International Taxation
This query is : Resolved
12 January 2009
A foreign company has obtained the permission from the RBI as liaison office in India and the Company has opened the Saving Account in the name of the person to whom power of Attorney is given and in the Saving Account Interest Income is also reflecting in the account,
The Company is using this account specifically for the transaction of the Company only.There is no any personal transaction done by the Power of Attorney holder through this account .But as per RBI people say that the account should be in the name of Company only. Please advice whether is ok or not. and can it be said that all RBI guidlince are complied with and CAN AUDITOR CERTIFY THE SAME (That all guidlines are comoplied)
Thanx & Ragards.
A foreign company has obtained the permission from the RBI as liaison office in India and the Company has opened the Saving Account in the name of the person to whom power of Attorney is given and in the Saving Account Interest Income is also reflecting in the account,
The Company is using this account specifically for the transaction of the Company only.There is no any personal transaction done by the Power of Attorney holder through this account .But as per RBI people say that the account should be in the name of Company only. Please advice whether is ok or not. and can it be said that all RBI guidlince are complied with and CAN AUDITOR CERTIFY THE SAME (That all guidlines are comoplied)
Thanx & Ragards.
12 January 2009
Company is an artificial person, so the account has to be in the company name.
Auditor may not take that risk.
Auditor may not take that risk.
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