C.S. Swati (CS) (60 Points)
20 April 2011If 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
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.
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 | ||
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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 |
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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.
CAclubindia
