Hello Seniors/ Friends!!
I have a dount w.r.t Section 8, 9 & FEMA regulation (realisation, repartiation & surrender of foreign exchange) rules, 2000.
As per section 8 if any amount of foreign exchange is due to or accrued to any person resident in India, such person shall take reasonable steps to realize them & repatriate to india such foriegn exchange within the time specified by RBI.
As per section 9 there are certain exemptions given of which one specifies - any foreign exchange held on account of employment, business, trade, vocation, services, honararium, gifts, inheritence or any other legitimate means upto limits specified by RBI.
As per FEMA regulation (realisation, repartiation & surrender of foreign exchange) rules, 2000 -
Amount of foreign exchange received on account of services rendered or income on assets or by inheritence held outside India should be realized & repartiated within 7 days of receipt.
My question is -
I am not clear with regards to the provision of aforesaid sections & regulation.
Are the services mentioned under Section 9 & the regulation (Highlighted) are same?
Waiting in anticipation for your responses!!!
Reagrds
Rahul Gupta
CAclubindia
