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Fema law

This query is : Resolved 
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(Querist)
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
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ca cs shriyans jain

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ca cs shriyans jain (Expert)
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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