How to encash cheque received in U.S dollars?

This query is : Resolved

Mukesh Agarwal (Querist)
Follow

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.,

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
Follow

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.

R.V.RAO

R.V.RAO (Expert)
Follow

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SUMAN SAHA

CA Rahul Patwardhan

T E SOUNDARARAJAN

Hanuma Yanduri

CA Bijo scaria

Subscribe Now

How to encash cheque received in U.S dollars?

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Article Assistant

Accountant

GST CONSULTANCY

GST CONSULTANT