D R V Narendra Reddy (NA) (30 Points)
22 January 2020What is the implication of FEMA 1999, on one transaction stated below.
Ex : if Mr.X is a Non-Resident Indian who has brought US Dollars 1000 while coming to india along with him and after arriving in India he exchanged the same with Mr.Y who is also a Non-Resident Indian for Equivalent Indian Rupees in India.
CA Arun Tiwari
(Partner)
(5955 Points)
Replied 25 January 2020
There will be no implication of FEMA as the Money is converting from NRI to the NRI, consequently no fees or taxes are levying.so No FEMA implication.
CA Arun Tiwari
(Partner)
(5955 Points)
Replied 25 January 2020
CA Arun Tiwari
(Partner)
(5955 Points)
Replied 25 January 2020
There will be no implication of FEMA as the Money is converting from NRI to the NRI ,consequently no fees or taxes are levying .so No FEMA implication .
D R V Narendra Reddy
(NA)
(30 Points)
Replied 29 January 2020
Sir, Please clarify whether "section 3 of FEMA 1999 - Dealing in Foreing Exchange", is applicable to the above said transaction.
CAclubindia
