Fema - foreign exchange remittance
This query is : Resolved
Senthil Kumar B
(Querist)
05 June 2012
BACKGROUND
One of our client is a Multi model transport company having agents abroad, they do remittance to their agents for services rendered outside india through A2 remittance. While making the A2 remittance they deduct the amount receivable from their agents for the services done by the client in india to the agents and remit the balance.
QUERY
Whether under FEMA setting off of receivable against Payable is allowed. do we need to get any prior approval from RBI / Govt.
One of our client is a Multi model transport company having agents abroad, they do remittance to their agents for services rendered outside india through A2 remittance. While making the A2 remittance they deduct the amount receivable from their agents for the services done by the client in india to the agents and remit the balance.
QUERY
Whether under FEMA setting off of receivable against Payable is allowed. do we need to get any prior approval from RBI / Govt.
rvsekar2000
(Expert)
18 June 2012
Hello,
You can please visit the following link to have detailed information about your query.
https://rvseckarfema.blogspot.in/2012/06/set-off-of-export-receivables-against.html
Regards
R.V.Seckar
Mobile- 09848915177
Pl do visit my blogs :
https://www.rvseckarcompanylaw.blogspot.com/
https://rvseckarfema.blogspot.com/
https://rvseckarindianlaws.blogspot.com
https://rvseckarincometaxcaselaws.blogspot.in/
You can please visit the following link to have detailed information about your query.
https://rvseckarfema.blogspot.in/2012/06/set-off-of-export-receivables-against.html
Regards
R.V.Seckar
Mobile- 09848915177
Pl do visit my blogs :
https://www.rvseckarcompanylaw.blogspot.com/
https://rvseckarfema.blogspot.com/
https://rvseckarindianlaws.blogspot.com
https://rvseckarincometaxcaselaws.blogspot.in/
Senthil Kumar B
(Querist)
18 June 2012
Thank you very much Sir, it was really usefull
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