Indian individual or entity may receive foreign exchange for various reasons including Current account inflows. FEMA mandates receipt of foreign exchange only through normal banking channels.
FEMA has imposed certain reporting requirements for these transaction based on the nature of transaction which might be prohibited or require RBI or the appr
Indian individual or entity may receive foreign exchange for various reasons including Current account inflows. FEMA mandates receipt of foreign exchange only through normal banking channels.
FEMA has imposed certain reporting requirements for these transaction based on the nature of transaction which might be prohibited or require RBI or the approval of concerned Ministry of Central Government of India. Most of the reporting requirements are time bound in nature and invite hefty penalties on non-compliance. Under FEMA certain receipts can be retained in foreign exchange [i.e, without converting it into Indian currency] through certain stipulated bank accounts maintained in India.
As an Indian individual or entity it is important to be cautious while retaining foreign exchange in hand, there shall be sufficient documentation/supporting papers (eg. inward remittance certificate). The limits are fixed under FEMA and are constantly reviewed in consultation with Foreign Investment Promotion Board and Reserve Bank of India.
Lawlabz offers complete advisory services for Foreign Exchange Receipts & other services. Our professional and experienced team can help you with all the approvals from RBI and will guide you with necessary steps required in India for such Foreign Exchange Receipts & other services abroad.
Foreign Exchange Receipts Package: [Rs.20,000 per receipt*]
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Strategy:
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Procedure:
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Compliance:
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Coordinating with officials at Reserve Bank of India for approval of said application
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Replying to queries raised by Reserve Bank of India
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Other one-time reporting requirements specific to the transaction.
