Become a Govt. Certified GST Practitioner. Batch begins 18th Nov. Register Now!

KYC

C.S. Swati (CS) (60 Points)

20 April 2011

If Indian company receives inward remittance from foreign entity every 2 months...

Is it require to arrange KYC from remitter bank for each remittance :

There is any such provisions called : - if remitter is same... KYC is not required - if the remittance happens within a period of 6 months from the date of first remittance...

If there is any such circular.. please share

Please revert at the earliest..

Thanks

Swati

Reply
Follow
Share

4 Replies

RAMESH KUMAR VERMA ( CS PURSUING ) (43853 Points)
Replied 20 April 2011

ALL CATEGORIES OF FOREIGN EXCHANGE EARNERS ARE ALLOWED CREDIT UP TO 100% OF THEIR FOREIGN EXCHANGE EARNINGS TO THEIR EEFC ACCOUNT.

FOR MORE INFORMATION :-

foreign investment in india is governed by sub section (3) of section 6 of FEMA CT, 1999. Read with notification No.Fema 20/2000 RB DT. 03.05.200.

https://rbidocs.rbi.org.in/rdocs/Notification/PDFs/78358.pdf
https://rbidocs.rbi.org.in/rdocs/Notification/PDFs/78478.pdf
https://www.rbi.org.in/scriptts/BS_ViewMasCirculardetails.aspx?id=5136

Upgrade to CAclubindia Pro. Subscribe Now!

RAMESH KUMAR VERMA ( CS PURSUING ) (43853 Points)
Replied 20 April 2011

ANOTHER IMPORTNT LINK IS :-

https://www.ptcinfo.org/eurogiro/MasterCircularRbiRemits09.pdf

RAMESH KUMAR VERMA ( CS PURSUING ) (43853 Points)
Replied 20 April 2011

ANOTHER IMPORTNT LINK IS :-

https://www.ptcinfo.org/eurogiro/MasterCircularRbiRemits09.pdf

U S Sharma (glidor@gmail.com) (21063 Points)
Replied 21 April 2011

Originally posted by : C.S. Swati
	If Indian company receives inward remittance from foreign entity every 2 months... Is it require to arrange KYC from remitter bank for each remittance : There is any such provisions called : - if remitter is same... KYC is not required - if the remittance happens within a period of 6 months from the date of first remittance... If there is any such circular.. please share Please revert at the earliest.. Thanks Swati

if remittence is there , then there must be some business transaction between company and remitter, that contract / invoice will detail the business transaction , and in course of business no such hard compliance for KYC.