Fema querry

This query is : Resolved

paresh zatakia (Querist)
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11 May 2012 TTI is a wos of F srl (an Italian co.).
T srl (an Italian co.)is a group company and it had a branch in india i.e.T SRL BRANCH
TTI owes some money (for supply of goods) to T SRL BRANCH.
T SRL BRANCH does not have any business, is like closed.
Can TTI transfer amount standing to the credit of T SRL BRANCH to T SRL (i.e.head office) by way of journal entry?
Is there any FEMA violation in that?
Do we need to take permission from RBI/AD?
regards
c.a.paresh Zatakia
9833855518

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
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15 May 2012 As per FEMA the branch office of foreign company is resident in India and therefore the money due to resident cannot be now transferred to non-resident i.e. T SRL.

Anuj
femaquery@gmail.com

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