AverageJoe (Student ) (44 Points)
11 November 2021An LLP consists of an Indian and NRI partner which deals in export of service.
The customers are all outside India.
Now can the customers directly transfer foreign currency to NRI partner and then NRI partner deposits it in Indian LLP account. Is this legally and compliance wise correct?
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 11 November 2021
Janak Shah
(ca)
(603 Points)
Replied 11 November 2021
AverageJoe
(Student )
(44 Points)
Replied 11 November 2021
| Originally posted by : Giridhar S Karandikar | ||
 |
Why can't customers directly transfer it to firm's account. |  |
Even with a payment gateway set up, the customers aren't tech savy to pay through it. As most of the customers use a bank teller to transfer money.
AverageJoe
(Student )
(44 Points)
Replied 11 November 2021
| Originally posted by : Sourav | ||
|
As per RBI norms | |
Is it compliant to RBI norms?
AverageJoe
(Student )
(44 Points)
Replied 11 November 2021
| Originally posted by : Janak Shah | ||
|
Yes can be done provided you maintain proper records to substantiate the entire process in case of any notice. | |
Thanks, proper records will be maintained.
CA. Sourav Sarkar
(Chartered Accountant )
(24578 Points)
Replied 11 November 2021
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