Guidance required under fema

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2014 Dear Experts,

I need clarification on domestic supply made in India against an sale order received from abroad. Money will be received from abroad. What documents to submit to Bank in this scenario? Is it allowed under FEMA? Is there any specific circular which covers this case?

thanks & regards,

Sreenivasulu

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

26 November 2014 It is very much allowed under FEMA.
You need to submit your bank account details with IFSC code of your branch, SWIFT code of the bank through which the international transaction is going to be routed.. (Say SBI) to the paying banker/purchaser abroad.

Querist : Anonymous

Querist : Anonymous (Querist)

27 November 2014 thanks a lot to the expert Mr Amol S Joglekar, problem is our Indian Bankers are not agreeing to this. Any specific provisions unders FEMA or any RBI Circular on this, if available, kindly let me know please. Thanks once again.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

27 November 2014 See the form is with your Bank. You need to convince them that you are consignor of goods. Consignee is that foreign company which is sending you the money from abroad.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now