Hi Friends
Whether this amounts to Export of Services:
Malav Shah (Company Secretary and AVP Legal) (171 Points)
05 October 2009Malav Shah (Company Secretary and AVP Legal) (171 Points)
05 October 2009Hi Friends
Ashis Mahapatra
(Consultant-Tax & FEMA/FDI)
(183 Points)
Replied 06 October 2009
Dear Malav
Of course this amounts an export of service & company should obtain the IEC code respectively.
Know that,Unlike export of Goods or Software/IT/ITeS (which regulated under CBEC/STPI/RBI/AD bank), export of SERVICE is not Highly Regulated in India in terms of Pricing or repatriation.In practice some small service exporter even donot know documentation .They simply receive the cheque/Wire transfer for their service rendered in any mean.
But exporter must obtain the IEC and comply & process inward remittance through AD Bank.No direct compliances to RBI unless it contradict any provision of FEMA. Attached Master Circular for reference.
Rgrds
J. Manivannan
(Advocate & IP)
(242 Points)
Replied 07 October 2009
Thank You Mr.Ashis for your valuable contribution....................................
Ashis Mahapatra
(Consultant-Tax & FEMA/FDI)
(183 Points)
Replied 07 October 2009
Originally posted by :M.J.Mani Vannan | ||
" | Thank You Mr.Ashis for your valuable contribution.................................... | " |
My Pleasure Sir