RBI purpose code · Money received (inward)

P0308: Foreign currency / TCs surrendered by returning Indian tourists

Short answer. P0308 is the RBI purpose code for money received from abroad: foreign currency / TCs surrendered by returning Indian tourists. It is reported to RBI under the code but settles no invoice or customs document.

Direction
Money received (inward)
RBI head
03 · Travel
Bank application
None: the bank issues a FIRA
Income tax
Depends on what it is
GST
Usually outside GST
Reporting
Recorded only
In FxLayer
Recorded and reported only: it links to no invoice or customs document, and never shows as unallocated.

When to use P0308

Use P0308 for money received from abroad: foreign currency / TCs surrendered by returning Indian tourists. It sits under RBI head 03, travel.

A recorded-only code: never use it for payment for goods or services, which misstates your income.

Form A1 or Form A2

Neither. Form A1 and Form A2 are applications to send money out of India. For money coming in, the bank issues a Foreign Inward Remittance Advice (FIRA), or a payment platform an e-FIRA, naming the purpose code.

Income tax

How it is taxed depends on what the money is: a capital receipt, a refund or income. Your CA decides.

GST

Capital, loans, gifts, claims, salaries and dividends are not supplies of goods or services, and interest on loans and deposits is exempt. Ask your CA where a fee is bundled with the transfer.

Reporting and closure

The bank reports it to RBI under its code, but it settles no invoice or customs document.

Questions

Neither. Form A1 and Form A2 are applications to send money out of India. For money coming in, the bank issues a Foreign Inward Remittance Advice (FIRA), or a payment platform an e-FIRA, naming the purpose code.
How it is taxed depends on what the money is: a capital receipt, a refund or income. Your CA decides.
Capital, loans, gifts, claims, salaries and dividends are not supplies of goods or services, and interest on loans and deposits is exempt. Ask your CA where a fee is bundled with the transfer.

Guides

General information on RBI purpose codes and the FEMA, income-tax and GST rules as they stood on 14 October 2026. It is not legal or tax advice: confirm the position for your payment with your AD bank or your chartered accountant before acting.