Forex collection
marshal (auditor) (59 Points)
19 July 2017
can Indian companies collect Forex currency in cash if not according to which law it violates
1 Replies
Nikhil Kaushik
(Fellow CA)
(86157 Points)
Replied 21 May 2018
the issue is not with Income-tax as much as it is about FEMA. I would suggest that you disclose the money to your bank directly and ask them to convert it into INR. You are required to convert the amount into INR within 90 days of return to India.
However, please note that if the amount exceeded USD 5000/- then you also need to declare this to customs at the point of entry. Otherwise, you are in violation of customs too.
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