Fema compliance

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 May 2015 Which are the compliance if a person received fund from outside india for the sale made in india? For exaple . goods sale to state of maharastra but payment received from UAE

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 May 2015 What is the connection between the buyer in Maharashtra and the payer from UAE.

Querist : Anonymous

Querist : Anonymous (Querist)

02 May 2015 No Direct connection. We are mfg of goods and had sold to party in maharastra who had exported the same to UAE. Now as per his instruction Buyer from UAE had paid us directly through Bank.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 May 2015 Your goods have been exported for which you have received funds from foreign.
You are required to file a declaration as per Regulation 3 of Notification No.FEMA 23 /2000-RB dated 3rd May 2000.
Every exporter of goods or software in physical form or through any other form, either directly or indirectly, to any place outside India, other than Nepal and Bhutan, shall furnish to the specified authority, a declaration in one of the forms set out in the Schedule and supported by such evidence as may be specified, containing true and correct material particulars including the amount representing.

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