Why was my outward remittance to IBKR put on hold, and what wording do banks expect for source of income and purpose?

SocialFinance Team 21
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My bank put my wire to Interactive Brokers on hold and asked me to change how I described the source of income and the purpose. What wording do banks expect for an LRS investment remittance?

outward-remittance lrs idfc-first-bank
1 Answers
  1. At 5:05 PM, I received an email saying the transfer was on hold
  2. Called the bank. They needed specific phrasing for the Source of Income and Purpose.
    • “income from profession” → “income from business”
    • “investment in overseas equities” → “Indian portfolio investment abroad – equity shares” Sent the updated email around 5:37 PM
Pankaj Batra5302
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