Fema

This query is : Resolved

siddu (Querist)
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03 November 2011 Dear Experts,

Our company is tour packaging company and we arrange domestic & International tours.
my queries are

1) can we collect foreign currency (Hard
Cash) from indian residents for
foreign tours.

2) Can we pay (Hard Cash) the foreign
currency to indian representative of
foreign tour packaging company
situated at abroad.
can these transactions allowed under FEMA

CS Pawan Kumar Baid

CS Pawan Kumar Baid (Expert)
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07 November 2011 FEMA says that no person, other than authorized dealer, can hold foreign currency notes exceeding $2000 (or its equivalent).

Keeping above ceiling in mind you can do your business.

Regards

siddu

siddu (Querist)
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09 November 2011 Dear Pawan Kumar,

Whatever the foreign currency we collect from our customer we deposit it in to our bank but my queries are

1> can we collect foreign currency (Hard Cash) from residents.

2> Can i pay foreign currency (Hard Cash) to local representative of foreign tour packaging company which are based out side india

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siddu

siddu (Querist)
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09 November 2011 Dear Pawan,

Whether these transactions are allowed under FEMA