Time Limit for Inward Remittances

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This query is : Resolved

Srikanth Ravada (Querist)

02 February 2010 What is the time limit for all foreign inward remittances..?
Is there any recent notification on it. Please mention the notification no and date.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)

02 February 2010 MR. SRIKANTH RAVADA ,

THIS DEPANDS ON EXPORT SALES CONTRACT BETWEEN BUYER AND SELLER AND AS PER GUIDELINES WHEN YOU RECEIVE FUNDS FROM OUT OF INDIA, THESE WILL BE CREDITED TO YOUR ACCOUNT IN INDIAN CURRENCY. YOUR BANKER WILL ARRANGE FOR A CERTIFICATE (FIRC) WHICH CONTAINS THE FOLLOWING DETAILS: ORIGINAL CURRENCY / EQUIVALENT INDIAN CURRENCY / TRANSFEROR BANK ETC., AS A PROCEDURE, THIS CERTIFICATE WILL COME TO THE ADDRESS OF THE ACCOUNT HOLDER. IN CASE IF YOU DONT RECEIVE, YOU CAN CONTACT THE BANKER (CONCERNED EXECUTIVE WHO LOOKS AFTER RBI) RELATED WORKS, FOR THIS.
IN SOME CASES THIS IS REQUIRED TO FILE WITH R.B.I AND HENCE IT IS THE DUTY OF THE BANKER (AUTHORISED DEALER) TO ARRANGE FOR THIS CERTIFICATE. IT COMES NORMALLY WITHIN A PERID OF 15 DAYS FROM THE DATE OF CREDIT OF FUNDS TO YOUR ACCOOUNT.

RAMESH VERMA

Srikanth Ravada

Srikanth Ravada (Querist)

04 February 2010 Dear Sir,

Previously there was a gudeline by rbi which says that, the money which is to be received on all export sales should be credited to our account within 6 months.Now recently the said 6months time limit has been changed to 1year it seems.But i couldn't find out any notification on it.Can u help me in this regard.

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