30 January 2009
In general current account transaction are free in India. So, you can remit any trade & business expenses on invoice. However to remit money in other transaction, like payment of bill for education, health etc., there are limits of remitance. Contact your bank and ask them how much money you can remit in what head. In your account books you should show what you are remitting for, otherwise it will be a violation of FEMA. For still smarter people, Prevention of Money Laundering Act has been enacted. So you should be careful.
01 February 2009
Dear, This depends on nature of Exp.u can remit in any currency.depends its what? consultancy,Import,Child education or other purpose.Accounts book will have simple entry as per bank advise,Better for process & Limit talk to your banker
01 February 2009
my purpose is if i am unable to export some item and i already got the advance for that, in this case could i transfer the remittance to the manufacturer exporter of that item in india.
CAclubindia
