Law - fema & rbi
This query is : Resolved
Vivek Khakhkhar
(Querist)
12 June 2014
If any receivables in foreign currency are outstanding for more than one year then what is the procedure under FEMA Act? What is the Procedure to report to RBI?
Nikhil Kaushik
(Expert)
13 June 2014
requires special RBI approval on case-to-case basis. you need to approach RBI through your authorised dealer.
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Vivek Khakhkhar
(Querist)
15 June 2014
Dear Sir,
Thank You for your response. Kindly let me know, is it companies responsibility to approach authorized dealer to inform RBI about long outstanding foreign receivables or authorized dealer by themselves have to inform RBI?
Thank You for your response. Kindly let me know, is it companies responsibility to approach authorized dealer to inform RBI about long outstanding foreign receivables or authorized dealer by themselves have to inform RBI?
Nikhil Kaushik
(Expert)
15 June 2014
it is very much the company's responsibility only. AD will act as a intermediary but the responsibility shall be of company only..always
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