Fema querry
This query is : Resolved
paresh zatakia
(Querist)
11 May 2012
TTI is a wos of F srl (an Italian co.).
T srl (an Italian co.)is a group company and it had a branch in india i.e.T SRL BRANCH
TTI owes some money (for supply of goods) to T SRL BRANCH.
T SRL BRANCH does not have any business, is like closed.
Can TTI transfer amount standing to the credit of T SRL BRANCH to T SRL (i.e.head office) by way of journal entry?
Is there any FEMA violation in that?
Do we need to take permission from RBI/AD?
regards
c.a.paresh Zatakia
9833855518
T srl (an Italian co.)is a group company and it had a branch in india i.e.T SRL BRANCH
TTI owes some money (for supply of goods) to T SRL BRANCH.
T SRL BRANCH does not have any business, is like closed.
Can TTI transfer amount standing to the credit of T SRL BRANCH to T SRL (i.e.head office) by way of journal entry?
Is there any FEMA violation in that?
Do we need to take permission from RBI/AD?
regards
c.a.paresh Zatakia
9833855518
CA. Anuj Gupta
(Expert)
15 May 2012
As per FEMA the branch office of foreign company is resident in India and therefore the money due to resident cannot be now transferred to non-resident i.e. T SRL.
Anuj
femaquery@gmail.com
Anuj
femaquery@gmail.com
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