what does remitted mean

The term "remitted" is the past tense of the verb "to remit," which primarily means that money or payment has been sent or transferred to fulfill a financial obligation or debt. When a payment is remitted, it indicates that the transfer of funds has been completed to settle an invoice, debt, or other monetary obligation. The usage is common in banking, business transactions, and international money transfers, where it signifies that the funds have been successfully transmitted from one party to another. Additionally, "remitted" can also mean to cancel, forgive, or refrain from enforcing a penalty, debt, or punishment, such as when a fine or sentence is remitted by an authority. In summary, "remitted" most often refers to money that has been sent to satisfy a payment but can also imply cancellation or forgiveness of an obligation or penalty in other contexts.