Foreign exchange

This query is : Resolved

Gautam Vasudeva (Querist)
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17 October 2014 A Person is earning around Rs. 100000/- Per Month from Foreign. He is directly getting his amount in his bank. He is not involved in that company as a salaried employee. He is just doing some work and getting paid for that. My Question is Whether there is any compliance to be done-
According to-
1, FEMA
2, RBI
3, INCOME TAX

Any Statutory obligation to be complied by that person.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 October 2014 Whether he is NRI or resident Indian. He has to comply with Income Tax as he is getting the amount directly in his Indian bank account.
As the amount is got through banking channel no problem with RBI and FEMA.

Gautam Vasudeva

Gautam Vasudeva (Querist)
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22 October 2014 HE is a Resident Indian. He is earning around Rs. 1200000/- Are you sure there is no compliance according to FEMA or RBI.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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22 October 2014 FEMA reporting requirement is:-

Reporting of Inward Remittance to RBI :
1. Within 30 days from the receipt of Inward remittance, The Company has to inform RBI through Company’s Bank (AD Category I Bank) by submitting Annex 6 along with copy of KYC & FIRC / Debit Certificate. (Refer Annex 7 of Master Circular on Foreign INVESTMENT in India 2013 for Format of Reporting to RBI)
2. The Company’s banker (AD Category I bank) will certify Annex 6 after due verification and forward it to RBI
3. Upon receipt of intimation in Annex 6, RBI will allot and communicate the Unique Identification Number (UIN) for each such inward remittance or FCNR / NRE / NRO account debit.
Note : Incase of multiple inward remittances or multiple debits, reporting for allotment of UIN to be done individually for each inward remittance in Annex 6

Please check with your banker they will be already complying with the requirement.

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