Fema questions
This query is : Resolved
10 November 2014
Hi All,
I have few question in respect of FEMA for Account out standing payable & Netting off with receivable.
(I) Can we set off International Accounts Payable with Receivable (same Party)(out standing since 6 years in Books) .
(II) is any condition is there for outstanding money needs to pay withing 6 month. if we not paid within 6 month are we required to take RBI permission for delay in payment (Import).
I have few question in respect of FEMA for Account out standing payable & Netting off with receivable.
(I) Can we set off International Accounts Payable with Receivable (same Party)(out standing since 6 years in Books) .
(II) is any condition is there for outstanding money needs to pay withing 6 month. if we not paid within 6 month are we required to take RBI permission for delay in payment (Import).
10 November 2014
You can set it right provided the terms of PAYMENT so provide. The company should give you the details as to the terms of payment.
10 November 2014
It is the subsidiary & parent company transaction.
IF we set-off is any permission of RBI or Documents needs to be submit...?
IF we set-off is any permission of RBI or Documents needs to be submit...?
10 November 2014
Dont set it off if it is holding and subsidiary company transaction, for the simple reason of transfer pricing provisions.
10 November 2014
So if we are not paying & not taking set-off (say more than 12 months o/s) is RBI permission is required ???
10 November 2014
Was the permission sought for at the time of IMPORT?
10 November 2014
Basically we are a IT company & we bill for development service (CPM Model) to parent company.Same time we need to pay them for license sale in India as royalty.
there is no physical import & no such permission obtained.
there is no physical import & no such permission obtained.
10 November 2014
RBI permission is NOT required for delay in payment beyond 12 months.
10 November 2014
yaa, but we cant set off or square off due to TP provisions. Right please confirm?
10 November 2014
yaa, but we cant set off or square off due to TP provisions. Right please confirm?
10 November 2014
It is recomendatory in nature that since TP provisions are applicable, dont set it off.
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