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How to treat import paymnet not given in case of death

25 March 2022

kya karna chahiye agar import ki payment pending ho in case of death of exporter kya hamme us puri value ko income man lena chahiye ya other uski other concern party ko payment kar sakte hai

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2 Replies

Divyam Agarwal (Practicing Chartered Accountant) (959 Points)
Replied 26 March 2022

RBI and FEMA regulations would come into picture in the present case.

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Sudhir Kulshreshtha (Advocate) (180 Points)
Replied 26 March 2022

10. Remittances out of the accounts after the account holder’s death :-

On the death of a foreign currency accountholder, -

1) the authorised dealer with whom the account is held or maintained may remit to a nominee being a person resident outside India, funds to the extent of his share or entitlement from the account of the deceased accountholder;

2) a nominee being a person resident in India, who is desirous of remitting funds outside India out of his share for meeting the liabilities abroad of the deceased, may apply to the Reserve Bank for such remittance.