31 July 2008
Is RBI approval required for the receipt of money from a foreign entity apart from getting Foreign Inward Remittance Certificate (FIRC) from the bank..
01 August 2008
RBI vide its notification No.FEMA.16/2000 dated 3rd May 2000 has permitted any person to receive any payment made by means of a cheque drawn on a bank situated outside India.
09 August 2008
Sir, Our trust (Not registered under sec. 12A of IT Act) has entered into a contract with a foreign entity for rendering certain work in India. As a remuneration for the work completed the foreign company has transferred money to our bank (current) account. Should we inform RBI in this regard? If so please tell us the procedure.
CAclubindia
