Fema query
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 October 2011
Dear sirs,
A non resident company-A sells goods to independent agents in India. A non resident ship-B in Indian waters requires some goods. B contacts A who in turn buys goods from the agents and the agents deliver them to B. Payment is received outside India by A from B.
Please explain if there can be any Fema implication arising from the above transaction? Whether the said transaction qualifies as current account transaction?
A non resident company-A sells goods to independent agents in India. A non resident ship-B in Indian waters requires some goods. B contacts A who in turn buys goods from the agents and the agents deliver them to B. Payment is received outside India by A from B.
Please explain if there can be any Fema implication arising from the above transaction? Whether the said transaction qualifies as current account transaction?
CA. Anuj Gupta
(Expert)
20 October 2011
Please check that the money is exchanged between A and its agents and is not squared off for the two separate entries.
There might be some issues in taxation which need to be carefully evaluated.
Anuj
+91-9810106211
There might be some issues in taxation which need to be carefully evaluated.
Anuj
+91-9810106211
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