Jaikishan (CA) 12 April 2015
I have query relating to Foreign Exchange Management Act for recipt of funds by customer from abroad. In case if the funds are received from other bank (For e.g. if a person receives frunds in ICICI bank on behalf of SBI bank and sender bank is from outside india). Does latter bank in which funds have been received has the responsibility to report to the former bank. If yes is that for any amount or amount above any threshold??
Is there any provision relating to that in FEMA or RBI. Kindly advice.