Query relating to foreign exchange
This query is : Resolved
karuna shah
(Querist)
18 November 2014
our client from out of india has paid us consultancy fees in USD & We have already obtained FIRC (Foreign Inward Remittance Certificate) for the same.Due to some reason they want funds to be returned.
Kindly advice us Whether we can return the fees amount back & Whether there will be any issue related to RBI Guidelines related to Money-Laundering etc.? and also guide us for Documentation involved for returning Foreign Inward Remittance & its procedure & What will be Income Tax & Service Tax implication in the same transaction
Kindly resolve the query at the earliest ,i will be grateful to you.
Kindly advice us Whether we can return the fees amount back & Whether there will be any issue related to RBI Guidelines related to Money-Laundering etc.? and also guide us for Documentation involved for returning Foreign Inward Remittance & its procedure & What will be Income Tax & Service Tax implication in the same transaction
Kindly resolve the query at the earliest ,i will be grateful to you.
Amol S Joglekar
(Expert)
18 November 2014
If it s back to back return, then it should not create any problem. Obtain a certificate from Chartered Accountant 15CA, for this outward remittance.
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