to transmit or send (money, a check, etc.) to a person or place, usually in payment.to refrain from exacting, as a payment or service. to pardon or forgive (a sin, offense, etc.). to slacken; abate; relax: to remit watchfulness. to give back: to remit an overpayment.
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What remit means?
Definition of remit to
: to send (something, such as a dispute or a court case) to an authority that can make a decision about it The case was remitted to the state court.
What does it mean to remit cash?
Remit means send back, and it has many uses. If you remit payment, you send it back to the person you owe it to.
What does remit mean in a contract?
To transmit or send. To relinquish or surrender, such as in the case of a fine, punishment, or sentence. An individual, for example, might remit money to pay bills.
What is remit in banking?
The term ‘remittance’ is derived from ‘remit’, meaning ‘to send back’. A bank remittance refers to the funds sent or transferred to another entity or account as payment for services or a product. Remittances can also be personal money transfers made to family and friends overseas and any sort of business payments.
Does remitted mean forgiven?
to pardon or forgive (a sin, offense, etc.). to slacken; abate; relax: to remit watchfulness.
What does remit mean in law?
law. (esp of an appeal court) to send back (a case or proceeding) to an inferior court for further consideration or action. 3. to cancel or refrain from exacting (a penalty or punishment)
How do remittances work?
Remittances are funds transferred from migrants to their home country. They are the private savings of workers and families that are spent in the home country for food, clothing and other expenditures, and which drive the home economy.
Has remitted meaning?
adjective. (of money) having been sent or transmitted to a person or place, usually as payment:Any remitted money must be in U.S. currency. (of a debt, offense, etc.)
What is a remit in business?
To remit payment means to send money to settle an invoice. By providing a “remit to” address on the invoices you send to your clients, you can let them know where to send payment for their invoices.
What does remit to email mean?
Remit to: used on invoices to direct the customer to the appropriate address to send payments to.Remit address: you’ll see this one used in emails or letters when a business is asking where they can send payment.
What is remit tax?
Remitting Collected Tax Monies
Businesses collect sales tax with each purchase and then transfer that money to their state on a monthly or quarterly basis. Failing to remit sales tax payments in a timely manner can result in large penalties.
Is remittance A transfer payment?
What is transfer and what is remittance? India is the largest remittances receiving country in the world. Indian citizens working in other countries send money back to the relatives in India.We should know that remittance is a form of transfer.
What does out of my remit mean?
1 British : an area of responsibility or authority —usually singular The problem was outside/beyond our remit.
What does it mean if my PPP loan is remitted?
If the amount remitted by SBA to the PPP lender exceeds the remaining principal balance of the PPP loan (because the borrower made a payment on the loan), the PPP lender must remit the excess amount, including accrued interest paid by the borrower, to the borrower.
What does remit mean in psychology?
re·mit. (rē-mit’), To become less severe for a time without absolutely ceasing. [see remission]
Why do people remit?
Remittances play an increasingly large role in the economies of small and developing countries. They also play an important role in disaster relief, often exceeding official development assistance (ODA). They help raise the standard of living for people in low-income nations and help combat global poverty.
How remittances help a country?
Remittances help Indian Rupee hold its value against the US dollar and forms a significant part of the GDP. On a micro level, remittances have shown a positive impact on healthcare, entrepreneurship, education, and overall economic development of the recipient families.
What are the benefits of remittances?
Remittances may also promote development by providing funds that recipients can spend on education or health care or invest in entrepreneurial activities. From a macroeconomic perspective, remittances can boost aggregate demand and thereby GDP as well as spur economic growth.
What does remit to vendor?
Remittance advice is a letter sent by a customer to a supplier to inform the supplier that their invoice has been paid. If the customer is paying by cheque, the remittance advice often accompanies the cheque.Like the cash register tape, the remittance advice serves as a record of cash initially received.
What is the difference between remit and submit?
As verbs the difference between remit and submit
is that remit is to forgive, pardon while submit is to yield or give way to another.