RBI - FEMA provision
This query is : Resolved
16 November 2021
Dear sir,
i need advise on FEMA provision on below transaction.
1. can we received foreign currency from customer outside india in USD
2. It does not have any physical export of goods or shipping bills
3. Material will be supplied to local customer as per foreign customer INSTRUCTION.
4. No agency relation between customer in foreign country and india.
whether such transaction is allowed under FEMA.
i need advise on FEMA provision on below transaction.
1. can we received foreign currency from customer outside india in USD
2. It does not have any physical export of goods or shipping bills
3. Material will be supplied to local customer as per foreign customer INSTRUCTION.
4. No agency relation between customer in foreign country and india.
whether such transaction is allowed under FEMA.
CA R SEETHARAMAN
(Expert)
17 November 2021
1 yes, have valid supply order with tax invoice and delivery documents for supply made in india.
2 No problem supply order should contain payment in USD with instructions on supply.
3 No problem.
4 Agency relationship required.
2 No problem supply order should contain payment in USD with instructions on supply.
3 No problem.
4 Agency relationship required.
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