If a froeign director transfer funds from their personal account to its employee for clearing the expense of the company formed in india.what is the applicaple section under companies act
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applicable section
Replies (2)
This transaction may be considered as loan from director to the company.
Loan from director to the company is exempt from the deposit provisions u/s 58A under the acceptance of deposit rules, 1975. So there is no need to worry.
But remittance of money in india may be a problem from RBI perspective.
Views of othere learned members solicited.
Agreed wid the above view..
u have to check FEMA,1999 & rules made their under for remittance of foreign exchange.
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