Can a foreign organisation (usa) open a bank a/c in india.
This query is : Resolved
29 June 2019
.Can a Foreign Organisation (USA) Open a bank A/c in India.
The proceeds of the sale from the property in India of XYZ Inc USA (Foreign Organisation) can be deposited or credited to India's bank account.
Would it be consider as overseas remittance from funding agency or it would be the local contribution.?
Please help.
The proceeds of the sale from the property in India of XYZ Inc USA (Foreign Organisation) can be deposited or credited to India's bank account.
Would it be consider as overseas remittance from funding agency or it would be the local contribution.?
Please help.
30 June 2019
Yes it can open a bank account in India. Sale proceeds after deduction of withholding taxes by buyer can be credited to Indian bank account. It will be local contribution.
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