Hi, is there any time limit one should keep records for FEMA purposes. How many years FEMA authorities can go back and open the case, if they find any contravention of rules?
hemant talwar (Chartered Accountant) (30 Points)
05 March 2009Hi, is there any time limit one should keep records for FEMA purposes. How many years FEMA authorities can go back and open the case, if they find any contravention of rules?
CA. Anuj Gupta
(Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA)
(7024 Points)
Replied 26 March 2011
Although theer are no rules for the same but you can use the provisions of Income Tax Act for the same.
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