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
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- ADVANCE PAYMENT OF ADVOCATE
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- NRI starting business in India
- EXPORT COMMERCIAL INVOICE HSN CODE
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- TDS ON EMAIL DOMAIN SERVICE BILL
- GST not cancelled by tenant
- CREDIT NOTES WITHOUT GST
- Taxable or Tax exempt
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
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
