Fema practical ques

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Pratz (Querist)
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15 February 2012 If a resident indian makes purchase "online" from a person in NEPAL n makes payment online on;y via an international debit card will it be prohibited as per Rule 3 of schedule 1 of FEMA????????????????
Thanks in Advance

Ajay Mishra

Ajay Mishra (Expert)
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20 February 2012 Hi

As per Master Circular issued by RBI on FDI:

WHO CAN INVEST IN INDIA?
3.1.1 A non-resident entity (other than a citizen of Pakistan or an entity incorporated in Pakistan) can invest in India, subject to the FDI Policy. A citizen of Bangladesh or an entity incorporated in Bangladesh can invest only under the Government route.
3.1.2 NRIs resident in Nepal and Bhutan as well as citizens of Nepal and Bhutan are permitted to invest in the capital of Indian companies on repatriation basis, subject to the condition that the amount of consideration for such investment shall be paid only by way of inward remittance in free foreign exchange through normal banking channels.

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