Research

As per the Foreign Exchange Management Act (FEMA) and rules set by the Reserve
Bank of India (RBI), it is mandatory to submit a Bill of Entry to the authorized dealer
bank while making a payment for import of goods into India. The Bill of Entry serves
as a proof of the import transaction, which helps the bank to verify the payment
made against the import.

If a person fails to submit the Bill of Entry to the authorized dealer bank, it may
result in penalties or fines imposed by the RBI. As per the Master Direction - Import
of Goods and Services, the authorized dealer banks are required to ensure that the
Bill of Entry is submitted by the importer within a reasonable time frame. If the Bill of
Entry is not submitted within the stipulated time, the bank may levy a penalty on the
importer.

The penalty for non-submission of Bill of Entry can vary depending on the nature of
the transaction and the amount involved. The penalty can be up to three times the
amount of the transaction or up to Rs. 200,000, whichever is higher, as per the
provisions of FEMA.

It is important to note that using import transactions as a means to remit money

outside India may be subject to scrutiny by the authorities, and the RBI may impose
penalties or fines for any violation of the rules and regulations. Therefore, it is
advisable to consult with a financial expert or authorized dealer bank before
engaging in such transactions.

Kinesis Exchange

Kinesis Money is a global digital asset utility platform that facilitates the trade,
management and everyday spending of physical gold and silver-based digital assets
and cryptocurrencies.
Through its monetary system, users can earn yields on physical, allocated gold and
silver and spend, save, trade and redeem their precious metals anytime on a global,
low-fee basis. For more information about Kinesis, please visit the
https://kinesis.money/.

Kinesis has a low transaction fee of < 1% for international payments, significantly
lower than banking services and other international payment providers.
Kinesis charges a flat transaction fee of 0.45%

When making an international transfer with Kinesis, there is no need to worry about
an inflated exchange rate.
With Kinesis, the international payment is made in Kinesis digital currencies and
received in Kinesis digital currencies, without an exchange rate in sight.
When the time comes to trade Kinesis digital currencies back into Fiat currency, the
Kinesis Exchange scans markets to provide the best exchange rate available – with
no markup.
Only, as mentioned previously, a 0.22% conversion to convert between Fiat and
Kinesis digital currencies.

Paypal

If you don't have a PayPal account, you can send a one-time payment of up to
4,000.00 USD.
If you have a verified PayPal account, there's no limit on the total amount of money
you can send. You can send up to 60,000.00 USD in a single transaction, but we may
limit that amount to 10,000.00 USD. These amounts can also vary depending on your
currency.
If you haven’t verified your PayPal account, there will be a limit on the total amount
of money you can send. You’ll be able to view this amount when you go to send
money.

Paypal charges a transaction fee of 3.49% per transfer.

Conclusion

As per my research, you have to take approval of RBI for sending more than
250000 usd out of India.
There is no way to remit more than this amount without giving the bill of
exchange.
You can use other platforms to remit money in form of other digitel assets like gold
silver and crypto through kinesis but it will take some charge.
You can use Paypal also but it will also use a transaction fee and also it is necessary
to have a verified paypal account which will also have some charge.
According the Chartered Accountant I talked with, there can be some illegal ways
but it will take some commision around 8 to 12 % for remitting money.