I want to start new business of domestic money transfer via NEFT/RTGS.
I made planning to start this business in India using current account of my firm.
(For Example My client gives me cash of Rs. 10000 and than i deposit this amount to my current account and than i transfer Rs.10000 to beneficiary as suggest by my client (account to account transfer) I got Rs. 100 commission from my client by cash for providing this service.
Note: This all transfer will made within india (Only Domestic Transfer)
1) Whether any License require to take from any authority of india to start this business.??
2) Whether this is a legal business in india??
3) Whether i has to take permission from any authority to start this business??
4) Whether service tax applicable to this business??? If Yes than which service applied???
31 May 2012
Not sure what are the formalities for such business, but without any permission / license this are "hawala" transactions which are illegal.
CAclubindia
