Published Paper Details:

Foreign remittances play a critical role in the international freight forwarding industry, where financial flows and cargo movements are deeply interconnected. This research examines the remittance processes of a Mumbai-based logistics company handling inward and outward remittances across multiple global markets. The study evaluates operational efficiency, documentation accuracy, country-wise and agent-wise dependencies, and forex sensitivity within the remittance cycle. Using firm-level data such as Foreign Inward Remittance Certificates (FIRC), Form 15CA/CB, Tax Residency Certificates (TRC), DTAA documentation, and remittance logs, analytical tools including pivot tables, heatmaps, and trend analysis were applied to identify patterns and operational bottlenecks. Findings reveal that over 86% of remittance value is concentrated in two countries--China and the USA--handled predominantly by two major agents. This creates operational efficiency but also exposes the company to geopolitical risks, documentation delays, and currency volatility. The research concludes that manual documentation workflows, inconsistent agent communication, and lack of digital tracking significantly slow compliance processes. Strengthening digital documentation, diversifying agents, and improving forex management can enhance remittance accuracy and operational resilience. Overall, the study establishes that remittance patterns, operational processes, and compliance efficiency are strongly interconnected.