> ## Documentation Index > Fetch the complete documentation index at: https://docs.eximpe.com/llms.txt > Use this file to discover all available pages before exploring further. # Glossary > Every Indian banking, tax and regulatory term this guide uses, in plain English. Indian payments come with their own vocabulary, and some of it looks unfamiliar even to people who have integrated payments elsewhere. Everything here appears somewhere in this guide. ## Reading rupee amounts This is the one that catches people out. Indian digit grouping is not the same as most of the world's. | You see | It means | | :----------- | :---------------------------------------- | | `₹10,00,000` | 1,000,000 — one million rupees | | `₹25,00,000` | 2,500,000 — two and a half million rupees | After the first three digits from the right, digits group in **twos**, not threes. So `₹1,00,00,000` is ten million, not one hundred million. | Word | Value | | :-------- | :--------------------------------------------------------------------- | | **lakh** | 100,000. "₹10 lakh" is `₹10,00,000`. | | **crore** | 10,000,000, or 100 lakh. Not used in this guide, but you will meet it. | **₹** is the rupee symbol. You may also see `INR`, the currency code. ## The two amounts | Term | What it is | | :------------------------- | :------------------------------------------------------------------------------------------------------------------------------------------------------ | | **Amount to be collected** | What you ask the buyer to transfer — the amount to be settled plus our fee, GST on that fee, and any tax. Returned by the quote as `total_payable_inr`. | | **Amount to be settled** | What reaches you abroad. Sent as `amount_to_be_settled`. | ## How buyers pay | Term | What it is | | :------- | :----------------------------------------------------------------------------------------------------------------------------------------------- | | **NEFT** | National Electronic Funds Transfer. A standard Indian bank transfer, settled in batches. | | **RTGS** | Real Time Gross Settlement. Same idea, for larger amounts, settled one at a time. | | **IMPS** | Immediate Payment Service. Instant transfer, works around the clock. | | **UPI** | Unified Payments Interface. India's instant mobile payment system. | | **IFSC** | Indian Financial System Code. Eleven characters identifying a specific bank branch. A buyer needs it alongside the account number to send money. | | **UTR** | Unique Transaction Reference. The number the bank puts on a transfer — how you match a credit to a payment. | | **VBA** | Virtual bank account. The Indian account number we issue for you to collect into. | ## Who is who | Term | What it is | | :--------------- | :----------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Buyer** | Whoever in India is paying you. | | **Remitter** | The same person, in LRS rules and API field names. Identified by PAN. | | **Merchant** | A business collecting money. You, if you collect for yourself. | | **Sub-merchant** | A business a PSP onboards and collects for — a university, a hospital, a travel operator. "Merchant" is the API's term for it, not a description of what it sells. | | **PSP** | Payment Service Provider. Collects on behalf of the sub-merchants it onboards. | | **AD bank** | Authorised Dealer bank. The partner bank licensed to move money out of India; it makes the actual transfer. | | **Beneficiary** | Whoever receives the money abroad. | ## Tax and money | Term | What it is | | :----------------- | :--------------------------------------------------------------------------------------------------------------------------------------------------- | | **TCS** | Tax Collected at Source. Indian tax taken when money is sent abroad, paid to the government against the buyer's PAN. The buyer claims it back later. | | **GST** | Goods and Services Tax. Indian sales tax. Applies to our fee. | | **MDR** | Merchant Discount Rate. Our processing fee, as a percentage. | | **Financial year** | India's tax year: **1 April to 31 March**. Not the calendar year. Limits and thresholds reset on 1 April. | | **Form 26AS** | An Indian taxpayer's annual tax statement. Where a buyer sees the TCS credited to them. | ## Regulation | Term | What it is | | :---------------------- | :----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **RBI** | Reserve Bank of India. India's central bank and the regulator here. | | **PA-CB** | Payment Aggregator – Cross Border. The RBI licence EximPe holds to do this. | | **FEMA** | Foreign Exchange Management Act, 1999. The law governing money crossing India's border. | | **LRS** | Liberalised Remittance Scheme. The FEMA rules for an **individual** in India sending money abroad for a personal purpose — education, travel. A purchase of goods or services is not LRS and carries no TCS. Decided by what the money is for, not who pays. | | **Purpose code** | A FEMA code declaring what a payment is for. Decides who may pay, which documents are needed, and what tax applies. | | **Resident individual** | Someone resident in India under FEMA. Only they can use LRS — not companies, partnerships, trusts, or non-residents. | | **HUF** | Hindu Undivided Family. An Indian entity type for tax purposes. Cannot use LRS. | | **PAN** | Permanent Account Number. A ten-character Indian tax ID, e.g. `ABCDE1234F`. How a buyer is identified under LRS. | ## Onboarding | Term | What it is | | :------------ | :------------------------------------------------------------------------------------------------------ | | **KYC** | Know Your Customer. The identity and business checks before your account goes live. | | **UBO** | Ultimate Beneficial Owner. Whoever really owns your business, behind any holding structure. | | **PEP** | Politically Exposed Person. Someone in public office, or close to someone who is — declared during KYC. | | **MOA / AOA** | Memorandum and Articles of Association. Your company's constitutional documents. | ## Your own bank, abroad | Term | What it is | | :-------------- | :-------------------------------------------------------------------------------------- | | **SWIFT / BIC** | The code identifying your bank internationally. Both names mean the same thing. | | **IBAN** | International Bank Account Number. Used instead of an account number in many countries. |