banner_ad

How to encash cheque received in U.S dollars?

This query is : Resolved 
Profile Image

Profile Image

(Querist)
03 April 2008 Sir if a person receives a cheque or DD from a prvate online payment processor like paypal favouring in his/her name, then how to encash the same. is that possible to encah it through a bank a/c. if so whether forex will beattracted or RBI approval necessary.. pls clarify me.,
Profile Image

S.Srinivasaraghavan

Profile Image

S.Srinivasaraghavan (Expert)
03 April 2008 Sent to your banker for collection. Take a photocopy of the cheque so sent for collection and keep it for your records together with the particulars of receipt including the identity of the payee. If it is in the nature of income earned include it in your income tax return.
Profile Image

R.V.RAO

Profile Image

R.V.RAO (Expert)
03 April 2008 THE COVERING LETTER OR EMAIL SENT BY PAY
PAL OR OTHER PAYER ALONG WITH DETAILS OF YOUR PAYMENTS AND THE CHEQUE OR D.D. RECEIVED BY YOU MAY BE SUBMITTED TO YOUR BANKER AND RETAIN A PHOTOCOPY OF ALL DTAILS WITH YOU TO USE IN YOUR IT RETURN FILING IF THE INCOME IS SUCH THAT THE SAME ATTRACTS TAX.
YOU NEED NOT WRITE OR INFORM RBI OR ANYBODY ELSE.
R.V.RAO
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details