Inward remittance by exporter of service

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priya (Querist)
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15 April 2013 Mr.X is engaged in export of service to various countries, He receives Foreign exchange what are the law he has to complied with?

Kindly Guide me on above issue.

-Priya

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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31 May 2013 First he must have the EC code and if he is expoeting the articles or things as per the norms then he can claim the benefit as per section 80-O. He must file the returns to RBI for exports made and the money must be brought back in India within 6 months. In case of failure he has to procure extension of time from RBI and all sort of register like Bill of entry, bill of leading, L/C etc. etc. should be maintained.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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31 May 2013 First he must have the EC code and if he is exporting the articles or things as per the norms then he can claim the benefit as per section 80-O. He must file the returns to RBI for exports made and the money must be brought back in India within 6 months. In case of failure he has to procure extension of time from RBI and all sort of register like Bill of entry, bill of leading, L/C etc. etc. should be maintained.

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