Table:
| Term | Meaning |
|---|---|
| Remitter | Person sending money |
| Remittee / Beneficiary | Person receiving money |
| Remittance | Amount/act of sending money |
| NEFT | National Electronic Funds Transfer |
| RTGS | Real-Time Gross Settlement |
| IMPS | Immediate Payment Service |
| DD | Demand Draft — physical payment instrument |
A remitter is the person who sends money (remittance) to another person or account. The person receiving the money is called the beneficiary or remittee. The term 'remitter' appears on demand drafts (DD), NEFT/RTGS bank transfers, and international money transfers. In Hindi, remitter = प्रेषक (Preshak). India is the world's top receiver of international remittances.
Who Designed the National Flag of India?
Learn who designed the Indian National Flag. Discover Pingali Venkayya's contribution and the history of the Tricolour (Tiranga).
Who Designed the Indian National Flag?
Learn who designed the Indian national flag. Discover the story of Pingali Venkayya, the flag's evolution, and the significance of the Ashoka Chakra.
Who Invented the Concept of Zero?
Learn who invented zero. Discover the history of the number zero — from ancient India's Aryabhata and Brahmagupta to how zero transformed world mathematics.
Who Invented Cricket? (History of the Sport)
Learn who invented cricket and when. Discover the origins of cricket in England, the first international match, and how the sport came to India through colonialism.
Who is Known as the Father of Indian Constitution?
Learn who is called the Father of the Indian Constitution. Discover Dr. B.R. Ambedkar's role as Chairman of the Drafting Committee and his contribution to Indian democracy.
Turn this guide into revision flashcards, a practice exam, or an AI-generated podcast — free, no signup required.