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Fema transactions

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(Querist)
18 June 2013 One of the Pvt Ltd Company recd. Foreign inward Remittance from abroad Vide FIRC dated 09.9.2011.Now we want to remit the same; However Bank want the undertaking from us..

Now the Question arises as under what basis we should show the inward remittance so that we don't face the problem of RBI/FEMA Act..

Regards,
Khushal
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RAMESH KUMAR VERMA

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RAMESH KUMAR VERMA (Expert)
22 June 2013 generaly exporter importer remit / received the Money through their EEFC account.

for exporter this is mandatory to produce banker COPY OF L/C , SHIPPING BILL COPY OF BILL OF EXPORT / BILL OF ENTRY ALONGWITH INVOICE, CERTIFICATE OF ORIGIN.

if you occurs this condition does not require any UNDERTAKING.
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