Fema law
This query is : Resolved
26 July 2012
Dear Memebers,
Please advice
Can Indian resident pay in US$ to another Indian resident in India?
Is there any provision of FEMA applicable as the currency involved is foreign currency?
Warm Regards,
Sweta Todi
M.Com, A.C.S
9833189497
Please advice
Can Indian resident pay in US$ to another Indian resident in India?
Is there any provision of FEMA applicable as the currency involved is foreign currency?
Warm Regards,
Sweta Todi
M.Com, A.C.S
9833189497
28 July 2012
No, he cant pay in foreign currency to his indian counterpart. The only case where he can pay is when he has exchange earner foreign currency account and he acquired foreign currency through export trades or services,
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