The Collaborative International Dictionary of English v.0.48:

Remit \Re*mit"\ (r?-m?t"), v. t. [imp. & p. p. Remitted; p.
   pr. & vb. n. Remitting.] [L. remittere, remissum, to send
   back, to slacken, relax; pref. re- re- + mittere to send. See
   Mission, and cf. Remise, Remiss.]
   1. To send back; to give up; to surrender; to resign.
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            In the case the law remits him to his ancient and
            more certain right.                   --Blackstone.
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            In grevious and inhuman crimes, offenders should be
            remitted to their prince.             --Hayward.
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            The prisoner was remitted to the guard. --Dryden.
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   2. To restore. [Obs.]
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            The archbishop was . . . remitted to his liberty.
                                                  --Hayward.
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   3. (Com.) To transmit or send, esp. to a distance, as money
      in payment of a demand, account, draft, etc.; as, he
      remitted the amount by mail.
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   4. To send off or away; hence:
      (a) To refer or direct (one) for information, guidance,
          help, etc. "Remitting them . . . to the works of
          Galen." --Sir T. Elyot.
      (b) To submit, refer, or leave (something) for judgment or
          decision. "Whether the counsel be good I remit it to
          the wise readers." --Sir T. Elyot.
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   5. To relax in intensity; to make less violent; to abate.
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            So willingly doth God remit his ire.  --Milton.
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   6. To forgive; to pardon; to remove.
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            Whose soever sins ye remit, they are remitted unto
            them.                                 --John xx. 23.
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   7. To refrain from exacting or enforcing; as, to remit the
      performance of an obligation. "The sovereign was
      undoubtedly competent to remit penalties." --Macaulay.
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   Syn: To relax; release; abate; relinguish; forgive; pardon;
        absolve.
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The Collaborative International Dictionary of English v.0.48:

Remit \Re*mit"\, v. i.
   1. To abate in force or in violence; to grow less intense; to
      become moderated; to abate; to relax; as, a fever remits;
      the severity of the weather remits.
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   2. To send money, as in payment. --Addison.
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WordNet (r) 3.0 (2006):

remit
    n 1: the topic that a person, committee, or piece of research is
         expected to deal with or has authority to deal with; "they
         set up a group with a remit to suggest ways for
         strengthening family life"
    2: (law) the act of remitting (especially the referral of a law
       case to another court) [syn: remission, remitment,
       remit]
    v 1: send (money) in payment; "remit $25"
    2: hold back to a later time; "let's postpone the exam" [syn:
       postpone, prorogue, hold over, put over, table,
       shelve, set back, defer, remit, put off]
    3: release from (claims, debts, or taxes); "The taxes were
       remitted"
    4: refer (a matter or legal case) to another committee or
       authority or court for decision [syn: remit, remand,
       send back]
    5: forgive; "God will remit their sins"
    6: make slack as by lessening tension or firmness [syn:
       slacken, remit]
    7: diminish or abate; "The pain finally remitted"