👉 In the context of financial transactions, remittances are payments made by a recipient to an originating party. This can be in the form of money transfer or other forms of payment. Remittances can occur for various reasons such as work-related expenses, education, travel, and even personal care needs. Remittances can be categorized into two main types: direct remittances and indirect remittances. Direct remittances involve a physical delivery of the funds to the recipient's bank account or
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What is the definition of Remittal? 🙋
👉 The term "remittal" is used in the context of legal proceedings to refer to a specific action or process. In simple terms, it means returning an item that has been taken by another person or entity. For example, if someone takes an umbrella from you, they might want to return it for you because they no longer need it.
