Foreign remittance can be defined as the purchase and sale of freely convertible foreign currencies as admissible under Exchange

Control Regulations of the country. A loose translation is the sending of money home while working in a foreign country. Thousands of people are currently working and living in a country that is not their home, and sending funds regularly back to their families in their home country. There are two type of remittances: 1. Foreign Outward Remittance: The sending country, where the wage earner is located. The sender uses a bank or foreign exchange company to send money to foreign country. Many of the receiving banks have established remittance relationships with currency houses and banks in other countries to facilitate better the flow of remittances into the country. 2. Foreign Inward Remittance: The receiving country, where the beneficiary resides. The inflow of remittances by millions of non-resident Bangladeshis in the 2011-12 fiscal year concluded in June reached a record high of about 13 billion U.S. dollars, over 10 percent higher than the same period a year ago, according to central banks statement. Admissible:- facts & reasons are acceptable.

Convertible:- convertible adj. able to be converted. n. car with a folding or detachable roof. convertibility n. [Latin: related to *convert] loose adj. 1 not tightly held, fixed, etc. (loose handle; loose stones). 2 free from bonds or restraint. 3 not held together (loose papers). 4 not compact or dense (loose soil). 5 inexact (loose translation). 6 morally lax. 7 (of the tongue) indiscreet. 8 tending to diarrhoea. 9 (in comb.) loosely (loose-fitting). v. (-sing) 1 free; untie or detach; release. 2 relax (loosed my hold). 3 discharge (a missile). at a loose end unoccupied. on the loose 1 escaped from captivity. 2 enjoying oneself freely. loosely adv. looseness n. loosish adj. [Old Norse] loosen v. make or become loose or looser. loosen a person's tongue make a person talk freely. loosen up 1 relax. 2 limber up. facilitate v. (-ting) ease (a process etc.). facilitation n. [Italian: related to *facile]