Foreign Remmitance
This query is : Resolved
08 March 2010
Hi Sirs,
I am working in a pvt ltd software company.Our two director are NRIs and one is resident Indian)(just sleeping director). company operate from USA and now the Nri directors want to get app Rs.10 crore in Usa from India.There is sufficient reserve and surplus. Whether the company can transfer money to usa.We make sale only to usa company in which both nri director holds 100 % shareholding and against sale we have received excessive amount app rs.4.50 crore during several years. Can we payback this amount by selling of our investments or by any other mode.
Thanks in advance
I am working in a pvt ltd software company.Our two director are NRIs and one is resident Indian)(just sleeping director). company operate from USA and now the Nri directors want to get app Rs.10 crore in Usa from India.There is sufficient reserve and surplus. Whether the company can transfer money to usa.We make sale only to usa company in which both nri director holds 100 % shareholding and against sale we have received excessive amount app rs.4.50 crore during several years. Can we payback this amount by selling of our investments or by any other mode.
Thanks in advance
11 March 2010
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