Foreign Curreny remitance

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This discussion clarifies the rules around receiving foreign currency directly into an Indian bank account for services rendered to Indian or foreign branches. It confirms that such remittances should typically be routed through authorised dealers, which are usually banks. Banks handle the necessary reporting requirements, simplifying the process for the recipient.

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(Querist)
22 November 2022 My client is receiving some amount from foreign companies directly into his Indian bank account for the services provided to its Indian Branch / Foreign branch. Is there any FEMA applicability on him
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
22 November 2022 As per FEMA requirement it should be received through authorised dealers.
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akshay maloo

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akshay maloo (Querist)
22 November 2022 Thank You Sir.
Can you please tell how to check whether dealer is authorised or not. Also is there any reporting liability?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
22 November 2022 Banks are authorised dealers.
Banks will take care of reporting requirements.
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