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Rajath Simha C R (Querist)
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29 June 2012 X is a resident of India and is working in India, before he was working in US. X's Indian employer want to import machinery from China and China exporter wants money in US dollor. As X has savings in US dollors, X's employer wants X to pay china exporter and the employer will pay money to X in INR. please tell me is their any regulations regarding this & any section/any reference regarding this.

CA Hardik Bunha

CA Hardik Bunha (Expert)
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29 June 2012 yes it is possible, but confirmation is required when investigation takes place.(BANK STATEMENT).

if employer want to payment direct then he should make contract with bank as FORWARD CONTRACT.