RBI compliances for salary from Foreign Co received by Indian residents

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Finance Team (Querist)
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25 February 2023 Dear Anuj Gupta Sir,

May I know the compliances for receiving salary as Employees (directors are employees) of Foreign Co.(Singapore) while residing in India itself?

Can Foreign Co. pay to Indian Residents in their savings account or do I need to open a special account for it?

Can Indian residents receive it in US$ and then using Purpose Code 1401 and convert that money in Indian rs and use it freely?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 February 2023 Foreign Co. Can pay to Indian Residents in their savings account.
Yes, Indian residents can receive it in US$ and then using Purpose Code 1401 and convert that money in Indian rs and use it freely.

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