INSTAREM INDIA PRIVATE LIMITED ADII Partner and its Responsibilities

Head Quarters
Cunningham Classic, 22, Cunningham Road, Bengaluru - 560052, India.

Licence No
Category-II-No. BLR-ADII-0001-2023

1. IIPL & its Responsibilities

Instarem India Private Limited (IIPL) is a leading Category II Authorized Dealer in Foreign Exchange (AD Category II), licensed by the Reserve Bank of India (RBI) to buy and sell foreign currency, issue prepaid cards, and facilitate permitted outward remittance transactions.

IIPL collaborates with various online and offline marketplaces or partners to source business. In all such transactions, IIPL remains solely responsible for complying with Know Your Customer (KYC) guidelines and ensuring that all transactions adhere to directives issued by the RBI. The role of the partners is limited to assisting IIPL in sourcing business and supporting the KYC process. During the transaction journey, partners may have limited access to customer or transaction-related data.

Customers are strictly advised to transfer funds only to IIPL's official bank account. Under no circumstances should payments be made to any third-party account. IIPL does not process any transactions unless the funds are received directly into its designated account.

IIPL is responsible for invoicing the customer and ensuring the credit of funds to the beneficiary's account, in compliance with global Anti-Money Laundering (AML) guidelines. However, if a transaction is flagged under an AML watchlist or requires enhanced due diligence by intermediary banks—based on the remitter/beneficiary profile or source of funds—IIPL shall not be held liable for any delays, holds, or rejections in credit processing.

All transactions processed by IIPL are routed through authorized AD Category-I banking channels. Our partner banks include IndusInd Bank, IDFC FIRST Bank, and YES Bank. These partner banks are responsible for executing the transactions via the SWIFT network, assisting in timely credit to beneficiary accounts, and ensuring proper reporting under the Liberalised Remittance Scheme (LRS). They may also raise queries related to transactions based on their internal due diligence processes.

1.1 Instarem Responsibilities

• Access all referred transactions, along with the KYC documents, contact details, and interact with customers.
• Verify the source of payment corresponding to each transaction and raise questions whenever required.
• Execute outward remittance transactions in compliance with FEMA and RBI regulations, and maintain appropriate records.
• Coordinate with AD Category-I banks for processing remittances and ensuring accurate LRS reporting.
• Obtain remittance confirmations, including SWIFT copies from the correspondent AD Category-I banks, and share them with both the customer and the referral partner.
• Ensure processing is normally completed within T+2 working days, subject to time zone differences, intermediary bank processing times, and compliance checks.
• Address any grievances received from customers or referral partners in accordance with Instarem's Customer Grievance Policy.

2. Online Referral Partner Responsibilities

Partners: PayFX, BookMyForex, ExTravelMoney, Remitout Service Pvt Ltd.

• Serve as the front-end digital platform for customers to initiate outward remittance transactions on behalf of Instarem India (B2C).
• Facilitate remittance requests through their online portals in coordination with IIPL.
• Assist in collecting all necessary KYC documents from customers in compliance with RBI-prescribed purpose codes for outward remittances.
• Ensure that customers transfer funds directly to the designated bank account of IIPL for the respective transaction.
• Share all collected KYC documents and payment details with IIPL to support timely and accurate processing of the transaction.
• Support customer interactions and ensure prompt resolution of queries from both customers and Instarem India Private Limited (IIPL).
• Address customer grievances promptly and escalate unresolved issues to IIPL within T+2 working days for appropriate action.
• Clearly communicate the respective roles and responsibilities of IIPL and its partners to customers.

3. Customer Grievance Redressal Mechanism

At Instarem India Private Limited (IIPL), we are committed to providing excellent service and addressing any concerns you may have promptly.

Customers are encouraged to first reach out to their respective Referral Partners for any queries or issues.

For questions, concerns, or escalations:

Email: reachus@instarem.co.in

For unresolved concerns (within 24 hours):

Email: nodalofficer@instarem.co.in

We value your feedback and strive to ensure all grievances are handled efficiently and transparently.