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Offsetting of foreign currency receivables and payables

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(Querist)
20 June 2011 Is it possible to offset receivables from an affiliated entity in Germany with payable to the same company?

pls explain with notification/circular, if any?
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CA. Anuj Gupta

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CA. Anuj Gupta (Expert)
22 June 2011 The same is not permitted under FEMA. If you want to do it you need to obtain specific permission from RBI.

Anuj
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kartik_somu

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kartik_somu (Querist)
23 June 2011 Thanks Mr. Anuj.

Is there any form or procedure for getting specific permission from RBI?
Whom should i contact in this regard?
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CA. Anuj Gupta

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CA. Anuj Gupta (Expert)
30 June 2011 There is no specific form for the same. You need to approach the Zonal RBI office in this regard.

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