banking forex info.
(Guest)
can anyone provide me any article on practical aspects of banking forex business??
Vaman Shenoy
(Engineer)
(31 Points)
Replied 04 January 2011
A person Mr A had lent 10,00,000 to an NRI bu cash. The nRI later returned 10,00,000 by means of a cheque drawn on a foreign Bank. What does the FEMA rule say ?
Situation I. Mr A credit it to bank. what kind of tax is applicable.
situation 2. Mr A asks NRI to send self cheques instead drawn on Indian bank . What is the maximum amount that can be drawn vide NRI,s cheque by Mr A .
CAclubindia
