The timeline for receiving funds depends on the currency and transfer method. Please refer to the attached table for the standard timelines for receiving money in your virtual account and settling it into your Indian bank account.&nbsp;

Payments via Payment Link: Typically take 5 business days to process. However, you will receive instant payment confirmation once the payer has made the payment.

&nbsp; **Please note that these are standard timelines, and the actual receipt of funds may vary due to weekends, holidays, or delays from the sender's bank.

If the timeline has passed, please verify the bank details on the transaction receipt, as incorrect details can cause the amount to be automatically returned to the sender.<br>

If the details are correct, kindly email the transaction receipt to us at <a href="http://support@skydo.com">support@skydo.com</a>, and we will raise it with our partner bank.

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To receive payments from a country in their non local currency, you can use your "Rest of the World" account. This allows you to receive non-local currency payments seamlessly into your Skydo virtual account.

For example if your client wants to send US Dollars from Europe, the transfer needs to be done to the the rest of the world - International SWIFT Account. You can access your account details from <a href="https://dashboard.skydo.com/international-accounts?location=row">here</a>.

You will receive an email and WhatsApp notification once the money is credited to your Skydo local account. Notifications will be sent at every step of the payment process, keeping you updated on the status of your payment. Please be advised that it does take some time for the amount to get credited to your local Skydo account.&nbsp;

You can use Skydo's invoicing feature to create compliant invoices. If you prefer to use your own invoice format, ensure it includes all necessary details such as:

Both FIRA (Foreign Inward Remittance Advice) and FIRC (Foreign Inward Remittance Certificate) provided by Skydo are compliant with regulatory requirements and accepted for GST filing and by banks.

No, chargebacks are not applicable for bank transfers as these are bank debit transfers authorised by the sender. In case of a dispute, Skydo shall not be held responsible, and the exporter and the buyer would need to settle the issue directly.

Skydo supports <b>37 purpose codes</b> for inward remittance.

Realisation of export bills (in respect of goods) sent on collection (full invoice value)

This code is used when an Indian company exports goods and receives payment for the full invoice value. Note that this purpose code is applicable only when the foreign client has received the shipment. 

Advance receipts against export contracts (export of goods only)

This is used when businesses receive advance payment against the contract of the goods to be exported. In other words, here the company receives payment for goods before they are shipped.

This code is used for foreign exchange transactions related to business travel, particularly when someone converts currency for a work trip abroad.

This code is used when exporters receive foreign payment for providing hardware consultancy or implementation services abroad.

Software implementation/consultancy  (other than those covered in SOFTEX form)

This code is applicable for any sort of software developement, implementation and/or consultancy work done other than those covered in SOFTEX form.

This code applies when exporters are receiving foreign currency for providing data processing services abroad. This could be relevant for companies like Business Process Outsourcers (BPOs) 

P0805 is used when when an Indian entity receives international payment for providing news agency services abroad. For example An Indian news agency receives payment from a foreign media outlet for news content.

Other information services- Subscription to newspapers, periodicals, etc.

This is a catch-all code to track foreign payments for various information services not explicitly mentioned in other codes under P08. This can include subscriptions to specialized databases, newspaper periodicals etc.

This code signifies that an Indian company is receiving payment for software development or IT services provided to a foreign client, but the work itself is done in India.

This code is used when an Indian entity receives payments for providing legal services to foreign clients. 

Accounting, auditing, book keeping services

This code is applicable when an Indian entity receives international payment from foreign clients for providing financial expertise in the field of accounting, auditing, book keeping and tax consultation

Business and management consultancy and public relations services

This code is used when exporters receive a payment from a foreign client for providing business consultancy, management consultancy or public relations services.

Advertising, trade fair, market research and public opinion polling services

This code is used when exporters receive a payment from a foreign client for providing  advertising, trade fair, market research or public opinion polling services

This code is used when exporters receive a payment from a foreign client for providing research & development services. 

Architectural, engineering and other technical services

This code is used when exporters receive a payment from a foreign client for for providing  architectural, engineering and other technical services

Inward remittance for maintenance of offices in India

This code is used when exporters receive a transfer of funds from abroad specifically for the maintenance and upkeep of an office located in India. 

This code is used when exporters, receive a payment from a foreign client for services related to protecting, managing or maintaining the environment. 

Audio-visual and related services -services and associated fees related to production of motion pictures, rentals, fees received by actors, directors, producers and fees for distribution rights.

This code applies when exporters receive a payment from a foreign client for services related to the prodction, direction, rental, distribution, or use of audio-visual content. It also includes fees paid to actors, performers and associates related to such audio-visual content.

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