Foreign currency payment

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 December 2016 A foreigner working as industrial trainee in India. Company has paid 1000 Euro to him physically (not through net banking ) Euqualent value in INR it is Rs.77000/- (approx)

Can It do so ? (Section 40(A) 3 specifies only about INR)
What about FEMA ?

Please give response with reference to applicable provisions or guidelines.

Querist : Anonymous

Querist : Anonymous (Querist)

19 December 2016 Section 3 of FEMA prohibits certain transactions. and section 13 will penalise for contraventions.

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