RBI purpose code · Money paid abroad (outward)

S0024: External assistance extended by India (loans to foreign governments)

Short answer. S0024 is the RBI purpose code for money paid abroad: external assistance extended by India (loans to foreign governments). It is reported to RBI under the code but settles no invoice or customs document. It goes on Form A2.

Direction
Money paid abroad (outward)
RBI head
00 · Investment, loans and other capital
Bank application
Form A2
Form 145 / 146
Part D where nothing is chargeable; Part A or C (with Form 146) where tax is due.
Income tax
Case by case
GST
Usually outside GST
Reporting
Capital account
In FxLayer
Recorded and reported only: it links to no invoice or customs document, and never shows as unallocated.

When to use S0024

Use S0024 for money paid abroad: external assistance extended by India (loans to foreign governments). It sits under RBI head 00, investment, loans and other capital.

A recorded-only code: it is not for paying for goods or services, which have codes of their own.

The same purpose in the other direction is P0024: External assistance received by India (loans to the Government of India) (money received).

Form A1 or Form A2

Form A2: the application for every payment abroad other than for goods imported into India. The bank may ask for the documents behind the payment and, unless the code is on the specified list, for Form 145.

Income tax

Not a payment for goods or a service: whether tax is withheld depends on what the payment is (a return of capital, a loan, a claim or income). Your CA decides.

A return of capital is not income, but any gain, interest or dividend inside it is.

Form 145 / 146: Part D where nothing is chargeable; Part A or C (with Form 146) where tax is due.

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

A capital account transaction. It follows FEMA's capital account rules: the Overseas Investment Rules and Regulations, 2022 for Indian investment abroad, the Non-debt Instruments Rules, 2019 for foreign investment into India, and the external commercial borrowing and trade credit framework for loans, each with its own filing (for example Form ODI, FC-GPR or ECB-2).

Questions

Form A2: the application for every payment abroad other than for goods imported into India. The bank may ask for the documents behind the payment and, unless the code is on the specified list, for Form 145.
Not a payment for goods or a service: whether tax is withheld depends on what the payment is (a return of capital, a loan, a claim or income). Your CA decides. A return of capital is not income, but any gain, interest or dividend inside it is. Form 145 / 146: Part D where nothing is chargeable; Part A or C (with Form 146) where tax is due.
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.