Fema
This query is : Resolved
29 August 2011
Dear Friend,
Let Co.X and Co. Y are Indian Companies.
Co. X had purchased a Machinery from Co.Y and Co.Y raised an Invoice in the name of Co.X and amount in USD. Now my Question is
Is Co.X can pay the amount in USD or only in INR based on the exchange rate pertaining to Invoice Date.
How a FEMA Regulations has an Impact in this case.
Please explain.
Thanks & regards,
Vijay Kumar.
Let Co.X and Co. Y are Indian Companies.
Co. X had purchased a Machinery from Co.Y and Co.Y raised an Invoice in the name of Co.X and amount in USD. Now my Question is
Is Co.X can pay the amount in USD or only in INR based on the exchange rate pertaining to Invoice Date.
How a FEMA Regulations has an Impact in this case.
Please explain.
Thanks & regards,
Vijay Kumar.
29 August 2011
In my opinion Company can not raise bill in the USD unless or until it has foreign connection or holding.
So invoice is required to be raised in INR only and you have to comply all the rules of FEMA if you raise bill in USD.
So invoice is required to be raised in INR only and you have to comply all the rules of FEMA if you raise bill in USD.
30 August 2011
If the Co. Y is located in SEZ or STPI then it can raise invoice in USD otherwise not.
Anuj
+91-9810106211
femaquery@gmail.com
Anuj
+91-9810106211
femaquery@gmail.com
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- E way bill for tractors
- GST ON DAMAGED GOODS
- Taxation on LTCG for property sold after 24JUL2024
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- REGARDING GST LIABILITY/....
- STCG FOR GOLD ETFs
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
