Fema
This query is : Resolved
CS.Ranjani
(Querist)
25 May 2009
can a company net off the commission receivables against the amount payable for imports made and effect the transfer for the net amount?
Ca Anand Dubey
(Expert)
26 May 2009
Its not wise to do so.
CS.Ranjani
(Querist)
29 May 2009
Hi .....
if in case x co imports goods from y foreign co, and also books order in india on behalf of y co for which commission is receivable by x co. in such a case can x co. net off the commission receivables against the import payment to be made. is this action valid. Or is there any specific application is to be made to RBI its approval ?
if in case x co imports goods from y foreign co, and also books order in india on behalf of y co for which commission is receivable by x co. in such a case can x co. net off the commission receivables against the import payment to be made. is this action valid. Or is there any specific application is to be made to RBI its approval ?
CA. Anuj Gupta
(Expert)
16 May 2011
Yes RBI approval is needed in the present case.
Anuj
0-9810106211
Anuj
0-9810106211
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