RBI purpose code · Money received (inward)

P0702: Investment banking – brokerage, underwriting commission

Short answer. P0702 is the RBI purpose code for money received from abroad: investment banking – brokerage, underwriting commission. It is an export of services: no Form A1 or A2, a FIRA from the bank, the invoice on the monthly EDF from 1 October 2026, and realisation within nine months.

Direction
Money received (inward)
RBI head
07 · Financial services
Bank application
None: the bank issues a FIRA
Income tax
Your income
GST
Zero-rated export
Reporting
Monthly EDF · EDPMS
In FxLayer
A service: links to service invoices.

When to use P0702

Use P0702 for money received from abroad: investment banking – brokerage, underwriting commission. It sits under RBI head 07, financial services.

Choose the code for the work you did, not for the way the money arrived: a client's fee is an export of services even when it comes through a payment platform.

The same purpose in the other direction is S0702: Investment banking – brokerage, underwriting commission (money paid abroad).

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

Money received for goods or services you export is your business or professional income, taxed in your own return with the rest of your income. Nothing is withheld in India on money coming in.

If the client's country withheld tax, keep its withholding certificate: under the tax treaty you can usually claim credit for that tax in India when you file your return.

GST

An export of services is zero-rated when the supplier is in India, the client outside India, the place of supply outside India and the payment received in convertible foreign exchange (or in rupees where RBI permits it): section 2(6) of the IGST Act. A registered supplier invoices under a Letter of Undertaking without IGST, or pays IGST and claims it back. A freelancer below the registration threshold needs no GST registration at all.

Reporting and closure

From 1 October 2026 the invoice goes on the monthly consolidated Export Declaration Form (A.P. (DIR Series) Circular No. 25 of 28 September 2026), due within 30 days of the month end, to the AD bank through which the money comes (STPI or the SEZ authority where they apply). RBI indicated on 7 October 2026 that individuals need not file it; ask your bank.

The money must be realised within nine months of the invoice (twelve when invoiced or settled in rupees). The bank issues a FIRA, the entry closes in EDPMS, and the eBRC follows for exporters who claim benefits.

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.
Money received for goods or services you export is your business or professional income, taxed in your own return with the rest of your income. Nothing is withheld in India on money coming in. If the client's country withheld tax, keep its withholding certificate: under the tax treaty you can usually claim credit for that tax in India when you file your return.
An export of services is zero-rated when the supplier is in India, the client outside India, the place of supply outside India and the payment received in convertible foreign exchange (or in rupees where RBI permits it): section 2(6) of the IGST Act. A registered supplier invoices under a Letter of Undertaking without IGST, or pays IGST and claims it back. A freelancer below the registration threshold needs no GST registration at all.
From 1 October 2026 the invoice goes on the monthly consolidated Export Declaration Form (A.P. (DIR Series) Circular No. 25 of 28 September 2026), due within 30 days of the month end, to the AD bank through which the money comes (STPI or the SEZ authority where they apply). RBI indicated on 7 October 2026 that individuals need not file it; ask your bank.

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.