Foreign exchange ???

This query is : Open

uday singh Negi (Querist)
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26 November 2012 Dear sir
Suppose we raised invoice to our sister concern in Bangladesh of 1000 usd

Can we received this amount from honkong ( also sister concern , our head office ) on behalf of Bangladesh?

experts please reply

thanks

CA Hardik Bunha

CA Hardik Bunha (Expert)
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26 November 2012 Yes, this is a revenue transaction.

uday singh Negi

uday singh Negi (Querist)
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26 November 2012 means thier is no problem of fema ?

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CA. Anuj Gupta

CA. Anuj Gupta (Expert)
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27 November 2012 This is not permitted under FEMA.

Anuj
Femaquery@gmail.com

V K Bajaj

V K Bajaj (Expert)
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27 November 2012 Mr Anuj is very much correct.

As per Indian rules you have to receive the funds from the country as mentioned in your Invoice.

In case it is received from another source or country your bank will not issue any FIRC which may also harm you during assessment of VAT case.

contact@vkbajaj.co.in