Foreign direct payment in my account

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2013 Hello everyone,

Recently I have imported rough diomond around 13000$ and export them to same party after doing job work an 16600$.
now if party will deposit the same profit amount in my account 6600$ then if there is any problem done with legal point of view or taxation purpose?
Or what process should I consider regarding this?

Thanks in advance.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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15 June 2013 WHO ARE YOU

(1) ARE YOU SERVICE PROVIDER?

(2) EXPORTER /IMPORTER

(3)INDIVIDUAL

as per para 2.8 (iii) of foreign trade policy 2009-2014, a person (exporter/ importer) is exempt from IEC code if they are importing / exporting the goods for personal use / agriculture purpose.

If you are (1) AND 2 (THIS AMOUNT CREDITEDIN YOUR ACCOUNT EEFC ACCOUNT.