12 November 2013
I have a client with registered financial Pvt ltd firm, they are interested in opening a foreign currency bank account in India/abroad.
Can you please suggest me with rules and regulations associated with it.
12 November 2013
Read Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 issued by RBI under FEMA.
13 November 2013
Ajay, my client is planning to start Full Fledged Money Changer ( Remittance )Business,we had gone through the RBI documentation...Being an Indian registered company we have to Apply for FFMC license from RBI.. and I have few questions about the operations, Please will you be able to answer me.
1. From fema-circular-no-18-dated-november-27-2009--2584 - under 3.1.a - it Says " system envisages a tieup between a reputed money transfer company abroad called Overseas Principals and AP i.e. Indian Agent.... which means as we an Indian Entity - this regulation will not allow us to do a direct inward remittance business with NRI's in Abroad.? - is my understanding correct.
2. As an indian Entity, is there any other way that we can Buy Foriegn currency & Exchange them as part remittance business.
Do i am missing anything here.. please clarify me the above statements... I appreciate for your help in advance.
CAclubindia
