To annul a fine or forfeiture.
2. This is generally done by the courts where they have a discretion by
law: as, for example, when a juror is fined for nonattendance in court, after
being duly summoned and, on appearing, he produces evidence to the court that
he was sick and unable to attend, the fine will be remitted by the court.
3. In commercial law, to remit is to send money, bills, or something
which will answer the purpose of money.
Source: Bouviers Law Dictionary 1856 Edition