26 October 2023
Dear Experts, 1 A company is remitting the INR towards purchase of USD from a registered forex dealer. 2 The query a.Can a company make the payment towards foreign currency purchase on behalf of the whole time director,employee or officer? b.Can a company make the payment towards foreign currency purchase on behalf of third person, who is not related to his business? c.Shall these individuals purchase the foreign currency for the purposes, which are not covered under scope of Liberalised Remittane Scheme? d.Shall these individuals purchase and hold more than USD 2000.00? e.Board resolution is required? f.Any other statutory compliances are to be taken care before purchase? 3 Pls clarify
27 October 2023
2 a) yes for the company business and not for individual benefit. b) No. c) No. d) No. e) Check delegation of powers. f) Consult foreign exchange dealers.
CAclubindia
